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Malév shareholders approve appointment of new CEO

Shareholders of Hungarian national carrier Malév approved the appointment of Lorant Limburger to head the company from June 1 at a general meeting on Friday.

Limburger, who has headed Malév Ground Handling since 2007, will replace Martin Gauss, whose resignation was announced earlier.

Shareholders also approved the airline's main business figures from 2010 showing a pre-tax loss of HUF 24.56 billion a HUF 275 million improvement over the previous year. Passenger numbers fell 8% to 2,984,000 and the number of flights was down 13%.

Shareholders did not take a decision on Malév's capital position, but postponed the matter until June 24 pending continuing talks with Vnesheconombank.

Troubled Malév was renationalized in March 2010, but Russia's state-owned Vnesheconombank still holds 5% of the airline's parent company.