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Zsuzsanna Ortutay appointed as President of the Management Board of INA for three years

The Supervisory Board of INA approved the appointment of Zsuzsanna Ortutay as the President of the Management Board of INA for the period of 1 July 2023 until 30 June 2026. Upon expiration of his mandate as INA Management Board President as of 30 June 2023, Péter Ratatics is going to continue his professional career as MOL Group Consumer Services Executive Vice President, as well as the Management Board member of other major Hungarian companies.

Zsuzsanna Ortutay has been an INA Supervisory Board member for the last 2.5 years, Senior Vice President of MOL Group Business Solutions since 2019 and a Member of Slovnaft’s Board of Directors since 2020. She started her carrier in 1998, as Investor Relations Manager of TVK, a petrochemical company acquired by MOL. She was TVK’s Treasury Manager in 2003 when she moved to Zagreb and worked in INA as treasury advisor of the CFO until 2006.

Between 2007 and 2009 she was Head of MOL Group Retail Controlling. In 2009-2010 she was the project manager for the INA integration and efficiency improvement project focusing on financial stabilisation and sustainable efficiency. She was MOL’s Group Treasurer between 2013 and 2018, and between 2018 and 2019 she held a CFO role in MOL Hungary. From 2018 to 2020 she was a member of the Board of Directors of JMSR, a joint venture of MOL with the Japanese Synthetic Rubber Corporation.

Since 2019 Zsuzsanna Ortutay is the CEO of MOL GBS, the finance and HR service centre of MOL Group, an organisation of 500+ employees, covering activities of 100+ MOL Group companies in 8 countries. After the acquisition of the Polish fuel retail network in 2022, she became a member of the Supervisory Board of MOL Polska. She got her Bachelor’s degree from Baker University, Kansas, her MSc in Economics at the University of Miskolc and post graduate degree from DESS (Diplôme d’études supérieures spécialisées) in Banking and Finance at Panthéon-Assas, Paris University.

“After 2.5 years in the INA Supervisory Board, I look forward to returning to Zagreb and taking over this responsible role. I am well acquainted with the company’s operations and my main goal will be to keep INA strong and stable while continuing to build a rock-solid future for the next 20 years and more,” said Zsuzsanna Ortutay.

“As one of the most trusted and highly competent MOL Group managers, Péter Ratatics was trusted with the role of setting straight the operations at INA following the gas fraud that has shaken not only INA but the entire MOL Group,” read the press statement of INA, adding that during his nine-month-long mandate, stability of daily operations was assured and the control environment was changed in order to prevent any similar events in the future. “Besides the crisis management of the gas scandal consequences, business continuity was managed comprehensively. In this period, INA managed an almost half-year-long shutdown in Rijeka without delay and without any market supply disturbance. The renegotiation of the DCU (Delayed Coking Unit) contract with the contractor was also successfully executed in order to ensure timely closure of the Rijeka Refinery modernisation project.”

During his mandate, INA signed and closed the divestment of Petrokemija Kutina. Also, in the middle of an unprecedented energy cost and inflation increase, INA signed new collective agreements with trade unions for 2023. “As a company leader, Ratatics made sure that there is a clear vision of how to make the employees’ work conditions better and carried out the highest compensation package increase for INA employees in the last 10 years,” wrote the company.

“I’m leaving INA in safe hands. I’m proud of the accomplishments INA has achieved during my mandate. Now, 9 months later I can confidently say that INA is on a good track again. Not only the company’s risk management is today at an exceptionally high level, but most importantly, its intense investment cycle continues at full speed. INA has a lot of good business opportunities and I wish to be INA’s ambassador in Budapest,” concluded Péter Ratatics.

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