Malév CEO Gauss steps down

Martin Gauss, chief executive of Hungarian airline company Malév, has tendered his resignation, the Hungarian State Holding Company (MNV) has announced on Tuesday. His departure is effective as of May 31.

Gauss's resignation becomes effective on 31 May. He stepped down because he could not reach an agreement on his remuneration with the majority owner MNV, the asset manager said in a statement.

The CEO will continue to actively take part in the carrier’s management until the end of May.

Gauss was appointed Malév’s CEO in April 2009 at the proposal of Russia’s Vneshekonombank (VEB), which was the carrier’s majority owner at that time.

The chief’s departure was raised as a viable option already last year, considering that Malév has been majority-owned by the state for more than a year now and it was up to the government to decide whether Gauss should stay or not.

In June 2010, Gauss told Portfolio.hu he was not planning to bow out of office until he feels supported by the government.

Gauss kicked off his career as Malév’s CEO by conducting the inception of a three-year business plan that was to help the carrier to at least break even in 2012.