Concorde Ertekpapir Zrt., Hungary’s biggest non-bank broker, said Karoly Regely is replacing Arpad Pal as chief executive officer.

Regely has worked at Concorde for 16 years and served as as deputy CEO as Pal led the company for the last three, the company said in an e-mailed statement today.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net