New CEO of Czech Railways elected

Czech Railways’ new board of directors on Friday elected Daniel Kurucz new CEO of the state-owned firm. Mr Kurucz, who has served as Czech Railways’ deputy director for economics, was elected at the board’s first meeting. The new CEO told reporters he was planning to reduce the number of employees and cut the firm’s expenditures by 200 million crowns. In 2012, Czech Railways posted a loss of 1.6 billion crowns. Daniel Kurucz joined Czech Railways last year after heading a chemical firm, part of Agrofert Group owned by ANO leader and Finance Minister Andrej Babiš. The party also holds the Transport Ministry.