CEO of Bulgaria’s Military Plant VMZ Sopot Resigns

Business | June 4, 2015, Thursday // 07:49
Bulgaria: CEO of Bulgaria’s Military Plant VMZ Sopot Resigns Photo by BGNES

The CEO of Bulgaria’s state-owned military plant VMZ Sopot, Ivan Stoenchev, has resigned.

Stoenchev left the General Assembly of VMZ Sopot of his own accord and his resignation was accepted by the members of the panel, according to sources close to the matter, as cited by the Focus news agency.

No interim CEO has been appointed in Stoenchev’s place and the military plant will be managed collectively by the members of the Board of Directors until a new chief executive officer is appointed.

On March 21 two explosions occurred at a warehouse of the military plant in Iganovo.

The production process there has been stopped since then, causing workers to organize a number of protests over fears that they will not receive their salaries.

Employees of VMZ Sopot called for the resignation of Economy Minister Bozhidar Lukarski.

In end-May the Economy Ministry announced that it was starting preparations for the restart of the production process at VMZ Sopot.

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Tags: VMZ Sopot, military plant, Ivan Stoenchev, bozhidar lukarski, Economy Ministry
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