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CEO of Croatian textile maker Varteks resigns

CEO of Croatian textile maker Varteks resigns Varteks

ZAGREB (Croatia), August 11 (SeeNews) - Croatian luxury clothing producer Varteks [ZSE:VART] said on Thursday that its chief executive officer Tomislav Babic, has resigned.

The reason for Babic's resignation was several months of unsuccessful negotiations with creditors for the distribution of proceeds from the sale of real estate, Varteks said in a bourse filing.

Babic held the role of Varteks' CEO since January 2020.

Besides Babic, Igor Zonja, deputy chairman of the supervisory board, also stepped down from his position, Varteks said.

Varteks' shares closed 41.22% higher at 4.18 kuna ($0.57/0.56 euro) on the Zagreb bourse on Wednesday. They did not trade by 9:30 CET on Thursday.

(1 euro = 7.51263 kuna)