November 16, 2011

Management shakeup at MÁV

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HUNGARIAN State Railways (MÁV) CEO Mr Ferenc Szarvas announced last month that new managers have been appointed to its passenger, traction, and maintenance subsidiaries as the railway prepares to initiate an efficiency programme.

Mr Zslot Kövári has been selected as the new CEO of passenger unit MÁV Start, Mr Imre Rácz will lead MÁV Trakció and András Csepke is to head maintenance subsidiary MÁV Gépészet.

News of the shakeup follows the recent decision by the Hungarian government not to proceed with a Forints 300bn ($US 1.37bn) consolidation of MÁV debts (IRJ November p14). MÁV is now seeking a Forints 13.8bn restructuring loan.

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