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Fotex Chairman Várszegi to take over as CEO

Fotex Chairman Gábor Várszegi, Hungary's fourth-richest man, takes over as chief executive officer at the local retailer as of April 1, the company said in a statement today.

Várszegi replaces Robert Kenedi, who resigned from the post one month before his appointment expired. Kenedi leaves Fotex March 30 to work as a founding partner at Saginaw Capital LLP, a London- based fund management company, Fotex said. The shares fell 1% to Ft 619 as of 2:24 p.m. in Budapest, valuing the company at Ft 43.8 billion ($199 million). The shares have gained 78.4% this year.