MOL Awards Bosses HUF 2.5 Billion in Bonuses

  • 23 Jan 2024 8:36 AM
  • Hungary Around the Clock
MOL Awards Bosses HUF 2.5 Billion in Bonuses
MOL has given its senior executives a share package worth slightly more than Ft 2.5 billion, in line with its remuneration policy, the energy company announced on the website of the Budapest Stock Exchange.

Chairman and CEO Zsolt Hernadi received 304,974 shares, free of charge, worth Ft 855.8 million based on Tuesday’s closing price of Ft 2,806.

CEO Jozsef Molnar received 224,756 shares, worth Ft 630.7 million, while five other executives received share packages worth several hundred million forints.

The more than 900,000 shares distributed among the executives have a combined current market value of Ft 2.5 billion.

More about Hernádi Zsolt

Zsolt Hernádi was born in Tarján on November 30, 1960.

He grew up in Esztergom, where he spent his student years. First he was a student of Kossuth Lajos Elementary School, then he graduated from the mathematics department of the Dobó Katalin High School.

Hernádi graduated from the Faculty of Industrial Planning and Analysis at the Corvinus University of Budapest (with a degree in economics) in 1986.

As a freshly graduated student he became a trainee at Deutsche Bank in Germany.

Zsolt Hernádi started his professional career at Unicbank and subsequently held various positions at the Kereskedelmi és Hitelbank (K&H) between 1989 and 1994, becoming Deputy general manager in 1992. Between 1994 and 2001, Hernádi then served as the CEO of the Magyar Takarékszövetkezeti Bank (Takarékbank).

Hernádi joined MOL in 1999. He has been a member of MOL's board of directors since February 1999. In July 2000, he was elected chairman of the board and has served as chairman-CEO of MOL since June 11, 2001.

Under Hernádi's leadership, MOL developed from a local Hungarian company to an international company in the oil and gas industry, with the firm's earnings growing seven-fold from $2.1 to $15.1 billion and market capitalization multiplying five-fold from $2.2 (data from December 2002) to $9.7 billion (data from January 2019).

With Hernádi, the company has also adopted a new strategy, MOL Group 2030, built on the premise that demand for hydrocarbon-based motor fuels will gradually decline in the long run and with it is considered one of the first movers among the industry peers to acknowledge the expected weakening dominance of fossil fuels.


MTI Photo: Zsolt Szigetváry

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