MOL Rt.'s board of directors has elected Zwsolt Hernádi as the company's new chairman following the resignation this summer of MOL Chairman János Csák.
After leading the successful effort to assume a controlling interest in Slovnaft (see related story, p. 30), Csák resigned in protest over a Hungarian government decision involving natural gas prices. MOL currently is seeking to unbundle certain gas operations in compliance with European Union requirements. Csák saw the government's decision as an impediment to market liberalization. MOL's chief administration officer, Zoltán Mándoki, also has left the company.
Hernádi, who has been a member of MOL's board since Feb. 24, 1999, has a strong management background in banking and has served as board chairman of the Hungarian state airline MALÉV Rt. since May of this year.
Gyorgy Mosonyl will remain as CEO of MOL.
Slovnaft, TVK board transitions
Although the agreement with Slovnaft calls for MOL to propose four of the eight directors on the Slovnaft board within the coming 2 years, Slavomír Hatina will retain his position as CEO and chairman of the Slovak refiner-marketer's board.
MOL, however, will fill the position of chief financial officer and the heads of sales and marketing, retail operations, and procurement.
In addition, Hungary's largest chemical company, TVK, another recent MOL acquisition, decided at its general meeting Aug. 29 to put one MOL-chosen director on TVK's board of directors and one MOL-selected director on its supervisory board.