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Magyar Telekom deputy CEO Pásztory to leave post by March 30

Magyar Telekom Nyrt deputy CEO Tamás Pásztory will resign from his post at Hungary's largest phone operator by March 30.

Pásztory, who has worked at the Budapest-based unit of Deutsche Telekom AG since 1990, was Magyar Telekom Nyrt's chief human resources and legal officer, the company said in a bourse statement today. The departure was mutually agreed upon, the company said. His resignation comes one and a half months after former CEO Elek Straub, the longest serving head of a national phone company in Europe, left the company after 11 years.
Straub, who resigned amid a probe into contracts at the company's Montenegrin unit, was replaced by Christopher Mattheisen who formerly headed the company's fixed-line business. Since 1990, Magyar Telekom was transformed from a state-owned monopoly known as Matáv to a $5.3 billion company (€4 billion), eastern Europe's second-largest behind Telekomunikacja Polska SA of Poland. Magyar Telekom spent Ft 3.1 billion ($16 million) on the investigation at its Montenegrin unit, which began a year ago after auditor PricewaterhouseCoopers questioned two contracts at the subsidiary which exceeded the value of agreements. (Bloomberg)