Management change and fee adjustment at Mohu after 50 billion losses

Subcontractors told the newspaper that Mohu is offering them less favorable conditions, partly spreading the loss among them. They claim that the company is withholding payment of fees in some cases to encourage them to accept new contracts. Tivadar Runtág, the chief operating officer, on the other hand, said that there are indeed conflicts of interest, but the goal of the renegotiation is to make operations more efficient, and denied that Mol is not satisfied with its partners or that they would not pay for work performed.

The change in the company’s management has been at the center of market speculation for months. Although Mohu denied the replacement of Zsolt Pethő in early August, Mol announced on August 13 that there had been personnel changes in the top management and that Pethő would be leaving the group. Interestingly, according to company court documents, Pethő was recalled from his position as CEO in January 2024: it was then decided that a three-member board of directors would take over the management of the company. In addition to Pethő, Ákos Székely and Péter Gordos were appointed to the board of directors, and the articles of association were amended accordingly.

It is difficult to assess the exact extent of the changes, but stock market experts believe that such management changes should be made public, since Mohu is majority-owned by Mol. However, there has been no sign of this in Mol’s official announcements over the past year and a half.