UPDATE 1-Czech Telefonica names ex-PPF man as chief executive

Mon Jun 9, 2014 5:10am EDT

(Adds confirmation by Telefonica, background)

PRAGUE, June 9 (Reuters) - Telefonica Czech Republic said Tomas Budnik, a former executive at majority owner PPF, will become chief executive on July 1, replacing Luis Malvido.

Budnik joined the Czech telecoms company in April as head of IT and demand management from financial group PPF, which bought a 65.9 percent stake in the firm from Spain's Telefonica in January.

PPF is in the process of buying out minority shareholders for 295.15 crowns per share.

Telefonica Czech Republic will change its name to O2 on June 21. (Reporting by Robert Muller; Editing by Erica Billingham)

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