The Varaždin textile company Varteks announced on the Zagreb Stock Exchange that Tomislav Babić has resigned from the position of CEO of Varteks d.d. effective August 10, 2022, citing that the reason for his resignation was months of unsuccessful negotiations with creditors regarding the distribution of funds from the sale of real estate.
In addition to him, Igor Žonja also resigned from the position of Deputy Chairman of the Supervisory Board of Varteks.
This is a continuation of events surrounding this struggling company after the largest individual shareholder, Nenad Bakić, who holds a 38 percent stake, announced that he sold his claims against Varteks, totaling 42.65 million kuna, to the company Meta Nekretnine.
Tomislav Babić took over as CEO of Varteks on January 1, 2020, succeeding Bakić, who moved to the position of Chairman of the Supervisory Board. Babić was previously a member of the Management Board of Varteks.
After a relatively optimistic 2019, the pandemic years of 2020 and 2021 severely harmed Varteks’s business and nullified the results of the company’s previous restructuring.
