Ion Tiriac: Romanian managers three times more expensive than in the West

Romanian entrepreneurs pay local managers three times more than in west, believes Ion Tiriac, one of the richest men in Romania, whose fortune is put at approximately 3 billion euros. Tiriac currently owns real estate, automotive import and retail, airline and leasing businesses and is also a shareholder of UniCredit Tiriac Bank and of the Allianz Tiriac Asigurari insurance company.

"It is very hard to find managers in Romania. They cost three times as much as they do in Munich, Paris or London and you never know whom you have appointed.
Salaries of managers in Romania range from "x" to several million euros, Ion Tiriac told ZF.

Tiriac's statement comes at a time when information has been circulating on the market that Tiriac Holdings' CEO Anca Ioan is supposed to withdraw from her position at the helm of the company. The businessman did not care to comment on this information. As for Austrian Peter Schonhopfer, one of the potential replacements of Anca Ioan, Tiriac said he represented him in the group and had no executive position, after having previously been vice-president of Siemens AG in Austria.

Tiriac Holdings, whose turnover stood at 1.6 billion euros in 2007, is one of the top ten local companies, with its highest revenues derived from the automotive division. The turnover could reach some 2.2 billion euros in 2008.

The businesses of the Tiriac Holding have strongly focused on real estate, a field where it raised significant loans from banks.

Ziarul Financiar