It was breaking news this morning that Mr. Lloyd Paxton, the British aviation expert, who has been named as CEO of Malév Hungarian Airlines only two months ago, has resigned. Actually the first news in Hungary stated simply that he was replaced, the official statement later during the day talks about a resignation due to “personal resons”, which are not disclosed upon his personal request.
He is replaced by Mr. Péter Leonov. Mr. Leonov until now has been vice-chairman of the board, and was the leading and key figure during the privatization process of Malév on behalf of AirBridge, the company that finally won the long privatization tender earlier this year and is partly owned by Mr. Boris Abramovich, owner and key figure of Russian AirUnion.
Mr. Paxton has launched an ambitious restructuring plan, called ReMAke (name is based on the two letter IATA code for Malev: MA), being assisted by a number of international consultants and around 70 involved employees. According to the news in the Hungarian Media, Malev is determined to continue with the restructuring plan that is aimed at cutting costs and increasing revenues at the same time. When Mr. Paxton was introduced as the new CEO two months ago, Mr. Abramovic had stated that he has two years to turn around the loss-making airline.