Starting with November 2012, in accordance with the Romanian state-company legislation, TAROM was led by a private manager, the Belgian Christian Heinzmann occupying the positions of CEO and Accountable Manager until March 2016. During Heinzmann's leadership, the company reduced its financial losses by more than 75%, grew its yearly passenger number to a record 2.4 million and stabilised its load-factor around 70%. However, broad reforms like the fleet renewal and harmonisation, as well as the establishment of profit centers such as the TAROM Maintenance and TAROM Charter services, were not accomplished due to a constant lack of a decision from the company's board of administrators.