Bulgarian State Weapons Co CEO to Be Fired Due to Poor Results

Stancho Petkov, CEO of Bulgarian state weapons company TEREM, will be dismissed from his position, announced Bulgarian Minister of Defense Angel Naydenov.

Naydenov spoke to journalists Thursday after reporting to the Defense Committee of the Bulgarian Parliament.

"MPs asked me what necessitated this move and what the financial situation of TEREM is. I stressed that, gently said, the company's financial situation is not good," said the Defense Minister.

"Just for the first 3 quarters of 2013, the losses of TEREM and its daughter companies amount to more than BGN 7 M," added he.

According to Naydenov, there is an ongoing decapitalization of the company.

He stressed that the minstry company's board of directors have undertaken to prepare an analysis of the situation.

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