Graduate of the Academy of Economic Studies of Moldova, Certificate in Investor Relations from the Investor Relations Society, United Kingdom, Member of the Association of Chartered Certified Accountants (“FCCA”), United Kingdom
17 years of experience
“Communication is essential for the successful execution of IR activities. Consistency, transparency, and speed are important in this digital era. Whether you’re communicating in a teleconference, live, or via email, you need to be able to convey the message in the most accessible way possible.”
Eugeniu Baltag’s career story exemplifies how unexpected opportunities can lead to remarkable achievements.
A graduate of the Academy of Economic Studies of Moldova with over 17 years of experience in finance, Eugeniu never imagined he would manage investor relations for one of the leading wine producers in Central and Eastern Europe, Purcari Wineries, which exports to over 40 countries.
In May 2019, after a career in finance and control across various industries, including consulting, telecommunications, manufacturing, and agro-industry, Eugeniu Baltag was hired as an Internal Auditor for the Purcari Group. A few months later, a new professional challenge arose that would change the direction of his career.
“I stumbled into the world of Investor Relations in August 2019 when I was asked to temporarily cover for the first IR manager at Purcari. After dozens of interviews with potential candidates, it was decided that I would take on the IR role permanently, along with M&A activities and serving as the Secretary of the Board of Directors of the Purcari Group. I am grateful to Vasile Tofan, the Chairman of the Board, and the executive team for their trust in me and for providing flexibility in this role.”
In this new role, Eugeniu Baltag discovered that the position of Investor Relations (IR) is not just about conveying financial information; it involves serious preparation. Success in this field depends on how well one can translate the complexities of the company’s operational activities into stories that everyone can understand whether they are investors, top management, or the Board of Directors.
“In the IR role, I have managed to combine two things I love most: numbers and communication with people. Over time, I developed a passion for translating the figures of the Purcari Wineries Group into stories that resonate with stakeholders.”
In the 5 years since he has led the Investor Relations (IR) department, Eugeniu Baltag has found himself on the “front lines,” managing communication with over 10,000 shareholders, especially during crises such as the COVID-19 pandemic. He successfully maintained investor confidence, and the stock price rebounded strongly, reaching a peak of RON 16.75 per share in January 2022, thanks to the exceptional operational results of the Purcari Group and the outstanding efforts of his colleagues.
In less than two months after that date, Russia invaded Ukraine, causing the company’s stock price to become volatile, resembling an electrocardiogram for those watching the shocking developments of the war. Currently, the stock price has returned to around RON 15 lei share, thanks to the strong fundamentals of the Purcari Group, its profitability, M&A transactions, and the exceptional quality of its wine. “It feels like a Sisyphean task for us at Purcari, but we are more confident than ever that we will reach new heights and promote wine culture on an international scale.”
For the successful execution of Investor Relations activities in the digital age, Eugeniu Baltag believes that consistency, transparency, and speed are crucial, regardless of the communication format. “You need to convey the message in the most accessible way possible. I’ve had several instances where investors decided to invest in Purcari after just a few interactions. A significant advantage is that I work for a company with an extraordinary product, which makes communication much more enjoyable, though not necessarily easier. IR acts as a guide for investors navigating the numerous reports, financial statements, and information available on our website and the Bucharest Stock Exchange, helping them find answers to their questions more quickly.”
Another challenge arises when the company’s objectives do not align with investor expectations. He notes that situations vary depending on the investor’s profile (long-term or short-term), risk appetite, and expectations regarding investment returns. “The most difficult aspect is managing quarterly myopia. If a company falls into this trap, it risks jeopardizing its long-term trajectory. Transparency, honesty, and consistency are crucial in handling difficult situations. You can’t attract all the investors in the world, and not everyone will align with the strategy and vision of the Group. I understood this quite early on, which helped me calibrate the messages I convey. We have investors who have been with us for several years, only to liquidate their entire stake in WINE for various reasons, later returning to the company when conditions met their expectations. Each interaction with investors is like a snapshot, and investors invest in the company when the «film» of these snapshots provides enough reasons to invest—or not.”
Looking back, Eugeniu Baltag believes his greatest achievement is building a “by the book” Investor Relations department from scratch.
“I have managed to develop talents and ensure a succession plan. My colleague, Victoria Moldovan, has grown tremendously from an intern in the IR department to a top-notch specialist, and now we are ready to expand further by attracting more talent to our team.”
Eugeniu Baltag’s story is a testament to how adaptability, courage, and passion can transform a temporary position into a fulfilling career.