A new boss, but no impact
Industry experts say the boardroom shuffle was not significant because the new CEO would probably serve only until autumn.
The state-control board of KGHM sacked chief executive Wiktor Błądek and appointed Marek Szczerbiak, the former deputy CEO in charge of production, to the top post.
The State Treasury, the biggest shareholder of the world's sixth largest copper producer with a 44 percent stake, had long wanted to sack Błądek. A fortnight ago it implemented a series of personnel changes to the supervisory board to tighten its grip over the company.
But the right-wing opposition parties tipped to win September general elections have already signaled that they plan to change the boards of state-controlled companies, indicating that Szczerbiak's days may already be numbered.
"This decision actually has no major significance, because we are ahead of general elections. There is no reason to think that a new administration would like to keep top executives at major state firms," said Krzysztof Kaczmarczyk at DB Securities.
Despite losing the top post, Błądek will remain on the management board after winning a seat reserved for an employee representative in a vote last month.
Many analysts have criticised Błądek's managerial skills, and Treasury Minister Jacek Socha said it was illogical for the chief executive to simultaneously be the workers' representative. (Reuters)
The state-control board of KGHM sacked chief executive Wiktor Błądek and appointed Marek Szczerbiak, the former deputy CEO in charge of production, to the top post.
The State Treasury, the biggest shareholder of the world's sixth largest copper producer with a 44 percent stake, had long wanted to sack Błądek. A fortnight ago it implemented a series of personnel changes to the supervisory board to tighten its grip over the company.
But the right-wing opposition parties tipped to win September general elections have already signaled that they plan to change the boards of state-controlled companies, indicating that Szczerbiak's days may already be numbered.
"This decision actually has no major significance, because we are ahead of general elections. There is no reason to think that a new administration would like to keep top executives at major state firms," said Krzysztof Kaczmarczyk at DB Securities.
Despite losing the top post, Błądek will remain on the management board after winning a seat reserved for an employee representative in a vote last month.
Many analysts have criticised Błądek's managerial skills, and Treasury Minister Jacek Socha said it was illogical for the chief executive to simultaneously be the workers' representative. (Reuters)
