JSE-listed Nepi Rockcastle FD Mirela Covașă to step down

Mirela and CEO Alexandru Morar are both leaving the company to pursue other entrepreneurial activities.

JSE-listed Nepi Rockcastle has announced that its financial director, Mirela Covașă, as well as its CEO, Alexandru Morar, will be stepping down from their roles in order to pursue “other entrepreneurial activities”.

Mirela has been with the shopping centre operator and owner for 10 years and has more than 18 years of experience in accounting and finance. She joined Nepi Rockcastle in February 2012 as finance manager and became CFO in February 2015. Prior to joining Nepi Rockcastle, she spent eight years with PwC, where she was responsible for audit assignments in various industries in Romania, Slovenia and India.

During Mirela’s tenure, the group shifted its financing approach from asset-based borrowing to capital markets funding and group-level unsecured debt, which resulted in a significantly lower cost of funding. Because of Mirela, Nepi Rockcastle also maintains an adequate capital structure and a conservative gearing ratio, which are key to maintaining and further improving its investment-grade rating.

Mirela and Alexandru have agreed to implement a management plan, which will include co-ordination to achieve the results decided for this year.

The board of Nepi Rockcastle has approved the implementation of a succession plan of the executive management. This succession plan includes identifying suitable candidates for the positions of CEO and CFO and establishing their projects and responsibilities.