site.btaDefence Minister Signals Management Changes at TEREM Holding
Changes to the board of directors of state-owned defence company TEREM Holding are likely in the near future due to the company's poor performance, Defence Minister Dimitar Stoyanov said during a parliamentary Defence Committee hearing on Tuesday.
"The current management is clearly not delivering good results," Stoyanov said. He added that the ministry had already taken steps to reduce salaries, arguing that monthly remuneration of BGN 17,000 (EUR 8,692) at TEREM Holding was unjustified given the company's financial losses.
Stoyanov said some members of the boards of defence companies under the Ministry of Defence were likely to resign as a result of the salary cuts.
He also said TEREM Holding required restructuring and noted that the ministry had already prepared a restructuring plan.
Separately, Stoyanov said Bulgaria expects to receive another 21 Stryker armoured vehicles within the next two to three months, after which assembly is expected to begin.
/DD/
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