Press Releases

Budapest, December 6, 2019 08:00

Magyar Telekom’s Board of Directors decided to simplify its governance structure with effect from 1 January, 2020: the Management Committee’s tasks and responsibilities will be transferred to the Board of Directors on the one hand and to the Chief Executive Officer and Deputy CEOs on the other hand. In addition, the Board of Directors has decided that, as of January 1, 2020, the small and medium enterprise segment as well as the consumer segment will be served by the integrated Customer Facing Unit organization.

In order to simplify the corporate governance structure, the Board of Directors decided to transfer the current tasks and competences of the Management Committee to the Board of Directors, and to the Chief Executive Officer and Chief Officers. The Management Committee will be transformed, and in accordance with the agile methodology continues its work as the “Leadership Squad”. As a result of this change, the Company's Management Committee, as a decision-making body, will cease to exist with effect from 1 January, 2020.

The objective of streamlining the management structure is to facilitate more effective senior management decision making in a changing market environment to enhance the company's competitiveness and further improve customer service through agile operations. The Company remains fully committed to maintaining the highest level of compliance with corporate governance practices.