2022 was a tumultuous year from an economic standpoint, at both the local and global level. Permacrisis was designated as the keyword of 2022 by the Collins English Dictionary, which paints a vivid picture of the fact that changes in the working context are becoming a constant daily challenge. The pandemic experience taught companies that they should be able to move fast, be aware of what their customers need, and learn how to better support them.
The pandemic and the pressures associated with the war in Ukraine were among the biggest sources of adversity for many companies in 2022, regardless of the industry in which they operate. Additionally, in sectors like IT, the fight for talent has also been intense, as there are many skilled workers who are living in Romania but working for western markets, which makes recruitment and retention more difficult for local companies, as western countries tend to pay better wages.
The 25-year anniversary edition of Business Review celebrates 25 leaders of some of the most succesful companies in Romania, all of whom have proven to be good at the anticipation game as they’ve been able to make good decisions even in these turbulent times. They have managed to generate growth for their companies by harnessing market developments and turning challenges into new business opportunities. They have also learned to not be afraid of taking risks and to always see the positive side of a new challenge, no matter how many disappointments they may experience on the way to success. Ladies and gentlemen, read on to learn all about Romania’s top business leaders!
6 Romania must improve legislation to reach EU recycling targets
10 25 leaders to watch in 2023
40 Artificial Intelligence is not magic
42 SeedBlink looking to expand after mobilising EUR 115 million for startups
CITY
44 Timisoara 2023
European Capital of Culture programme officially open
46 Cultural calendar
EDITOR-IN-CHIEF: Anda Sebesi JOURNALISTS: Aurel Constantin, Mihai Cristea, Deniza Cristian, Romanita Oprea, Oana Vasiliu
CONTRIBUTORS: Ovidiu Posirca, Claudiu Vrinceanu
COPY EDITOR: Anca Alexe PHOTO EDITOR: Mihai Constantineanu PHOTOS: Dreamstime ART DIRECTOR: Raluca Dumitru
PUBLISHER: Bloc-Notes Media Network ADDRESS: 82-98 Calea Grivitei, 1st floor, Hotspot Workhub, District 1, Bucharest, Romania
SALES MANAGER: Roxana Suhan SALES & MARKETING MANAGER: Luiza Luca
PRODUCTION: Dan Mitroi DISTRIBUTION: Eugen Musat
EXECUTIVE DIRECTOR: George Moise GENERAL MANAGER: Catalin Alistari USA MANAGER: Oana Molodoi FOUNDING EDITOR: Bill Avery
EMAILS: editorial@business-review.eu, sales@business-review.eu, events@business-review.eu
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Mircea Scaunasu
is the new general manager of Philip Morris Romania. He is the first Romanian to lead the local team, following his successful mandate in Philip Morris International Duty Free as Global Head of Commercial Operations. With over 26 years of business experience and 18 years in PMI, Mircea Scaunasu started his career at Philip Morris Romania in 2004, and later took the position of Sales Strategy Manager for Philip Morris Asia Pacific. In 2017, as Sales Director, he made a significant contribution to the successful launch and commercialisation of IQOS on the Polish market.
By Mihai-Alexandru Cristea
Additionally, about a quarter of respondents indicated class actions and mass litigation areas of concern, which places this category in fourth place among the leading risk topics in the eyes of Romanian companies.
Bartosz Ciolkowski has been appointed Mastercard’s General Manager for Southeast Europe. He will be responsible for implementing strategy across Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Israel, Kosovo, Montenegro, North Macedonia, Romania, and Serbia. Ciolkowski joined Mastercard in 2005 and previously held the role of General Manager for Poland. He has also managed Mastercard’s business on the Czech and Slovak markets.
Data and consumer protection are the regulatory areas that have the greatest potential to increase litigation activity over the next three years, according to 64 percent and respectively
59 percent of the Romanian companies participating in the Deloitte Legal study titled “New Roads to Dispute Resolution,” conducted at a global level with the support of business magazine Euromoney. In both cases, the percentages are much higher than those
recorded globally: 48 percent and 40 percent respectively.
The study highlights the fact that there are areas where, although the risk of litigation is moderate at the moment, there is a significant potential for growth in the next three years. These include disputes related to insolvency proceedings (the difference between those who expect growth in this area and those who estimate a decline is 47 percentage points), cybersecurity (+32 percent) or tax (+27 percent).
Most participants expect an increase in litigation activity in corporate income tax (49 percent), commercial litigation related to the allocation of tax burdens between private parties (49 percent), as well as in the area of personal income tax (41 percent). The use of digital solutions in activities related to litigation is considered beneficial by most companies in Romania, with 78 percent of them already investing in the digitalization of this area and 68 percent claiming that artificial intelligence and process automation systems help to significantly reduce time and costs dealing with litigation cases.
Stericycle, one of the main operators within the medical waste sector, has opened a new sterilisation treatment facility in Oradea. This new facility will provide Stericycle with the ability to increase its potential processing capacity by 800 tonnes of medical waste annu-
ally. “Our new site in Oradea’s industrial park is an important investment in the healthcare sector and one of the most modern medical waste processing sites we operate in Romania. It uses the latest technologies and provides crucial support for the region’s growing healthcare
Iulia Nartea, general manager Stericycle RomaniaBiofarm, one of the biggest drug manufacturers in Romania, has reported positive developments for the preliminary (unaudited) results of 2022, recording a turnover of RON 277 million, up 16 percent compared to 2021, and a net profit of RON 70.9 million, up
18 percent. “One of our main objectives is to constantly increase turnover by developing and launching new products. In 2022, through sustained investment, we launched 18 new products in categories such as Pain Management, Immunity & Well-being or Bloating and strengthened our
position on the local pharmaceutical market. With the new production facility in which we have invested more than EUR 44 million, we aim to grow and develop a competitive product portfolio based on the real needs of the market, both locally and internationally,” said CEO Catalin Vicol.
Biofarm is one of the leading players in the local pharmaceutical industry, ranking third in the Consumer Healthcare (CHC) category by volume in 2022.
Biofarm owns one of the most modern drug factories in Romania, spanning over 10,000 square metres and four production streams.
The new manufacturing facility is a key pillar in achieving the company’s strategic objectives: portfolio development through line extensions, new product launches, and expansion into foreign markets.
Evangelos Kalamakis has joined SOFMEDICA GROUP as the Managing Director of SOFMEDICA. Over the last 28 years, he has accumulated vast experience in project finance, investment banking, and real estate management, and a broad understanding of the Eastern European market. Kalamakis also has substantial experience in the corporate governance of regulated entities, an area where he has held various board positions.
Frank Loeffler
is the new General Manager of Roche Romania. With more than 20 years of experience in the pharmaceutical industry, he started his career with Roche Germany in 2001 in the commercial department. Since 2011, he has held various management roles responsible for audit and compliance activities for Roche affiliates across EMEA and Asia. Since November 2018, Frank had been serving as the General Manager for East Africa.
industry, serving public and private hospitals and health facilities,” says Iulia Nartea, general manager at Stericycle Romania. Sterilisation is one of the more sustainable methods of treating medical waste. The new facility uses pressurised steam and high temperatures to sterilise medical waste collected from healthcare institutions in the region. This helps remove the risk of infection, thereby protecting both local communities and the environment.
Mariya Popova
is Bayer's new Head of Communications, Public Affairs, Science, and Sustainability in Romania, Bulgaria, and the Republic of Moldova. Mariya Popova has been a part of the Bayer family since 2018. She joined the Country Group as a Business Partner for the Consumer Health and Pharmaceuticals divisions.
The legislative changes targeting waste collection practices that came into effect at the beginning of the year have left most market stakeholders dissatisfied. Business Review’s Tax & Law Focus on Environment event brought together all the relevant market players, including state representatives, to see what companies and territorial units need to do in order to meet their targets according to EU rules and create a real circular economy.
By Aurel Constantin
“We are in a situation where there’s a significant lack of trust between stakeholders,” said Ionut Georgescu, Founder & CEO of Fepra Waste Division, who added that unfortunately, “there is a rather large lack of transparency in the waste recycling sector.” The waste management market had a value of EUR 200 million in 2018, according to the latest data available, Meanwhile, Environment Ministry data show that only 14 percent of the total waste produced in Romania gets recycled, far below the European average of almost 50 percent, ranking the country in the penultimate place among EU states.
Emilia Patruti, Environmental and Mineral Resources Director at Romaqua Group, said that the newly amended law has led to a situation where only manufacturers are responsible for the packaging that is produced. “As a result of the responsibility being given to producers, the law fails to also involve other market actors, such as distributors, local authorities, traders or consumers. There should be dialogue among all market players, including local authorities, to find the best solutions for the collection/recycling system.”
“The biggest problem I’m seeing is the fact that we have been trying to implement the same solutions for the past 15 years and we have had the same negative results. We must admit our failures and find real, objective solutions to solve our problems,” Ionut Georgescu added.
“The recycling sector needs investments,” said Alin Petru Teiusanu, Executive Director at Opremat. “But we still need to update the regulations; it is an area that is subject to European legislation. We have succeeded in creating rich national legislation and we’ve managed to operate within this framework. Then there’s taxation, which requires us to pay a fee when recycling waste. All this raises questions about our competitiveness,” he
noted. Alin Visan, Legal & Compliance Director at Maspex Romania, argued that Romania needed better quality and higher volume recycling. “If we’re talking about packaging, targets are being met with the help of the
operates according to a single European principle and that while everyone has a degree of responsibility, the manufacturer is ultimately accountable for the packaging they place on the market. “Producers have an important
money the manufacturers pay. What’s not being done is diverting waste from reaching the landfill and general municipal recycling.”
Mihai Sofian, president of the Remat Holding group, explained that recyclers see things differently than producers. “We can process and recycle any type of waste, except hazardous categories. We make investments exclusively using our own money, we don’t receive any kind of help from the state, and I don’t know where the money paid by producers goes.”
Cosmin Teodoru, Director General for Waste Contaminated Sites and Hazardous Substances at the Romanian Environment Ministry, started by saying that Romania
role and they must understand that their role is changing,” the official argued.
Mariana Olaru, Head of Waste Division at the National Environmental Protection Agency (ANPM), said that the Agency’s biggest problems stem from the inadequate selective collection of waste. “This activity is strictly the responsibility of the local authorities. If packaging is not collected separately, we will not be able to meet the targets, which are increasing every year. In 2020, there was a EURATOM decision establishing a budget at the EU level through which each state would pay, starting in 2023, based on data from 2021, a price of 0.8 euros for each kilogram of non-recycled plastic packaging. Romania
now has a recycling target of 30 percent. An enormous amount will be paid for that 70 percent difference,” she argued, adding that there are counties where collection infra-
generators of waste in Romania, and that the waste is sent on a traceability flow towards recycling. Additionally, a significant share of consumers turn to us for their recycling needs when they have no other adequate solution in their area, whether it’s for batteries, used oil or other materials.”
Geanin Serban, the President of the OIREP Association, highlighted the fact that the following period will be full of challenges, especially when it comes to reaching the yearly recycling targets. According to the 249/2015 law, the targets are as follows: 60 percent of the total weight for paper and cardboard, 60 percent for glass, 50 percent for metal, 22.5 percent for plastic, 55 percent for PET, 20 percent for aluminium, and 15 percent for wood—and they’re certainly not easy tasks.
"That's why we have to communicate and seek solutions that work for all the operators in the system, otherwise we will never reach a common solution."
It would be more efficient for discussions regarding a potential legislative change to take place before a project draft is put up for public debate. If all stakeholders were to express their opinions and reach an agreement, it would be more likely for the subsequent legislative solution to satisfy everyone involved. The imposition, through Ordinance 196/2022, of a guarantee of RON 500,000 for the Environmental Fund Administration by economic operators who carry out collection, recovery, sanitation, intermediation activities, and waste reporting is not seen as a measure that will support better collection.
structure has been built, but where the population isn’t separating any of the waste. “An awareness campaign must be carried out.”
Emanuel Parvulescu, a representative of the Association of Large Commercial Networks in Romania, noted that everyone was partially right. “As far as traders are concerned, we can say that we are the largest
"From our point of view, waste management will always be full of obstacles. And if we’re talking about packaging waste, there is certainly still a lot of work to be done. We believe that the solution will come from an efficient dialogue and we propose changing our collective approach to this waste problem. More precisely, up to this point, each stakeholder (producers, collectors, and partner organisations) would identify certain problems in their activity and go to the central authorities, which would usually support them and try to find solutions. But even if it’s all in good faith, solving one stakeholder’s problem without consulting with the other players on the market will generate problems for those other players," Serban explained.
"We’ve tried to take the responsibility to collectors, but it seems that it didn’t do any good. The system did not work; even if producers paid up, no one knew what happened to the waste until the very end. That's why we’ve returned to the previous version that makes producers and commercial operators responsible," Environment Ministry representative Cosmin Teodoru explained.
One way to solve issues related to the volumes of waste being reported as recycled can be SIATD, the software application that allows waste to be tracked and reports wasterelated data in real time. The SIATD application will also be used by authorised operators handling waste tires, portable batteries and accumulators, as well as electrical and electronic equipment.
There will continue to be issues with the waste management system, and not just in Romania, but in other EU countries as well. But, as Ionut Georgescu pointed out, the only way to reach a solution is to facilitate an open dialogue between all stakeholders and continue to educate citizens, as they must understand the importance of separate waste collection.
Achilleas Kanaris, the CEO of Vodafone Romania, had a big professional challenge as well as a great business opportunity last year: being part of Vodafone’s transformation from a telecom operator into a true technology company. He is also the artisan behind Vodafone Romania’s transition from being a leader in telecommunications to taking on a challenger status in TechCo.
By Anda Sebesi“Last year we laid the foundations, and this year we will see material shifts in both the way we interact with customers and our offerings for consumers and businesses. For us, 2023 is the year of acceleration on the transformation journey,” says CEO Achilleas Kanaris, adding that on this journey, everything that’s being done isn’t a top-down, take it or leave it type of endeavour. “It’s actually a set of ideas that we discuss, sense-check, and co-create with the rest of the organisation. And trust is a big part of the process.”
The company embraced the opportunity to digitalize and continues to do so. “We’ve always been ahead of the curve in investing in new services, and digitalization really came into the mainstream strongly in 2022,” Kanaris says. A major achievement for the company was acquiring the spectrum that will allow it to bring better high-speed and high-quality connectivity to all Romanians, following the 5G auction. “We’ve invested more than 5 billion euros since we first launched our services here, and we’ll continue to expand the local business,” he adds.
Asked about the challenges the company dealt with last year, Kanaris says that energy became a hot topic. “To pay four times more for energy than we did in 2019 when the market is at such a competitive level today is extremely challenging. In terms of operating costs, 5G will also add to them, so we
will probably be paying five times more.” The fight for talent has also been intense, as there are many skilled workers who are living in Romania but working for western markets. “This makes our life more difficult, because a country like Germany can pay more than the local market,” Kanaris notes. So even though there is talent on the market, it is not easily accessible because of the international competition. “In response, we train our own talent, hire fresh university graduates, and support their growth inside Vodafone Romania.”
In terms of his leadership style, Kanaris says that he usually applies two key principles that he believes make a true leader: inspiring trust and empowering people. “The past few years have shown me that we have the ability to make swift decisions based on trust, quick analysis, versatility, and openness to change. Each one of us can individually drive collective change, as long as we have the proper guidance,” he argues. Kanaris adds that in recent times, Vodafone Romania has had to deliver within days things that would have taken years not too long ago. First it was because of the covid-19 pandemic, then came the war in Ukraine, the energy crisis, and finally the rampant inflation. “Each one of these phenomena had a direct impact on the Telco industry. On top of this, Vodafone is transitioning from its status as a telecommunications leader to being a TechCo challenger.”
Fulga Dinu, Country Manager at CPI Romania, strongly believes that the success of any organisations resides in assembling and maintaining a motivated team of highly skilled professionals, while the role of a good leader is to safeguard the values that make people work with dedication.
By Anda Sebesi
Despite the challenging macroeconomic and geopolitical contexts, CPI Property Group had yet another very successful year. “2022 did not start out on a positive note, but from the point of view of the company I represent, it turned out to be a very promising year. We became part of a renowned real estate group, one of the biggest players in this industry in Europe, and this change opened up new horizons, gave us more exposure, and provided us with enormous potential for growth,” says country manager Fulga Dinu.
In line with the group’s strategy, the company actively managed its assets and continued to improve their environmental performance, quality, and resilience. “We continued to expand our office brand, myhive, and at the same time we carried out various ESG compliant upgrades for other buildings. In the retail area, the figures show a return in revenues and traffic across all shopping centres, with values that in some cases have gone above those in the pre-pandemic period,” Dinu notes. Moreover, the real estate development company recently finalised two major refurbishment projects in the retail and office segments. The first one involved the upgrade of the VIVO! Baia Mare shopping centre, while the second was the completion of the refurbishment process of myhive Victoria Park office building. All these major achievements couldn’t have been possible
without a perfect mix between a strong and highly skilled team of professionals and powerful leadership. “I have always counted on the people I work with, so mutual trust, honesty, and loyalty are all at the core of our relationship. I tend to be very close to the people on my team, by always approaching them with a smile and a positive exchange, asking about and understanding their concerns and needs, consulting with them and respecting their opinions as professionals,” Dinu says, adding that her leadership style is fully centred on motivating and bringing the best out of the people on her team. “Every chance I get, I mention the fact that I have the fortune of being surrounded by a wonderful, fully dedicated team of professionals whom I deeply respect and of whom I am very proud. I also make sure to always emphasise the values that I’ve developed since childhood, as they guide my life: truthfulness, kindness, and respect for everything and everyone.” Fulga Dinu also believes that a good leader should have a decent sense of humour and be able to provide relief in stressful situations. “Assembling and maintaining a motivated and well-prepared team, with good work ethics, dedication, and motivation will guarantee the success of any organisation, and I think it is my job to safeguard these values,” the CPI Romania country manager concludes.
Best known as high-end brand ONE, which has been synonymous with high quality, great design, community, sustainability, and highly desirable locations, One United Properties had a record-breaking 2022. CEO Beatrice Dumitrascu talked to Business Review about the company’s most recent achievements on the Romanian market.
By Anda Sebesi“
One United Properties has had a great evolution over the years, and 2022 was probably its best year so far,” said Beatrice Dumitrascu, the company’s CEO, at the top of her interview with Business Review. One United Properties is the leading green investor and developer of residential, mixed-use, and commercial real estate in Bucharest, as well as an innovative company dedicated to accelerating the adoption of the best construction practices for energy-efficient, sustainable, and healthy buildings. All the company’s buildings have superior certifications for sustainability, energy efficiency, and wellness, and the developer’s efforts have been acknowledged through the numerous awards they’ve received from specialised organisations.
Apart from the excellent financial results, 2022 also brought a series of productive challenges for the company, which were successfully addressed. “We have shifted from solely being a developer to also being an investor in real estate, and we have expanded the high-end ONE brand into larger scale medium to medium-high income developments,” Dumitrascu points out.
Despite the general economic turmoil, the war in Ukraine, and the aftermath of covid-19, One United Properties doubled its gross profit, which reached EUR 97.2 million, and posted a total turnover of EUR 184.2 million in the
first nine months of 2022. The group is maintaining its market leading position by constantly investing in the Romanian real estate sector. “My background and expertise allow me to gravitate towards the marketing and sales functions. I am just one part of a great company with excellent results and our teams perform well on a daily basis, and I am happy and proud to be part of such a successful Romanian story,” the CEO says. Asked about her leadership style, Beatrice Dumitrascu says that as long as one is committed to impactful leadership, the recipe becomes very simple: care, share, and lead by example. “A team is made up of individuals who need various levels of support, and as a leader you must understand everyone, adapt when the circumstances demand it, and make sure that everybody is productive. For an organisation to succeed, each and every member of its team has to contribute and feel responsible. Success is never about one single person; it’s always about a whole team.” The company’s outstanding performance is reflected by the fact that One United Properties was the first real estate developer in Romania to be awarded at an international level, having won the “Best Sustainable Residential Development” in the world at the 20192020 International Property Awards. The company is currently listed on the Main Market of the Bucharest Stock Exchange.
For Lara Tassan Zanin, head of the EIB Group Office in Romania, leading a mix of Romanian and international experts working on the local market as part of a very diverse team in terms of expertise, seniority, and gender is both rewarding and challenging. And the stakes are high: the EIB Group’s commitment to support Romania’s development was around EUR 1 billion last year alone.
By Anda Sebesi“Since 2007, the quality of support and dedication from the local team has remained unchanged, with no signs of fatigue, even though it takes time and perseverance to see results,” says Lara Tassan Zanin when asked to describe the spirit of the European Investment Bank Group team in Romania.
Last year, the EIB Group allocated around EUR 1 billion in support to Romania, including loans in areas like healthcare, forestry, and road safety, as well as guarantees targeting SMEs. The lender published its first call under the Recovery Equity Fund (REF) for EUR 200 million’s worth of equity contributions to funds focusing on green investments in Romania. It also made good progress on the deployment of around EUR 1 billion in portfolio guarantee instruments under the PNRR programme. “These instruments aim to improve access to finance for SMEs, mid and large caps willing to invest in green and digital projects and technology,” Lara Tassan Zanin explains. Under InvestEU, the lender was able to sign the first micro-finance guarantee instrument and make progress on the due diligence of education and skills guarantee instruments together with several banks that showed a keen interest in offering loans to students and education providers. “Finally, remarkable advisory services were deployed in energy, transport, water and waste management, tertiary health, higher education, and centralised public procurement,” Zanin adds.
All of these achievements were made possible by a diverse group of Romanian and international experts who are
working in the EIB Group’s office in Romania, one of the institution’s largest representative offices in the world. Asked about her leadership style, Zanin says she is a strong believer in inclusive leadership. “Every day I try my best to lead by example, act with fairness and respect, and actively fight against biases and discrimination. I actively promote emotional and cultural intelligence as values. I do not shy away from showing vulnerability and empathy. I am impressed with the long-term commitment of my colleagues here in Bucharest, who are helping Romanian authorities prepare and implement projects to speed up the absorption of EU funds.”
As for the major challenges of the past year, Zanin says that not only has uncertainty increased, but borrowing money is also more expensive today, particularly for the private sector. “We saw companies holding back investments and private equity funds facing difficulty in raising their equity stakes on the market.” Public sector investments usually increase under such circumstances, and the EIB Group is able to maintain the size of its annual support unchanged, albeit with a different private/public sector mix. “In the last five years, we have delivered around EUR 1 billion annually on average, amounting to 0.5-1 percent of the country’s GDP, with a 50-50 split between the public and private sectors. But when external challenges come up as we saw happen in 2022, private sector investments tend to decrease or get delayed, so the share of support to the public sector can increase to around 60-70 percent,” the EIB representative concludes.
Antoniu
By Anda Sebesi
“The magnitude of knowledge we have managed to put together makes me the proud leader of an amazing team. Every single step ahead is made possible by the constant effort of a great team of professionals. I feel empowered every day as I find myself among them. Thanks to them, we ended 2022 with clear achievements,” said Antoniu Panait at the start of his interview with Business Review.
One of the key achievements he mentioned was finalising the process of obtaining the impressive WELL Health-Safety Rating for facility operators for both of its office projects, Timpuri Noi Square and Business Garden Bucharest, as a validation of the efforts Vastint Romania is making to support the health and wellbeing of the employees and tenants inside its buildings.
“This WELL Health-Safety Rating completes the list of certifications we’ve already obtained for both office projects, including Safe Guard by Bureau Veritas and LEED PLATINUM. For the latter, Timpuri Noi Square and Business Garden Bucharest Office Projects got the highest scores in Romania, and in fact, at the moment, Business Garden Bucharest is the office project with the highest LEED score in the CEE region,” Panait points out. “Let’s also not forget the extension of our Lease Agreements with more than 85 percent of tenants, again demonstrating the quality of the long-term relationships Vastint develops with its tenants, completing the list of high quality services and products the company develops and maintains.” According to Panait, 2022 delivered on
anticipated challenges, which arose from the continued hybrid working model (from home and from the office) that became popular during the pandemic period, a practice that began to see some recalibration towards the end of year.
Yet in view of the existing office demand and the strong interest in new Environmental, Social, and Governance (ESG) compliant buildings, Vastint continues to plan future developments with a clear aim of delivering the same type of high-quality products it has put on the market so far, that all meet today’s environmental and sustainability expectations. “We are getting very close to the moment when all companies will have to acknowledge the need to choose their next office spaces wisely, based on their quality and sustainability levels, since all companies will be audited for ESG standards in the near future. As a core target, Vastint builds to deliver maximum sustainability across all its projects, and every decision we make is centred around these ESG requirements,” the managing director adds.
Asked about his leadership syle, Panait says he likes to think that his colleagues see him as a democratic leader, who is open to ideas that can generate growth for the company and implicitly for all team members. “We are not a large team, so I appreciate and support open discussion and the exchange of ideas that might lead us to the proper and expected results.” Panait is convinced that in order for people to work well together, the company needs to acknowledge individual results.
Panait, managing director at Vastint Romania, tells Business Review that 2022 was full of achievements for the business he runs, which maintained its focus on delivering ESG-compliant buildings that meet tenants’ highest expectations
Mircea Turdean, the CEO of Farmec, first started working with the company as a lab technician, and rose through the ranks as the company grew into a major player on the market. Farmec now has a sustained annual growth of 10 percent and it has significantly expanded its portfolio in recent years, both in Romania and abroad.
By Anda Sebesi
“I am proud of the fact that the business continued to grow in 2022, not only in terms of turnover, but also in terms of the company’s international expansion, as we strengthened our presence on Amazon in Spain, Italy, and France. Our portfolio also saw a significant expansion last year, crowned by our first-ever product range that was fully inspired and designed for Generation Z,” says Mircea Turdean as he talks about the company’s 2022 achievements. He adds that being able to get costs under control amid all the recent economic and supply chain challenges and to continue to offer its consumers a wide range of cosmetic, beauty, and home care products was another positive outcome. “The implications of last year’s large-scale international events had an impact on the local economy: the inflation along with the increase in energy and fuel prices led to a 40 percent rise in production costs, but we managed to contain these costs with little to no support from retailers or state authorities, with the aim of reducing the impact on the end-consumer,” the CEO explains.
Turdean says that being a second-generation leader of the company and having 12 years of experience in his position have taught him the power of having a trusted team and the importance of relying on what has been built in approaching the future. “I have learned to see challenges as vectors of opportunity. In over a decade under my leadership, Farmec has experienced times of both bloom and instability, in the
face of which I always chose to go back to our commitments to innovation, development, and community involvement.” He highlights the most recent example of a crisis—the beginning of the pandemic—when both individuals and organisations were in need of disinfectant solutions. In a matter of weeks, Farmec transformed its cosmetics production capacities into ones that made disinfectants that were intensively tested and authorised for market distribution.
“I believe that this approach to trust and our sense of responsibility regarding our market positioning as a brand that was founded and beloved by Romanians played a major role in the company’s sustained annual growth of 10 percent. In addition, it determined the expansion of our portfolio, both locally as well as across 30 international markets,” Turdean notes.
As for the future, the CEO says that the company aims to obtain public institutional support for its greatest endeavor so far: the relocation of its manufacturing operations to a new facility, outside the city, which will allow it to address the growing demand from customers and strengthen its relevance and notoriety as a regional player. “For this major project, we have the ability to provide a significant amount of the total necessary investment, but we’ll also rely on the state’s support, as I believe it is part of its responsibility to support the local business environment and the brands that help put the country on the international map in their respective industries.”
With medical training and 20 years of experience in the healthcare field, in both the pharmaceutical and medical services sectors, DR. Claudia Oanea, the managing director of Siemens Healthineers Romania, took charge of the company in January last year and has managed to uphold vigorous growth while overseeing a business transformation process.
By Anda Sebesi
2022 was a year of transformation and reinvention for Siemens Healthineers, as the organisation went through a series of major changes. The company saw many retirements of professionals who had been with the company for up to 30 years, and at the same time welcomed even more new colleagues. “This meant a generational shift, fresh air, new experiences, and new opinions, but at the same time we had a desire to preserve the organisational culture that preceded us. Along with these transformations, we also had to adapt to market changes and upgrade our traditionalist and conservative strategy to one that was open and dynamic. It was not an easy thing to do. We must also look to the future, anticipate what will come next, and prepare accordingly,” says DR. Claudia Oanea, the managing director of Siemens Healthineers Romania. The healthcare sector is a challenging field in itself, and it is going through a period of transformation, reorganisation, and rapid development. “The words we use to define ourselves are: ‘We pioneer breakthroughs in healthcare. For everyone. Everywhere!’ And this is challenging! Because the biggest test is whether you manage to be there, ‘for everyone, everywhere.’ Both last year and this year, as well as in the near future, we will be dealing with plenty of challenges because the system’s transformation is not going to happen overnight,” Oanea argues, adding that the
biggest challenge last year had to do with equipment delivery times. “Both the pandemic and the war in Ukraine impacted delivery terms and, implicitly, the costs. However, as leaders on the market, we have proven once again that we can always find solutions that keep us one step ahead.” The company works to find solutions to three of the biggest challenges usually faced by healthcare providers: creating a world without the fear of cancer, meeting patients where they are, and caring for those who care for others. And just like in any other business, performance can only be achieved by demonstrating true leadership.
“Leadership is about people, first of all. I would describe myself as a democratic leader, a leader of the people. I strongly believe that without your teams, you cannot exist as a leader. This is because a leader no longer exists as an individual. You become the voice of the organisation, of the spirit within a team. You set the rhythm, tone, and direction, but equally you must give freedom. You have to explore and exploit the best and most creative parts of each person, give up any prejudice, remain objective, and be aware of the needs of your people. You are responsible for creating that symbiosis within the organisation, where people understand each other just by making eye contact, where they know that creating and developing exceptional things is only possible if they work together.”
For Michele Nusco, the CEO of Nusco Imobiliara, leading a business in real estate, which is usually one of the first industries to absorb the shocks of macroeconomic crises, raises daily challenges that he has been successfully taking on for 25 years now.
By Anda Sebesi
2022 was a year of trials and lessons, with events that impacted the economical climate in many different ways. “The real estate market is known to be the first to be hit by the shock, whether we’re talking about the geopolitical situation generated by the war in the region, the effects of the pandemic or other local factors. As a result, we had to very quickly analyse and learn how to position ourselves to best serve our clients,” says Michele Nusco.
From a business perspective, Nusco City is the company’s landmark project, which since last year has been hosting a new community and offering a super premium lifestyle for 622 families in its first stage. “Nusco City is a mixed-use project, and last year we started works for the development of a new residential phase on the Pipera platform, with over 840 units and new office and commercial components, covering over 80,000 built sqm,” the CEO says. And it looks like this year will be similarly prolific for the company. “2023 will be another landmark year for Nusco Imobiliara, with the launch of a new project—Nusco Homes—a residential compound with green villas located in the north of Bucharest that is designed for a community that wants another kind of lifestyle, away from the urban pace, with privacy, intimacy, nature, and silence,” Nusco tells BR. This level of success and resilience would not have
been possible without Nusco’s strong relationships with clients, which are based on co-learning and trust. “One thing that motivates me is the positive feedback we’re getting from our clients and from the entire community that gets to live and work in our developments.” The CEO also thinks that leadership plays a crucial role when it comes to the success of a company, regardless of industry. “I would say that the support I provide to the team on a daily basis has been the main driver of performance for our business, throughout the 25 years we’ve been in Romania.”
At the same time, he thinks that trust inside teams is really the most important thing in order for any business to grow and develop.
“The foundation of Nusco Imobiliara is built on hard work, discipline, and a lot of passion, with the end goal of developing the best new communities in beautiful Bucharest, a city that has become my home,” Nusco says, adding: “When I see a project coming to life and looking even better than the rendering we had at the start, I take a moment to acknowledge the hard work carried out by the Nusco Imobiliara and Pinum Doors & Windows teams. This makes me even more confident about the next project and shows me that leadership just means properly adapting to your team, to the market, and to the company’s product portfolio,” the CEO concludes.
“My 2022 was marked by several achievements, but some of my proudest are related to the people and the way we do things here at NTT DATA Romania. I’ve put the right people in the right roles and endow them with enough confidence to be able to make difficult decisions. They have more autonomy, a great mindset, and a set of skills that allow them to more easily and quickly adapt to changes,” says Maria Metz.
In something of a domino effect, this approach enabled a chain reaction that has been visible in every area of the company’s activity. “As a result, according to the Brand Finance IT Services 25, an annual report on the world's strongest and most valuable IT services brands, NTT DATA is the fastest-rising IT brand in the top 10.” NTT DATA—part of the NTT Group—is a global innovator in IT and business services, driving transformation for its clients through consulting, industry solutions, business process services, digital & IT upgrades, and managed services.
“The journey is not over, and it is management’s turn to implement the same approach within the teams: helping our colleagues grow, empowering them, and giving them more authority. This goes hand in hand with bringing people together, exposing colleagues to different ideas, and allowing their knowledge and skills to influence each other. All of these by encouraging a high level of collaboration,” says Maria. As for the most notable challenges that
NTT DATA Romania encountered last year, Maria says they were just about the same as the ones everyone else faced: the lack of predictability caused by the pandemic, inflation and recession, and the war at our border. At the same time, there’s only one way to go for the IT&C industry: further growth and development. “This means that we are always searching for new talent. In this sector, the war for talent is no longer being fought by offering material benefits, but experiences, development, stability, and performance.”
Asked about her leadership style, Maria thinks that it uncovers itself when there is a sense of purpose. “When you identify it, you’ll find ways to make it happen. The critical part is to carry on when the going gets tough and keep your motivation high all the way, in order to also motivate others. In our case at NTT DATA Romania, the collaborative leadership style is the one that fits best. It is not the easiest choice, but it definitely pays off in the long run,” she argues, adding that at the core of this approach is the freedom people have to unleash their creativity, engage with others, and act together on important issues. “I encourage the people on my team to voice their values, make decisions, and take responsibility without being afraid of failure. Trusting your team can do wonders because it provides a sense of safety, and everybody knows they can count on each other. Besides financial success, this is the best kind of ROI a company can get.”
As the CEO and member of the Board of Directors of NTT DATA Romania, Maria Metz argues that the pursuit of success in the business world is best served when there’s a focus on finding common interests among stakeholders and remaining committed to continuous learning and development.
Retailer Carrefour Romania had a fruitful 2022: it reached the milestone of 400 stores, expanded its e-commerce segment through its platform, carrefour.ro, strengthening the cooperation with Bringo, and added Glovo to its network of partners. “In 2022, Romania had the second-highest growth in Europe (+9 percent LFL). We want to be where our customers are and we will maintain the focus on proximity this year as well,” says CEO Julien Munch. Additionally, the company launched three new cooperatives and a new line of fresh products, branded Gradina noastra. Carrefour currently partners with 1,300 individual local producers, of whom over 600 are ultra-local farmers who provide the retailer with fresh fruit and vegetables. “By acquiring locally, we can support Romanian farmers, their communities, and the local economy and we want to make this local engagement even stronger. Our private label was developed in the same way: Carrefour-branded products offer excellent value for money, and at the national level, over 80 percent of the private label turnover is generated by local suppliers,” says the CEO.
Last but not least, in 2022, the retailer also invested in its internal programmes, such as the School of Leaders, a strategic project that aims to identify young talents and train them for managerial roles, and the Digital Retail Academy, which improves digital skills through dedicated monthly training sessions. Last year alone, 4,190 employees accessed these programmes. “Retail is a very
dynamic industry, where you must find ways to turn challenges into opportunities quickly and anticipate the next steps—and that is my philosophy. Seizing a favourable moment is crucial; when action is needed, there is no time for worrying, and I think this kind of approach resonates with the company culture, which encourages leadership and performance,” Munch argues. He adds that the context in which Carrefour now operates has changed dramatically from all points of view—technologically, economically, socially—within the span of just a few years. “We therefore need to stay ahead of the market. I value initiative and have a drive for innovation, and internally, we focus on developing a culture of innovation. I think capitalising on local expertise is very important—I see Carrefour as a Romanian company, as our ecosystem is mostly Romanian—from the more than 16,000 people on our team to our solid network of local suppliers and country-wide footprint.” The pandemic and the pressures associated with the start of the Ukrainian war were among the biggest sources of adversity for Carrefour Romania in 2022. “Luckily, we are good at the anticipation game. The most significant issues are the supply chain disruptions and the rising energy costs, aspects that are still causing concern within the industry. We are increasingly relying on ultralocal suppliers, thus also supporting the community. Local partnerships in fact benefit three parties: the customer, the community, and our company.”
For Carrefour Romania, 2022 brought the second-highest growth rate in terms of sales among subsidiaries in Europe. CEO Julien Munch talks about the experience of operating in a business context that has changed dramatically within the span of just a few years.
For Roxana Cîrcu, regional manager at Endava Central Europe, 2022 was a challenging yet fruitful year, marking the company’s expansion to four new cities in Romania and new efforts to attract and retain top talent in an extremely competitive market.
By Anda Sebesi
“2022 came with a great opportunity for me: I was offered the role of regional manager for Central Europe, covering three countries (Romania, Bulgaria, and Moldova) and an essential part of our global delivery capacity. It’s a rewarding and challenging start, a journey where I am taking one step at a time and for which I’m incredibly grateful. For over a decade now, since I joined Endava, I have felt welcomed and secure, knowing that this is the kind of environment in which people can truly thrive,” Roxana Cîrcu tells Business Review.
At the end of December last year, Endava employed 12,183 people worldwide, and its expansion continues with an eye on its core values and a desire to perpetuate the Endava culture. “As one of the largest software companies on the local market and one of the most desirable employers, Endava is continuously growing its team. Last year, we entered four new cities in Romania— Craiova, Suceava, Galati, and Sibiu—and redesigned two of our existing offices, in Timisoara and Pitesti. Our development is a recognition of the quality of the services we provide to our clients and of the lasting relationships we build during every one of our projects,” Cîrcu says.
An important part of the company's growth strategy is supporting talented young people, IT specialists who are passionate about innovation and technology, which is why Endava is increasingly present in the community through different partnerships, events, and
programmes that aim to support the industry’s development. For example, Connect.IT is a concept powered by Endava to build and strengthen dialogue inside local communities. This is achieved through technical meetups for professionals, facilitating a sharing experience based on their views and interests; there were two editions in 2022 (spring/autumn) covering four countries—Romania, Bulgaria, Moldova, and Poland—, 17 cities, and over 40 speakers. “This has been a fantastic bridge to the IT community, creating platforms for interaction and experience sharing for industry professionals.” Talking about the major challenges Endava encountered last year, the regional manager says that pursuing technical excellence while retaining IT talents has been a key issue for the last couple of years. With the pandemic having uncovered great potential and numerous opportunities in the area of software development services, IT companies need to be more creative than ever to bridge this gap.
As for her leadership style, Cîrcu says that she finds inspiration and paths to progress by carefully listening and learning from the people she manages. “The genuine value of a leader is reflected by their team. People have always taught me how to stay curious and focus my attention in such a way that it becomes a path to mutual growth; we learn from each other, and thus Endava grows as well. A great manager succeeds in passing on knowledge and empowering future leaders.”
“I have started 2023 with the commitment to place our people first, whether it’s through budget allocations or by consistently maintaining an open dialogue with them. This is my true agenda. I try to stay close to my colleagues, always offering advice and continuously learning from all areas,” says Zdenek Romanek. He defines himself as an involved leader: “It is my deeply held belief that companies’ strategies are only there to guide their people’s energy and expertise. The reality is that people are what companies are all about.”
Last year was troubling for the local and global economy, including for the banking sector. The entire banking industry found itself battling volatility and an unpredictable business environment. Raiffeisen Bank faced plenty of challenges in 2022, but it managed to overcome them as the bank has a solid capital position and strong liquidity levels. It continued its journey towards digital transformation, to change its traditional banking business model to a personalised financial consultancy and digital banking approach. On top of that, the lender’s strategy is to serve its clients with customised advice and support, to promote their businesses’ long-term growth using its expertise and help them efficiently navigate the complex business environment.
“Permacrisis was designated as the keyword of 2022 by Collins, which I guess paints a vivid picture of the fact that changes in our working context are becoming a constant
daily challenge. The pandemic experience taught us that we should be able to move fast, be aware of what our clients need and learn how to support them better, how we can meet needs that we had never encountered before the pandemic. And as much as we’ve been impacted by the current context, we began 2023 on a positive note based on the good company dynamics of 2022,” Romanek explains. He highlights the fact that the bank posted excellent results last year, with great improvements both in terms of customer referrals and employee satisfaction. “Our priorities have never changed: we want to work with the best professionals, have the best working environment that satisfies their needs, pursue our goals of service digitalization, and provide bestin-class financial consultancy,” the CEO adds. Raiffeisen Bank has also focused on sustainable and green businesses financing, as it is committed to supporting the transition to a green economy. According to Romanek, the bank is keen to make a positive impact on society through the operations it carries out and the type of businesses it chooses to support. “We are also reliable partners in IMM INVEST initiatives as we continue our active involvement in the IMM INVEST PLUS programme. We have a record number of customers benefitting from the grant scheme that supports various SMEs. Our aim is to facilitate progress and provide financial consultancy as well as strengthen our relationships with our clients,” Romanek says.
Although 2022 was a rather difficult and challenging year for the local economy, for Zdenek Romanek, president and CEO of Raiffeisen Bank Romania, last year was about finding opportunities that would allow the lender to better serve its customers and support their businesses’ long-term growth.
Ranked first on the Bucharest market and second nationwide in its field, CreditAmanet saw its business thriving last year despite a difficult economic context. Cosmin Popovici, the company’s CEO, believes that the success of the business he runs is primarily generated by its people.
By Anda Sebesi
For CreditAmanet, a company with 15 years of market experience, last year was defined by a transition to a new and superior stage of development, as it turned into a joint stock organisation. “I believe that transparency is the most valuable asset that such a transformation brings,” says Cosmin Popovici, the CEO of CreditAmanet. The company offers pawnbroking and currency exchange services and manages the most diversified trading platform for precious metals, electronics, jewellery, and luxury goods through the Digital Sale and Eurocredit Exchange companies. Currently, CreditAmanet has the most advanced portfolio of products and services on the Romanian market. With more than 130 employees across 25 branches nationwide, CreditAmanet has so far served over 2 million customers. In 2022, the company reported a 30 percent increase in turnover and thus remaining on a rapid growth path.
The expansion of its activities in the e-commerce segment was another major achievement for CreditAmanet last year. “We are the largest retailer of pre-owned luxury products on the Romanian market, but we also have customers from other countries. We are happy to provide a solution for those who want to avoid the long waiting lists of famous manufacturers of luxury watches and bags. At the same time, we have identified our customers’ need for safe, profitable investments, as well as responded to changes in consumption patterns for luxury products: while
customers are not giving up on their preferences, they do want to spend less. This represents a global trend, and CreditAmanet has been rushing to comprehensively meet this demand,” Popovici explains. He adds that investments in digitalization are to continue this year, as they open up new perspectives in customer relationship management and support the company's expansion. As is true for many other companies operating in Romania, the most notable challenges faced by CreditAmanet last year were generated by the war in Ukraine, which caused uncertainty for both consumers and businesses, as well as by the high inflation. “CreditAmanet has successfully overcome these obstacles and managed to generate economic growth and show stability even in these dire circumstances. The company's solid structure - diversification across three business lines - tipped the balance in our favour in a rough global context,” Popovici notes. In his view, being a leader doesn’t just mean being good at setting directions, aligning with the organisation’s objectives, mobilising teams, connecting with stakeholders or managing personal effectiveness, but being great at integrating all of these responsibilities simultaneously. “You need to be able to balance everything together. I also believe that leadership is not a formula; it is a very personal process that you have to be ready for. I like to consider myself a strategic thinker and a pace-setting leader. But most importantly, I think CreditAmanet’s growth is not about numbers, but about its people.”
Silvia Sticlea, Country Manager at Nestlé Romania, joined Nestlé 22 years ago and has had a remarkable professional journey within the company. As an inspirational leader, Sticlea aims to generate continued growth for the local business, maintaining the strong pace of recent years.
By Anda Sebesi
Since its entry on the Romanian market, Nestlé has focused on creating a consistent and sustainable business that would also bring significant benefits to other market stakeholders. The company also wanted to create an ecosystem of partners that would grow together with its business over the years.
“Our strategy is designed for the medium and long term; we already have plans for the next 5-10 years and we want to double our footprint in Romania. The development will be linked to new launches, continuously improved recipes, a healthy business and modus operandi, all done in accordance with market demands and with a lot of respect for the environment,” says Silvia Sticlea.
In a complex general context, Nestlé Romania ended 2022 with an organic growth of 11.2 percent, demonstrating that the company has an excellent team and that its brands and products are loved by consumers. “But Nestlé Romania’s results are not only measured through performance indicators, but also in terms of social responsibility actions. Last year, we donated 105 tonnes of food products worth a total of RON 3.9 million, to the Banca pentru Alimente, Parada, Hospice, and Rolda foundations, and we also planted 20,000 trees in the Honey Forest,” Sticlea points out.
She adds that the experience of the last two years has proven that everything can change at any given time.
“That is why we continue to rely on two important pillars in our business—agility and
adaptability—in order to be prepared for any situation, to regroup and deliver the products that Romanians like so much in a timely manner.” The company intends to maintain the steady growth of its business, to become the number one choice for consumers as a result of the trust they have in the Nestlé brand, to continue to develop and strengthen its team around the Nestlé values and principles, and to provide refresher courses internally, in order for its teams to be even stronger and more united.
“In 2022, we faced similar challenges to what the industry encountered around the globe. One important objective for us was finding the best solutions to maintain continuity in supply and deliver the goods and products our consumers enjoy. The key is to always respond adequately to the latest changes in consumer behaviour,” Sticlea argues.
Asked about her leadership style, Sticlea says she thinks about herself as a leader who inspires and motivates team members, thus increasing their chances of achieving exceptional results, in a positive atmosphere. “My role is to help my colleagues succeed in reaching their goals and having a rewarding work experience. I like to get involved in supporting our teams in finding new and creative ways to solve the problems they face, giving them the freedom to think ‘outside the box,’ use their imagination, and learn from mistakes as a necessary condition for learning and progress,” the Nestlé Romania representative concludes.
Lucian Enaru, country manager at Schneider Electric Romania, Republic of Moldova, and Armenia, has been with the company for almost 18 years, so it is like a second family to him. He took the helm of the Romanian subsidiary just before the pandemic started, and the greatest source of satisfaction for him was the way people responded and came together in times of uncertainty and crisis.
By Anda Sebesi
2022 was marked by great achievements for Schneider Electric, which celebrated 25 years of operation on the Romanian market. This anniversary was a good opportunity for the company to review its long-term performance and set forth new ambitions for the years to come.
“I have built my career at Schneider Electric—an organisation I have been working with for almost 18 years—so I do enjoy working with my colleagues and doing my best to help them achieve their goals, be they professional or personal,” says Lucian Enaru. He suggests that his leadership style can be best described as participative and transformational. “The field in which we operate—power management—is by definition the backbone of sustainability and digital transformation, so evolving is something we do on a regular basis and that we encourage others to do as well.”
The digital revolution that took place across the electricity industry has resulted in the adoption of many new technologies and an exponential increase in data storage and processing needs. “At Schneider Electric, we call that Electricity 4.0. By harnessing these new technologies and cutting waste, we are able to reduce the consumption of the top 5 most energy-intensive industries by 13-29 percent, and this is applicable anywhere in the world, including Romania,” Enaru explains. He adds that this new offering has drawn the attention of the company’s clients and that it is leveraging the solution to support them
in their mission to offset their everincreasing utilities costs.
Last year, the company completed some major projects for its clients, assisted in the construction and equipment endowment of Romania’s first donation-funded children’s hospital— the National Children's Hospital for Cancer, Serious Illness, and Trauma— and consolidated its market leading position on several business segments, from both the consumer and corporate markets. “We also resumed our trainings and meetings with our distribution and integration partners, and we were glad to contribute to the professional development of their employees, to meet our global standards of performance. We assisted Automatica in obtaining its Schneider Electric license, and as a result we now have a valuable local partner with longstanding experience on the market, and this is just one of many such examples,” Enaru says.
And while 2022 was a fruitful year for Schneider Electric, Enaru points out that the single most important challenge the company faced last year was the energy-related situation generated by the military conflict in Ukraine. “However, given our core business, the energy crisis also provided several solid opportunities for us, as companies reconsidered and accelerated their sustainability and energy efficiency plans from this new perspective. Utilities are recurring costs and keeping energy costs under control has been and will continue to be essential for business viability and continuity.”
From supply tensions and war at our borders to high inflation and endless uncertainty for businesses and individuals alike, Bayer managed to deliver outstanding double-digit growth across all the countries in which it operates. “We were able to perform well while deeply transforming our core business, with digitalization as a key enabler in both the Crop Science and Healthcare areas, while embedding sustainability as integral part of our business strategy and success,” Saidi says.
The Group invested in digital farming and agronomy solutions while helping farmers make smart decisions for their crops and reduce their impact on the environment by using fewer natural resources and cutting emissions. “We continued to support underserved communities with healthcare programmes and initiatives and we consistently worked towards reducing the operational carbon footprint of our seed production site in Sinesti, which is one of the largest corn seed factories in Europe,” he adds. The covid-19 pandemic, the rising inflation putting pressure on all business areas, and the extreme weather conditions that negatively impacted corn production were some of the major challenges Bayer faced last year, but the company managed to find solutions for each of them. “Covid-19 was still a factor in 2022, but we were able to keep all our employees safe and improved the working environment through hybrid and flexible approaches while ensuring business continuity and strengthening our supply chain capabilities. As a response to the impact of inflation, we implemented re-
sponsible pricing management for our products, and for our employees across the tree countries, we secured additional salary increases. To deal with the extreme weather conditions, we introduced innovative seeds that are more tolerant to drought and deployed an innovative digital farming solution called Climate FieldView, which helps farmers better plan and manage water resources.”
The success of any company stems from its leaders and their leadership style. Saidi describes himself as a “purpose-driven leader” whose aim is to help his team understand how everyone can contribute and relate to Bayer’s business goals and to the “Health for all, hunger for none” company vision. “I am a people-oriented leader; I work for people and with people, and that can be translated into empowering teams and delegating decision-making as much as possible, to the level that’s closest to the customer or action. I focus not only on seizing business opportunities, but also on providing a safe and trusted environment for people to perform, develop, and grow using a ‘test and learn’ mindset.” One of his strong beliefs when it comes to leadership is based on the idea that what has made one successful until today might not be the same thing that helps them succeed in the future. “We constantly need to challenge ourselves, stay creative and curious, and carefully monitor new trends. Plus, I prefer to see the glass as being half full and positively influence the future while inspiring, supporting, and motivating both teams and customers to aim above and beyond.”
For Boualem Saidi, Senior Bayer Representative and Crop Science Country Group Head (CDH) at Bayer Romania, Bulgaria, and the Republic of Moldova, 2022 was full of major achievements, despite numerous internal and external challenges, many of which were shared with the entire business world.
Armand Doru Domuta, Chairman of the Board at Restart Energy Innovative Technologies AG, intends to make the company a market leader in energy transition services in the next five years, by growing its market share and consolidating its position as the first choice for customers. Restart Energy’s target for this year is to reach EUR 85 million in revenues, up to 30 percent from last year’s figure.
By Anda Sebesi
2022 was a trying year for the energy sector, with events that led to players repositioning themselves on the market and making major strategic changes. Restart Energy ended the year with a turnover of EUR 55 million and saw solid demand for equipment that facilitated the production of renewable energy from photovoltaic sources for the selfconsumption of companies of all sizes.
“As a result, we implemented over 60 solar projects with a capacity of around 15 MW and a total value of over EUR 10 million,” says Armand Doru Domuta. He adds that another important accomplishment last year was the successful implementation of the company’s new strategy, which resulted in a complex process of transformation at all levels.
“This year, Restart Energy aims to reach a target of at least 45 MW installed through the Restart Solar product, in the commercial solar segment. Over the next 3 years, the company aims to double its installed capacity every year and to expand that capacity by 50 percent from 2026 onwards,” Domuta explains. The development and construction of utility scale photovoltaic parks is another key objective for the company. “We are looking to maintain an annual pipeline of at least 500-600 MW and to commission at least 150 MW annually.” Next year, the company expects revenues of up to EUR 35 million in the corporate solar panel segment alone.
Following the turmoil that dominated the business
environment in 2021, Restart Energy stepped into 2022 to encounter a new energy market, where the biggest challenges came from the instability of the legal, fiscal, and regulatory environments. “The constant changes we had to face made it difficult for us to anticipate medium- and long-term strategic moves,” Domuta points out. Accessing finance and attracting talent—as it is not easy to find skilled workforce in this field—were some of the other major challenges faced by Restart Energy throughout the previous year. “We will continue to focus on accelerating growth in energy transition services, in parallel with the expansion of the upstream segment, which includes the development, construction, and operation of solar renewable energy generation capacity for industrial plants as well as large-scale projects up to 500 MW.”
Asked about his approach to leadership, Domuta says that he is likely to adopt different styles depending on the situation. “I’m interested in the results more than anything else. And so long as the team and individuals are motivated, I believe that the results will come. I choose to empower people and trust their decisions, as well as communicate clear goals and have a strategic plan in place for achieving key targets. One of the main assets of any company is its team, and people who are empowered can contribute to achieving healthy economic growth and sustainable development.”
2022 was a year of consolidation at Arctic. The company finalised the second production line in its Industry 4.0 washing machine factory in Ulmi, an investment totalling over EUR 37.8 million. As a result, the facility’s capacity doubled, reaching 2.2 million appliances a year. Moreover, the factory in Ulmi serves as a model in terms of the efficient use of energy and resources. Last year, it received the "Sustainability Lighthouse" recognition from the World Economic Forum, being one of only 13 such production facilities in the world and the only one of this kind in the region. “Romania’s performance in IT and its highly skilled workforce make it an ideal destination for Industry 4.0,” says CEO Murat Büyükerk. Arctic also opened a regional spare parts hub in Arges County to serve 67 countries, in line with its sustainability strategy, which focuses on reliable products with a high degree of repairability and a low carbon footprint.
“Arctic’s entire business strategy is based on integrating sustainability at all levels, including by promoting responsible consumption. Our two main Arctic brand campaigns of 2022—‘Forgotten’ and ‘Food from local producers deserves Arctic Built-In appliances’—were aimed at educating and empowering consumers to make the shift towards an environmentallyfriendly lifestyle,” Büyükerk adds. At the same time, during the last 12 months, Arctic has focused on its HR component, having intensified its efforts in areas such as dual education, training, and professional development through projects such as Arctic Women Community, Women in Tech,
and Dual Learning. Even though the company had several major achievements last year, 2022 was a year of numerous and overlapping challenges. “Despite this context of uncertainty, the adoption of smart energy-efficient home appliances by customers is expected to increase, as there will continue to be significant demand for innovative products that are equipped with advanced technologies,” the CEO argues. He adds that the strategy that’s based on sustainability, digitalization, and innovation pursues long-term goals, while also providing the company with stability in an economic climate which is marked by uncertainty and declining purchasing power. “Arctic is an Industry 4.0 pioneer, and digital transformation enables us to develop and roll out cutting-edge products and better adapt to changing consumer demands in a globally complex and competitive environment, while also placing sustainability at the core of our operations.”
Discussing his leadership style, Büyükerk says that he believes in creating an environment that encourages creativity and collaboration. He is also an advocate of leading by example with actions that protect the climate and empower people by focusing on inclusion, diversity and equality. “My leadership style is founded on the three main pillars of our corporate culture: our respect for each other, our profound sense of care for the environment and the society, and our passion to grow together. As we rise to the challenges of a world that is evolving faster than ever, we must focus on strengthening the way we work together,” the CEO concludes.
Murat Büyükerk, the CEO of Arctic, came to Romania five years ago and he says he has been working with an excellent team that has been an inspiration to him as a manager.
The past two years have been quite destabilising for the real estate market. Just as European economies had started to recover from the pandemic, they were again disrupted by the war in Ukraine breaking out in early 2022. The combined impact of geopolitical tension and pent-up demand resulting from the pandemic gave rise to inflationary pressures, which in turn led the ECB to increase interest rates from practically zero to the potentially terminal rate of 4%+. Consequently, funding costs have increased for all economic sectors, real estate included. The state of debt markets has generated higher risk aversion among investors, therefore we’re likely to see lower transaction volumes in the coming period. Furthermore, higher debt costs combined with higher construction costs have also led to a shrinking development pipeline in most property segments.
By Anda Sebesiestate company has obtained permits for two new office buildings in Bucharest. Last but not least, Globalworth is the leading office investor in Central and Eastern Europe (CEE) and the office markets in Poland and Romania.
Selinas is a seasoned business leader with over twenty years of experience in the financial and property sectors. He has multi-disciplinary expertise including executive management, operational and financial restructuring, M&A advisory, private equity, and trading in several asset classes (Property, Distressed Debt, Fixed Income, Precious Metals) across institutions such as listed real estate companies, private equity funds, and investment banks from South East Europe, China, Brazil, the Middle East, and Western Europe.
Newly appointed as the CEO of Globalworth Group in January this year, Dennis Selinas plans to embrace the company’s vision of continuously upgrading its assets and operational excellence and enhancing the competitive advantages that make it the preferred landlord in Romania and Poland. “In a rapidly shifting external macroeconomic and geopolitical environment, we plan to deliver a well-crafted strategy with the support of an insightful team that has been instrumental to Globalworth’s evolution to its current prominent market position,” he says. Currently, Globalworth has the largest business community, with 222 companies and 16 premium office spaces in its Romanian portfolio. The real
“My leadership style is a blend of democratic and thought-provoking. I value open communication and the exchange of ideas, and I encourage constructive criticism. I offer guidance when the team needs it, but I expect them to complete the work at the highest possible standard. I lead with trust and honesty, raising challenges to increase competitiveness and encouraging people to share their ideas, fostering confidence,” Selinas says. He also believes that this approach helps create a culture of excellence within the company, where employees feel empowered to bring their best to the table. “This democratic aspect of my leadership style inspires a sense of collaboration and teamwork, and the challenging aspect is what ensures that we are all focused on meeting our goals and achieving success,” the CEO concludes.
Dennis Selinas, the new CEO of Globalworth Group, took on the role in January and has big and bold plans for the real estate company. One of his main goals is to strengthen Globalworth’s market leading position in the CEE region.
With a strong desire to encourage employees to proactively participate in the decision-making process, Dan Fiterman, the general manager of Arcadia Hospitals and Medical Centres, was able to mark several significant firsts for his business last year.
By Anda Sebesi
2022 brought a European premiere from Arcadia as the company launched the most innovative medical recovery hospital in Barnova, Iasi county. The Arcadia Medical Recovery Hospital is the most complex medical recovery solution in Europe and it welcomes patients aged 12-75 who wish to regain their mobility and ability to move independently. “With a total investment of over EUR 20 million, the new hospital is designed as an integrated journey to recovery, providing an individual plan for every patient, state-of-the-art technology to treat medical conditions, emotional support services, dietary plans, and constant help from our multidisciplinary team of specialists,” says general manager Dan Fiterman. Additionally, the company reached another milestone across its clinics and hospitals last year, as it treated almost 1.5 million patients, welcomed 1,300 babies, and saw its medical teams perform more than 9,500 complex surgical interventions in more than 20 specialties. “The private medical sector is highly competitive, and I see this as a very good thing that’s for the benefit of patients, as they can choose where to go when they need professional help and be able to select the best option,” Fiterman says referring to the context in which his business operates. When asked to describe the most demanding aspects of Arcadia’s activity, Fiterman says that first of all, he makes sure to have right
understanding of patients’ demands and be well aware of what they need and what might cause them to worry.
“To this end, we are continuously analysing the market and searching for the best medical tools we can integrate within our centres and hospitals, and we are constantly keeping ourselves informed about the latest health discoveries. We also place a great deal of emphasis on Arcadia’s medical team, as their expertise plays an important role in our success in the Romanian health industry.”
Fiterman also argues that leadership plays a crucial role in running a successful business and making things work in any context, no matter how difficult. “I am a firm believer in people’s ability to do their best when they feel like they are in a healthy and honest work environment. As such, I strive to be considered a leader who always gathers input from my team members, giving everyone a chance to contribute to the decision-making process and as a result developing a grand vision of the business that employees can rally around. Finally, I would say that my leadership approach allows others to feel engaged and have a stake in the outcome.”
Today, almost 15 years since the launch of the first Arcadia medical unit in Iasi, the company boasts a multidisciplinary structure with integrated outpatient services, covering areas from pediatrics, maternity, and surgery to medical recovery and beauty services.
Although 2022 was a rather difficult year for the local economy in general—and the IT sector in particular—Horea Ratiu, managing director at .msg Romania, saw his company blossoming as it capitalised on its competitive advantages and managed to turn challenges into business opportunities.
By Anda Sebesi
At .msg Romania, among other significant achievements, 2022 was marked by the onboarding of over 100 new people, on a market that is flooded with job openings, and this was achieved without making any compromises in terms of quality and values. “.msg Romania is a unique combination of product development and IT solution consulting. That provides the business and its employees with real stability even in volatile periods, such as the one our industry is experiencing right now,” says Horea Ratiu, adding that reaching the milestone of 700 employees helped the company better manage the growing number of challenging projects that it is currently working on, such as the development of the group’s global marketplace, which is 100 percent made in Romania, or a range of new innovative solutions for its clients. “Our skills allow us to develop ecosystems that support our clients’ plans to become more sustainable in the long term. We are also one of the few companies with cross-industry expertise, which makes a massive difference for the companies we are working with and generates a steady stream of new projects as well,” Ratiu adds.
The managing director says that even in today’s highly competitive job market, .msg Romania has maintained a low turnover rate by helping its employees access every benefit made available through the company’s culture. “What others called ‘the new post-pandemic way of working’ was already the norm for our team: high flexibility in terms of schedules, remote working, and so on.” The company’s biggest cur-
rent challenge is predicting and meeting the evolving needs of its employees. “Companies are not yet equipped to handle the potential increase in cases of burnout, anxiety, and similar issues inside their teams in the coming years. We want to be part of our colleagues’ future as a supportive and open-minded partner,” Ratiu explains. He also mentions that he strongly advocates positive thinking and believes a positive attitude can help people overcome even the toughest challenges. He also encourages others to adopt this mindset and helps them find their ideal role based on real skills, not on their assigned tasks.
“.msg Romania sets itself apart from other IT companies on the market by sitting down with its clients and collaborating closely to discover their true needs; we are on equal footing with major clients in industries such as automotive, insurance, and banking. This requires a forward-thinking and innovative approach as well as deep expertise in multiple areas.”
Asked about a lesson he has learned during his career, Ratiu says that even in long-term partnerships, one success story is not necessarily followed by another. “Therefore, I treat every new project with the same level of attention and enthusiasm and ask my team to focus on its outcomes, and not on its challenges. Having been appointed Managing Director of the Romanian team, I believe that we’ve proven our contribution to the group’s growth through successful and unique projects that reinforced the reputation of the local knowhow,” Ratiu concludes.
RTC, part of Altex Holding, ended last year with an increase of over 20 percent in sales, the highest in recent years, and with an operational profit that was over 50 percent higher than 2021’s. Strong leadership was a key driver of these achievements, according to CEO Radu Mihailescu, who says he loves working with people and supporting them as they work towards their maximum potential.
By Anda Sebesi“One of our most important achievements was the development and consolidation of our acquisitions and sales teams through the recruitment of specialists and business developers. Around 20 new colleagues have joined these departments in the last year and we continuously invest in training programmes to improve the teams’ performance,” Radu Mihailescu tells Business Review. He adds that as part of the Altex Holding entrepreneurial group, RTC emphasises interdepartmental collaboration, encourages people to express their opinions, and stimulates and supports business initiatives so that each member of the team contributes to the company's success.
The company closed 2022 with an increase of over 20 percent in sales, the highest in recent years, and with a 50 percent rise in operational profit compared to the previous year. “In 2022, our aim was to meet our customers’ needs through a wide and complete range of products. The increase in sales was also supported by investments in stock with average inventory levels that were more than 50 percent above 2021 levels as well as by better product availability and diversity. As part of Altex Holding, we give our partners access to the entire Altex product portfolio,” Mihailescu explains. According to the CEO, a large share of the company’s investments also went into its car fleet to strengthen the sales force and logistics operations. “We’ve invested approximately EUR 300,000 in order to bring the most advantageous solutions to customers' offices,” he adds.
RTC is now focusing on the automation of its business processes. “The upgrade of our B2B ordering platform and the implementation of various solutions to manage customer order processes were also priorities for us in 2022.” As a retail organisation that distributes workplace products and solutions, RTC operates with a very wide portfolio of products that can match the needs of different work environments. The company focuses on excellence in customer experience within its core business of direct sales to major corporate accounts. “We address many business verticals and we are able to respond to each industry's specific needs, offering services and products that enable customers to carry out everyday activities,” the CEO says. The biggest difficulties last year were linked to economic instability, inflation, price volatility, and the increase in financing costs. The war in Ukraine and the covid pandemic also impacted the company’s supply chains and the availability of some categories of products, as well as negatively influenced some economic sectors in which RTC clients operated, according to Mihailescu. “In order to overcome these obstacles, we diversified our product offering and maintained a close relationship with our suppliers so as to reduce the negative effects of economic instability as much as possible. Furthermore, transparency in communication and maintaining strong relationships with clients have allowed us to work together to find optimal solutions and tackle the various challenges we faced.”
At 27, Vlad Buzoianu became the CEO of Cluj Business Campus, one of the major office projects in Cluj-Napoca, developed by Felinvest SA. His work focuses on creating office campuses that host entrepreneurial communities, based on the “new urban” concept. As a result, his office building designs are client-oriented, making him the first Romanian entrepreneur on the office market who positions his business in the B2C segment, which ultimately means that the end users of the buildings he designs are the visitors or the tenants’ employees. With this in mind, Buzoianu launched “the experiential office,” a concept that creates experiences that help employees become more productive, have a more active lifestyle, and keep their mental, physical, and social health at high levels. This business model has been validated by large corporations like WeWork and represents a trend that Buzoianu believes will become the new normal in the office segment worldwide.
Through his work, Buzoianu succeded to transform Cluj Business Center—once a common office building—into Cluj Business Campus (CBC), a project that hosts a community and offers a wide range of services: office spaces, residential, restaurants and catering, a park and football pitch, a podcasting studio, coffee shops, a fitness club, indoor and outdoor event locations, a kindergarten, an international school, and Romania’s first hybrid medical clinic.
Buzoianunow has a new project in the pipeline: Wildhills, a 190,000 sqm country club that also includes a business incubator, facilitated by an investment worth EUR 6 million in Jucu, near Cluj-Napoca. The project is due to be completed in 2024. “During our making of Wildhills, we faced unpredictable changes in logistics, supply chain, and budgets. We managed to overcome them through creative workarounds, scheduled delays, persistence, and mental and financial resilience,” Buzoianu says. He also notes that in the office business sector, the first wave of downsiziang in office occupancy that happened between 2020 and 2022 did affect the company’s major office project, CBC. “We brought that back to 100 percent and even stronger leases through a complex strategy that positions CBC as an ideal HQ in the current global working environment.”
In terms of his leadership style, Buzoianu says he believes it is that of an excited visionary. “My vision and excitement for what we are doing has helped secure the onboarding of talented people in order to make our vision bigger and better. From there, my role has been to make sure our shared purposes are aligned with our individual ones and that we are overdelivering on our promises while enjoying work. This was essential because you need to make work fun in order to overcome inevitable hardships, especially in the case of visionary or innovative businesses that pave new paths in their industries.”
Vlad Buzoianu, the CEO of Cluj Business Campus (CBC), is a pioneer of the “future of work” and “1 minute city” concepts in Romania, which in his vision represent the future of the commercial real estate industry.
For Stefanini EMEA, 2022 was a record year from several points of view: it posted the biggest revenue in its history in the EMEA region and also had the best profitability; the company’s NPS was above 60 for a second year in a row, much higher than its competitors’; it gained more new customers than ever; and it recorded the highest customer retention rate so far. Last but not least, according to the Employee Engagement Survey, 84 percent of respondents had a good feeling about working at Stefanini. “In a very mature market like the EMEA region, planning is something that most organisations are quite good at. But execution requires a lot of discipline, energy, and resilience, allowing us to adapt to situations that don’t develop as expected,” Farlei says. He describes his leadership style as being simple and based on several core principles: collaboration is crucial; ownership and responsibility come with with autonomy; planning is important, execution is key.
“Based on these three principles, I can help the team understand what is required from my side: vision and strategy, roadmaps and timelines, and them making me aware of how I can support their work.”
Stefanini’s business philosophy, titled “Stefanini Attitudes,” is built on seven pillars: lead by example; make a difference; act as entrepreneur; respect and believe in people; be ethical; and be humble to learn.
“All seven of these attitudes fully match my leadership style and the three principles
I mentioned above, and that’s why we are not just getting bigger, but getting better every year by applying these principles and having people at the centre of everything.”
Asked about the main challenges the company faced last year, Farlei says they were related to the war in Ukraine and the economic turmoil generated by this conflict. “These two factors had a major impact on global logistics, bringing a level of inflation that had not been seen in Europe for decades, along with global economic uncertainty. As our customers are usually medium and large organisations operating all around the world, we are well aware of the challenges they’re facing in this context. So, to overcome and manage this situation, we took advantage of our DNA, as Stefanini is used to performing well during periods of economic crisis. Stefanini is a Brazilian company, and Brazil is a country that faces uncertainty all the time,” Farlei notes.
As digitalization initiatives got a significant boost during the pandemic, Farlei thinks that amid all the macroeconomic pressures that are currently hitting the global economy, organisations are looking to improve the quality of their services. “We will continue to see a high level of incertitude on the local and global markets, with companies cutting jobs and closing factories. Nevertheless, there’s still a great opportunity for us to support companies that want to provide high-quality services to their clients.”
The CEO of Stefanini EMEA, Farlei Kothe’s leadership helped Stefanini record one of its best years in its entire history, supporting more customers than ever and providing a great work environment for the Stefanini team to grow.
Last year, Betfair Romania Development had at least two big reasons to celebrate: it became the largest technology and shared services hub of its parent company, Flutter Entertainment, and celebrated 15 years on the local market. BR sat down with general manager Ioana Popa to talk about Betfair Romania Development’s success in Romania.
By Anda Sebesi
“Behind many of the successful projects carried out by Flutter’s divisions and global brands, such as Betfair, FanDuel or PokerStars, are our teams in Cluj. In 2022, two new divisions were added to our local structure, which required setting up a new leadership team and generating a 30 percent growth in staff,” says Ioana Popa. This eventually allowed the company to reach the milestone of 1,300 people by the end of the year. It also meant that it had to adopt new operating principles and, at the same time, ensure consistency in its people practices. Last but not least, filling a large number of roles that became available along with the new brands being represented in its office required a lot of creativity and out-of-the-box thinking. Flutter Entertainment owns a diverse portfolio of leading brands in sports betting and gaming, housed across four divisions.
“What I’m probably proudest of is the fact that Betfair Romania Development has not only become the largest technology hub in the entire business group, but that it’s actually the only one that offers innovative products to all four Flutter divisions,” Popa points out. Talking about her leadership style, she says that honesty sits high on her list of values, and this allows her to create an environment where all issues can be discussed openly. “This way, I believe it’s easy to get to the bottom of any issue and identify the right solution. I am a huge fan of collaboration and I see my
role as one that should help our teams work together to achieve shared goals.” She also adds that the success that Betfair Romania Development has had in recent years is partly due to the fact that the company has stayed true to its values, while supporting and understanding people’s struggles. “We work towards the same goals. Our business in Cluj is an example of success within the global business group,” she notes.
Employees are probably any company’s most valuable resource, so listening to their feedback and acting accordingly could pave the way to a successful and sustainable business. “The Covid-19 restrictions were only fully lifted in March 2022. I remember that many of our colleagues felt uncomfortable about coming back into the office at the time. We listened to them, so we redesigned our ways of working to accommodate both business needs and personal circumstances. We implemented fully remote working options and compressed hours to support our people and received great feedback for this initiative.” Additionally, in order to mitigate the negative impact that a remote working model could have on cross-team collaboration, Betfair Romania Development created an agenda of “Moments that Matter,” a series of events that bring the company’s employees together to collaborate, create, and have fun. “It’s amazing to see the energy and ideas that come out of these reunions,” says the general manager.
Being number one in the real estate business may be a hard road to follow to the top but staying there is the real challenge. Always providing the customers with top services and maintaining high standards of living is not an easy task. And doing it for 14 years in a row is even more difficult. But it seems like there is no mission hard enough for Stejarii Residential Club developers. After all, being successful is the only option possible for Tiriac Imobiliare, the company behind the most important rental-exclusive real estate project.
By BR News RoomLocated in the heart of a 250 HA oak forest, Stejarii Residential Club is the perfect home for those seeking comfort, security, integrated services, tranquility away from the town rush, yet close enough to get to the city center of it by car. The complex has 8 buildings with a total of 285 apartments to rent only, with areas ranging from 108 to 636 sq. and 584 parking places located on the premises. The apartments include generous balconies and terraces, extensive windows, while a special attention was given to furnishing details, design elements, but also to the way they were equipped, in order to ensure the absolute comfort for the tenants.
The developer does not just rent apartments but it offers you the possibility to feel at home and part of a selected community. The complex has all that you need in the premises: concierge and 24/7 security services, parks, kindergarten, restaurant, a huge sports club, business center, international SPA and luxury beauty salon. As for the surroundings, there is easy access to malls, best educational centers and the airport. For those with a busy schedule and urgent meetings, the Club has the perfect solution: through the concierge office, tenants can schedule their appointments in the meeting space provided by Stejarii Residential Club, without having to leave the premises and having all necessary equipment at their disposal: copying, printing, projector and fax center.
Home is where people should feel secure and comfortable. This is why the developers put an important accent on the safety and privacy of the residents. The access to the premises is monitored 24/7 and achieved through control access points, both for residents, as
well as for visitors and suppliers. And for even more comfort, concierge services are also available around the clock: technical
assistance and intervention is provided when needed in order to solve any incident in a short time.
Choosing a home that has so close a sports complex, a luxury SPA and one of the most
friends, go to the gym or just enjoy a walk in the park, all you need is at your disposal in the complex nested by the forest’s fresh air, low noise level and unique landscaping. The concierge service helps you book your appointments and all the other services you need to save your time, including renting bicycles and scooters for promoting a healthy lifestyle, one of the important focuses of Stejarii Residential Club philosophy. And if in need for urgent groceries, there is also available a market store in the premises, with a sophisticated selection of foods and wine to satisfy any taste. Also, as a resident in Stejarii Residential Club you can benefit of the exclusive loyalty program for being part of our community. Consequently, you can access a variety of brands that offer unique benefits based on a personalized card. Loyalty is not earned in one day. It is earned day by day. And Stejarii Residential
appreciated beauty salons in town, a fine restaurant and so much more is the perfect option. Whether you need a perfect place for a business meeting or you want to relax for a day at the SPA and have lunch with your
Club has been doing it for more than 14 years with its tenants. And 2023 comes with great news for those looking intro choosing Stejarii as their home, as phase two is approaching. To be continued…
He is the CEO of Trustwise, President of the Responsible AI Institute, and Founder of Qantm AI. He has ideated some of the most innovative AI strategies for a variety of Fortune 500 companies and designed and led cutting edge technology strategy initiatives with IBM. Trained as a human geneticist, he launched his career in tech as he was preoccupied with the rigor of the scientific method applied to business combined with his interest in human nature being described through data. At IAA’s Creativity4Better conference in Bucharest, BR had the chance to sit down with global AI expert Dr Seth Dobrin, to do a deep dive into the technology that’s making huge waves in the business world.
By Romanita OpreaYou say that AI is centred around humans—or at least that it should be—and we should acknowledge the fact that you have a lot of insight into the way humans themselves work.
I’ve always had this concept that everything I do should have a positive impact on humans and society. I don't know if that's just me as a person, as a human being, or if that somehow comes out of my educational training. But even in graduate school, I was in the field of psychiatric genetics. We would join physicians as they visited patients or performed surgery, in order to understand how what we were doing would or could impact humans and, more importantly, what it could mean for physicians and nurses. In my talks, I say that we need to consider the human that's going to be impacted by the AI and the human that's going to be using it—and this is a really good example. Patients are the ones that can be impacted by the AI, and the medical staff are the ones who are going to be using it.
What were the main challenges at the beginning, but also throughout your career in AI?
I think the biggest challenge that companies have been facing is that they’ve started these AI or data science programmes without a real strategy that's tied to actual business value. As technologists we often think, how many AI models have we built? How good are they? How well is my model performing on all these technical metrics or how many companies even measure AI? Because we should really be measuring it. How is it improving
my revenue? How is it generating or saving me money and how is it making my company’s interactions with consumers better, cheaper or faster? The number one problem is we don't have it tied to real business and real metrics that matter for organisations.
The number two issue is that they don't consider the humans. Humans are an afterthought. How is this AI model going to interact with us as human beings? How are we going to present it? How is it going to be used? What's the real problem we're trying to solve for that human?
The third problem is the fact that trust is also often an afterthought, as we tend not to
think about how we're going to implement this in a trustworthy and responsible manner and explain it to humans until it’s too late.
And finally, safety, robustness, accountability, and consumer protections are often not examined upfront. Doing that early on starts with having an understanding of the human and having this human-centred approach that I talk about to building AI, where you actually sit down with people and understand the problems they need to solve, how you can solve those problems, and how you are going to implement that. So, what’s going to be the interface we’re going to use to make someone’s life better using AI?
So, it comes down to educating the client and talking to them prior to starting a project.
Yeah. I mean, oftentimes, leaders hear buzzwords and they want to start using them, right? Five years ago, it was deep learning. Every customer I talked to wanted to use deep learning. That’s great technology to solve certain problems. But most problems are easier to solve. Let's keep it simple! The simplest solution is always the best solution. It's important to not just pursue the shiny objects, but to use the right tool to solve the right problem. And so, I think that’s something that we can do as leaders to get better outcomes.
Do you think that AI is somehow being seen as a sexy version of science right now, and maybe that’s why so many are attracted to it without actually knowing too much about it?
I don't think so. I think companies that have been successful at implementing it have generated a lot of value for themselves and their shareholders and made the lives of the humans they interact with better. And lots of other companies are seeing that. But they don't take a methodical approach to developing these AI systems. In fact, Monsanto, where I started really solving business problems, is held up as an example of a company that did this right. I stepped out of a very scientific role into a business role. And I didn’t understand the problems that were important to the supply chain, to my marketing team, my sales team or my customer success teams. I had to actually sit down with the business leaders and understand their problems, then map out the decisions we were going to tackle with AI. Then I had to translate those into things that technical folks—the data, data science, machine learning, and software development people—could use to solve their problems. Since I didn't know the answers and I acknowledged that, I had to take this human approach. And that proved really valuable.
And by having those conversations, I also found out that all the business leaders cared about was how this was going to help them
hit their business targets. How is it going to make money, save money or increase their NPS score? That's all they cared about. Therefore, we started measuring our programme in those terms and we were able to actually assign a dollar value: this is how much money we've made as a company. This is how much money we've saved, and this is how much our NPS has increased, which you can also correlate to how much money you're making or
People think AI is magic. You just create these teams, you tell them to go and make or save you money, and it just happens. But it's not magic. It needs to be directly tied to your business strategy. It needs to be directly tied to the KPIs, the outcomes that the business has promised to its shareholders.
Another related thing is the fact that we often think AI is biased. It’s just math and computer science. Math itself is not inherently biased. What's happening is the math is learning the biases from the bad decisions humans have made in the past. And so, if the math itself is not biased, it's merely picking up on the biases we have propagated around the world. We have a choice. We can allow that to happen, allow AI to accelerate and propagate those biases and bad decisions we’ve made as humans, or we can use AI to help us make better, fairer, and more inclusive decisions, because we can monitor and control for those things and help humans present other humans with a slate of decisions that are all less biased than the ones they would have made on their own.
saving because it impacts customer retention and satisfaction.
What would you say are the top myths around AI and how would you debunk them?
I think the main one, specifically in terms of responsible AI, is that we need to eliminate all biases, period. We're never going to eliminate all biases, nor should we. What we should do is much like the approach the EU is taking to regulation: understanding the outcome. We're trying to understand humans, along with the biases or inequities we need to control for. AI will never eliminate all biases; the ones that should be eliminated are those that are relevant to the decision the AI is helping to make.
Over the last 3 to 5 years, we've developed algorithms that monitor data for specific biases that are called protected classes. They monitor the data—the output of the algorithms— for those protected classes. And you create thresholds, and you say, for example, for this mortgage decision, the balance between men and women getting a mortgage needs to be between 45 percent women, 55 percent men or 55 percent women, 45 percent men. If it deviates from that, the model cannot go into production. It cannot be used for decision making.
And you tune the model. There are these things called hyper parameters—think of them as knobs. You're tuning the equaliser on your radio to get the sound you want. You're tuning the performance of the model so that you get the best performance, the best business outcome, while minimising the biases that you don't want to see. That's how it is done. We use AI to monitor our models.
Romanian investment platform SeedBlink acquired Dutch platform Symbid in 2022 as part of its aggressive expansion strategy. Since then, the company has mobilised some EUR 115 million for 70 tech startups, of which more than two thirds were from Romania. Carmen Sebe, the CEO of SeedBlink, spoke to Business Review about the platform’s ongoing expansion in the Benelux region and its new products that are designed to increase market liquidity and help more SMEs tap the investment pool.
By Ovidiu Posirca
What has been the total number of investments attracted by startups through SeedBlink since the launch of the platform?
Launched in early 2020, our co-investment platform has facilitated the funding of a total of nearly 70 European technology
companies, 50 of which are from Romania, mobilising a total amount of EUR 115 million. In August 2022, SeedBlink acquired Symbid, which in its first 10 years of operations (up to the end of 2021) had facilitated investments totalling EUR 35 million for more than 180
startups. Obviously, this would not have been possible without our community of investors: 68,000 users from 75 countries. We are in a growth stage after having obtained authorisation as an equity crowdfunding service provider under the ECSPR (European Crowdfunding Services Providers Regulation).
What is SeedBlink’s strategy for development this year?
We think technology can assist us in reducing the effects of inflation by accelerating the growth of some businesses. I envision 2023 as being a continuation of the second half of 2022, which was a time of both caution and opportunity. Using the advantages of the European passport, we’ll continue to grow across Europe on the markets that are already available (Bulgaria – Balkans, Greece – Mediterranean coast, the Netherlands – Benelux). In order to provide index fund investment options and be in a better position to negotiate participation in more mature rounds, we are also pushing ahead with defining a fund in partnership with other companies.
We are preparing to introduce two significant projects before the end of the first quarter, namely a new operational model and secondary market for liquidity. A new product line that will benefit small and medium-sized businesses, their stockholders, investors,
lawyers, consultants, and employees who are covered by stock option plans will also be announced in the middle of the year.
Which verticals are the most popular among investors registered on SeedBlink?
The most funded verticals so far have been enterprise SaaS, medtech, fintech, security, and artificial intelligence. Trending industries include AI/ML, greentech/sustainability tech, drones, security. We want to bring more such sustainable opportunities to SeedBlink and we are constantly diversifying the portfolio with new verticals and geographies. Recent examples have been in mobility (Swisspod) and greentech (Pandas).
What are the strongest markets for SeedBlink in terms of funding volumes?
The markets where we have had a longer presence undoubtedly provide the highest volumes, so this is strongly related to our country offices. In Romania, we have mobilised EUR 48.5 million, with EUR 15 million coming from our investor network. The SeedBlink investor community has provided funding to 50 Romanian startups. We have also mobilised EUR 2.69 million in Bulgaria and EUR 16.8 million in Greece. The Benelux region is where we are focusing a lot of our efforts right now, and good progress is being made.
What is the average investment ticket for startups on SeedBlink?
The average investment ticket in 2022 was EUR 5,500.
What are some of the trends shaping startup investments across CEE markets?
I would like to highlight a few points from our recently published research piece on the state of European tech, which we co-authored with Horvath Consulting.
For European VC funding, CEE is one of the regions with the greatest growth rates. Pre-Seed round funding has declined over time, whereas Seed and Series A funding has steadily increased. The volume of finance remains the same, at the EUR 6.9 billion predicted for 2022, even as there were fewer financing rounds raised at the regional level (606 at the end of October 2022 compared to 816 in 2021).
The most successful industries in terms of the investment volume raised in 2022 were mobility and fintech. One of the few sectors that saw an annual increase in both financing volume and number of rounds was food technology.
How would you describe SeedBlink’s core investor persona?
For us, these recent years have been thrilling, and having an impact on the ecosystem validates our effort. As always, the people are the ones making a difference. Our investors fit the bill of being educated, inquisitive, ambitious, and constantly eager to learn more about investment strategies and the tech sectors we highlight through our opportunities. In terms of numbers, 70 percent of the com-
munity's active investors are retail investors, while 30 percent are advanced investors like family offices, business angels, companies or high net worth individuals.
What is your outlook for startup valuations this year on the local market?
Data demonstrate that opportunities are in higher numbers during recessions and other periods of decline. If you can manage to access a solid opportunity during a time when valuations are decreasing for you as an investor, the return will be far higher than what you could have earned during a time of stability or growth. While valuations tend to be lower in 2023 than they were in the second half of the previous year, investor interest will stay about the same. What we are seeing is a more cautious approach to investments, which brings more scrutiny on the startups’ cashflow management and ability to execute their plans.
What are the strengths of Romania’s startup ecosystem compared to other CEEbased markets?
The Romanian startup ecosystem is an example of a bottom-up approach. The first wave of Romanian tech entrepreneurs forged their own path and pushed for systemic progress. This emerging scene shows clear signs of skilled talent, hard work, collaboration, and great use of resources—just some of the reasons why we get excited when reading the news.
The success of companies such as UiPath, FintechOS, Soleadify, eMag, Bitdefender, Avangate, Tokinomo, Druid or Flowx AI, just to name a few, has generated a waterfall effect on the local community, empowering more entrepreneurs to take the leap and highlighting the validation necessary in the eyes of international investors. The country's particular strength lies in enterprise software, process automation, developer and collaboration tools, software development, and cybersecurity all creating value and attracting VC funding. The amount being invested in Romanian tech startups is significantly increasing year over year. Series B and Series C are taking the highest share of the funding, showing that local startups are growing and that the ecosystem is maturing.
After the Grand Opening of the Timisoara 2023 European Capital of Culture, which took place between February 16-29 and was attended by 60,000 people, Business Review now takes a look at the stateowned cultural infrastructure, which is currently undergoing major upgrades and facelifts.
By Oana VasiliuSince it won the European Capital of Culture title, Timisoara’s preparations have gone through several phases. Most importantly, it made several updates and changes to the Cultural Programme it had first submitted to the official Bid Book, most of them due to the time perspective and the pandemic’s effects on the local cultural scene, as well as the prospect of public events taking place in a pandemic context.
Furthermore, the curatorial team tried to revisit the cultural programme, which was focused on the long-term sustainability of cultural organisations in Timisoara, encouraging transversality and international partnerships. For this to happen, there was a need for serious investments that could revitalise some major cultural landmarks, most of them state-owned.
THE CORNELIU MIKLOSI MUSEUM
CURRENTLY PART OF MULTIPLEXITY
REOPENING: FEBRUARY 2023
INVESTMENT: APPROX. EUR 500,000 (ACCORDING TO LOCAL PUBLICATION TION.RO)
3 DAYS
60,000 PARTICIPANTS
32 LOCATIONS
130 CULTURAL EVENTS OVER 1,000 VOLUNTEERS OVER EUR 1.5 MILLION FROM THE LOCAL BUDGET OVER EUR 160,000 FROM THE CULTURE MINISTRY
the hall, exposing its metallic roof structure. The depot also had an apprentice school at the back. The establishment of the Timisoara Public Transport Museum is linked to several important developments in Romania: the first horse-drawn tram in 1869 and the first electric tram in 1899. The depot was transformed into a cultural space based on a project by designer Silviu Danescu, highlighting the space’s industrial architecture which, while functionalist, sober, and lacking in ornamentation, offers outstanding ambiance and lighting for the Museum.
CINEMA VICTORIA
REOPENING: SPRING 2022
CAPACITY: 200 SEATS
INVESTMENT: EUR 2.2 MILLION (ACCORDING TO LOCAL PUBLICATION TION.RO)
Cinema Victoria was the first of the cinema halls that was rehabilitated by the Timisoara Municipality, to be returned to the community. It officially re-entered the city's cultural circuit in September 2022, 30 years after its last film screening. It is managed and operated by the team at Centrul de Proiecte, the organisation that coordinates the entire cultural programme for Timisoara 2023.
THE WATER TOWER (IOSEFIN)
CURRENTLY BEING RESTORED AS A CULTURAL CENTRE
INVESTMENT: EUR 2.2 MILLION (ACCORDING TO LOCAL PUBLICATION DEBANAT.RO)
The Baroque Palace is an 18th-century Baroque-style palace located in the city centre. The building alternated between several functions and purposes over the years, having served as the administrative building and living headquarters for the city’s governor, as a University, as a military base for the Soviet army, and since 2006, as the home of the Timisoara Art Museum.
With Timisoara 2023 hosting two great retrospectives for Romanian artists Victor Brauner and Constantin Brancusi, the Timis County Council invested in the museum’s current infrastructure for best-performing access control, anti-burglary, video surveillance, air conditioning, and wi-fi systems.
THE MARIA THERESIA BASTION INVESTMENT: APPROX. EUR 325,000 (ACCORDING TO LOCAL PUBLICATION IMPACT PRESS)
The project aims to activate a neglected area and reclaim its historicalindustrial heritage by turning the Iosefin Water Tower into a permanent cultural space. The Iosefin Water Tower was included in 2020 in a large-scale project that was funded through EEA and Norway Grants and commissioned by the PRIN BANAT Association together with the Timisoara Municipality. The vision was to transform the tower into a permanent cultural centre with a café, an exhibition hall, a foyer, and a belvedere.
THE TIMISOARA ART MUSEUM INVESTMENT: APPROX. EUR 2 MILLION
According to the Tur de Arhitectura Association, commissioned by Art Encounters, the Maria Theresia Bastion is part of the fortification system built by Timisoara’s Habsburg administration. Initially, the city’s defence was a simpler array of walls, an enclosure protected by earth slopes strengthened with palisades and only a few parts of brick formations, along with four gates connecting the exterior. New fortifications, shaped like a 9-cornered star and featuring baroque gates, were erected between 1723 and 1763 following the model prescribed by French military engineer Sébastien Le Prestre de Vauban.
Today, the Bastion hosts permanent and temporary exhibition spaces—including those from the National Museum of Banat, which is closed for refurbishment—, the Timis County Library art section, as well as cafés and restaurants.
Works still in progress: Dacia Cinema, Unirea Cinema, Studio Cinema, Marasesti Cultural Centre, Freidorf Cinema, Kuncz Cultural and Educational Centre, Arta Cinema, Banatul Philharmonic (2024), Huniade Castle (2024), the Museum of the Romanian Revolution (2025).
TOTAL INVESTMENTS:
• Over EUR 44 million investment for the entire programme
• EUR 40 million coming from the Timisoara City Hall, the Timis County Council, and the Culture Ministry
• EUR 4 million coming from corporate sponsorship
March 8, Sala Palatului
films in restored copies: "Mes petites amoureuses" and "La maman et la putain."
Bruce Dickinson – The Music of Jon Lord concert
March 15, Sala Palatului
Artisan Food Market
March 25-26, Hanu' lui Manuc
Fado music star Mariza is coming back to perform in Romania, with new love songs to celebrate her career of over two decades and the unforgettable sound journeys she has shared with fans. Tickets available.
The theme of this edition is "Cinéma, mon amour/Cinema, my love," which the festival uses to once again confirm its support for Romanian cinema. The kiss on the poster illustrates Jean Eustache's magic as one of the greatest French filmmakers. The festival will present two of his
Bruce Dickinson (Iron Maiden) will sing along with a symphony orchestra of 80 people, also offering the full "The Concerto" show by Jon Lord. Tickets are still available.
The event aims to facilitate the direct interaction between producers and consumers while observing values like responsibility and public education. Furthermore, the project supports the consumption of healthy and artisanal gourmet products and increases the visibility of small entrepreneurs as a healthy exercise for economic development inside local communities.
Passenger concert
April 8, Arenele Romane
Passenger is a folk-rock singersongwriter from Brighton (UK) who has won an impressive number of awards, even though he started his career playing on street corners in the UK. He’s probably best known for his single "Let Her Go," which topped the charts in several countries and achieved international success. Tickets are still available.
The programme of the first 2023 edition of Art Safari includes the exhibition "The Memory Palace. Focus on the French art scene with the Marcel Duchamp Prize,” curated by Daria de Beauvais. The show highlights eight artists and two duos from the French art scene who have participated in the Marcel Duchamp Prize over the past fifteen years. Multiawarded Romanian artist Mircea Cantor is among those who will be celebrated at the event. He won the Marcel Duchamp Prize in 2011.
