Telefónica Czech Republic appoints CEO

09 June 2014 |

Tomas Budnik, former executive at financial group PPF, is set to replace Luis Malvido as CEO of Telefónica Czech Republic.

Budnik joined Czech Telefónica in April as head of IT and demand management and will take on his new role on July 1.

PPF is the majority shareholder of Telefónica Czech Republic, following the acquisition of a 65.9% stake in the company in January.

The financial firm is also in the process of buying out minority shareholders in Telefónica Czech Republic for 295.15 Kc per share (approximately $14.66), according to local reports.

The Czech unit will change its name to O2 on June 21 this year. Last month O2 and T-Mobile signed a networking sharing deal in the Czech Republic.