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Chemical company TVK said on Friday that CEO Árpád Olvasó is to leave his position on May 31, 2011.
The board of directors acknowledged Olvasó's decision and thanked him for his contribution to the company's achievements as CEO in the past eight years.
The position of CEO will be filled from June 1, 2011 by Zsolt Pethő. Pethő owns no TVK shares.
TVK is a unit of Hungarian Oil and Gas Company MOL.