The supervisory board of Austrian oil and gas company OMV announced that keeps confidence in the company’s CEO, Wolfgang Ruttenstorfer. Since the investigations became public, the supervisory board has been kept informed about the latest developments and in particular about the outcome of these investigations.
“The supervisory board will continue to closely monitor the proceedings and collect further information if necessary,” announced OMV.
The supervisory board’s decision has been taken on the basis of numerous reputable expert opinions, all of which came to the conclusion that no misconduct had occurred. The supervisory board holds the view that there are no grounds at present for a change in the CEO’s position. According to company information, his mandate extends to March 31, 2011.
Ruttenstorfer was charged last week in a case that relates to the company’s sale of a large stake in Hungarian company MOL in 2009. Ruttenstorfer bought OMV shares worth EUR 620,444 one week before the company announced it had reached an agreement to sell its 21.2 percent stake in Hungarian peer MOL for EUR 1.4 billion, or double the market price. The MOL deal led to OMV’s shares rising more than 3 percent.
OMV controls majority stake in Petrom.
Wolfgang Ruttenstorfer ‘S CV:
Born in 1950, married, 3 children
He received his doctorate at the University of Economics and Business Administration in Vienna and started to work at OMV in 1976. In 1985 he joined the planning and controlling department and in 1989 he took responsibility for the strategic development of the group. After being appointed head of marketing in 1990, he joined the executive board in 1992 and was responsible for finance and chemicals. He remained at the board until the beginning of 1997, when he became deputy minister of finance. On January 1st 2000 he rejoined the OMV executive board being responsible for finance until April 2002 and gas until December 2006. As of January 1st, 2002 he is CEO and chairman of the executive board.