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State railway company chief Mándoki fired

Hungary's Economy and Transport Minister János Kóka fired Zoltán Mándoki, Chief Executive at Hungary's state-owned railway company, MÁV, as the country aims to restructure the unprofitable company, Napi Gazdaság reported today. Chairman and CEO Gyula Gaál will be in charge of the railway along with deputy CEO István Heinczinger, a former managing director at Siemens AG's local unit. The state railway needs 7.6 billion euros ($9.3 billion) in investment and a 20 % reduction among its 47,000 employees by 2013 to stay competitive. Some 2.2 billion euros were spent on development the past 12 years. The company had a loss of Ft 49.4 billion ($248 million) last year, and expects to post Ft 77.7 billion in losses this year.