Zsuzsanna Ortutay new CEO of Ina

Ina has a new CEO, Zsuzsanna Ortutay. She was appointed today by the Supervisory Board for the period from July 1, 2023, to June 30, 2026.

In addition to the new CEO, Krisztián Pulay and Zsombor Marton have been appointed as members of the Management Board for the same period. After the term of the CEO of Ina ends on June 30, 2023, Péter Ratatics will continue his professional career as Executive Vice President of MOL Group for Customer Services and as a board member of other major Hungarian companies.

The Supervisory Board also elected Damir Mikuljan as the Chairman of the Supervisory Board. At the General Assembly of Ina held earlier the same day, the term of the Supervisory Board members Damir Mikuljan, Ivo Ivančić, and Branimir Škurle, which expires on June 15, has been extended for the next six months. Zsuzsanna Ortutay resigned from her position as a member of the Supervisory Board, and Viktor Sverla was appointed as a new member, with a term of four years.

CV of the new CEO

Zsuzsanna Ortutay has been a member of the Supervisory Board of Ina for the last 2.5 years, Senior Vice President of Business Solutions at MOL Group since 2019, and a member of the Management Board of Slovnaft since 2020. She began her career in 1998 as an investor relations manager at TVK, a petrochemical company of MOL Group. She was the treasury manager of TVK in 2003 when she moved to Zagreb and worked at Ina until 2006 as a treasury advisor to the Chief Financial Officer. From 2007 to 2009, she was the head of retail controlling at MOL Group. From 2009 to 2010, she was the project manager for the integration and efficiency improvement of Ina, focusing on financial stabilization and sustainable efficiency.

She was the treasurer of MOL Group between 2013 and 2018, and between 2018 and 2019, she served as the financial director at 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 corporation for synthetic rubber, Japanese Synthetic Rubber. Since 2019, she has been the Executive Director of MOL GBS, the center for finance and human resources services of MOL Group, an organization of 500+ employees covering the activities of 100+ companies of MOL Group in eight countries.

After the acquisition of the Polish fuel retail network, Ortutay became a member of the Supervisory Board of MOL Poland in 2022. She graduated from Baker University in Kansas, earned a master’s degree in economics from the University of Miskolc, and completed a postgraduate study DESS (Diplôme d’études supérieures spécialisées) in banking and finance at Panthéon-Assas, University of Paris.

Gas scandal

As one of the most reliable and competent managers of MOL Group, Péter Ratatics was entrusted with the role of improving business processes at Ina after the gas fraud that shook not only Ina but the entire MOL Group. During his nine-month term, the stability of daily operations was preserved, and the control environment was changed to prevent similar events in the future. In addition to crisis management of the consequences of the gas scandal, business continuity was comprehensively managed. During this period, INA, despite a six-month halt in production at the Rijeka Oil Refinery due to modernization project works, ensured a secure supply to the market without any delays or disruptions in supply. A new contract was also successfully negotiated with the contractor at the heavy residue processing plant to ensure the timely closure of the refinery modernization project.

During Ratatics’ term, INA also signed and completed the sale of Kutina’s Petrokemija. Additionally, amid unprecedented energy price increases and inflation, INA signed new collective agreements with unions for 2023. Ratatics, as the head of the company, ensured that there was a clear vision for improving employee working conditions and implemented the largest increase in employee salaries at Ina in the last 10 years.

– I leave Ina in safe hands. I am proud of the achievements the company has made during my term. Now, nine months later, I can confidently say that INA is back on the right track. Not only is risk management in the company today at an exceptionally high level, but most importantly, Ina’s intense investment cycle continues at full speed. INA has many good business opportunities, and my desire is to be its ambassador in Budapest, said Ratatics, the outgoing CEO.

The new CEO has new goals:

– After two and a half years on the Supervisory Board of Ina, I look forward to returning to Zagreb and taking on this responsible role. I am well acquainted with the company’s operations, and my main goal will be to maintain a strong and stable Ina while we continue to build a solid future for the next 20 years and beyond, said Zsuzsanna Ortutay.