Andrzej Majcher

Chairman of Echo Investment
By : Greg Goodale

   Andrzej Majcher attributes his rise from mechanic to chairman of Echo Investment, Poland’s largest residential development company, to a series of fortunate coincidences. “I have one characteristic that has always been very helpful in my life: luck,” he said.

   Born in Kielce in southeastern Poland, Majcher sought a career in the motor industry, taking up a course in car and tractor construction at Œwiętokrzyskie Polytechnic that culminated in a post as chief mechanic in a state agricultural company. After serving his military service, Majcher moved to Kielce construction company Mitex as director of works.

   Two years later, his Œwiętokrzyska Polytechnic colleague, entrepreneur Michal Sołowow, appointed him director of Echo Press, the publisher of the Echo Dnia daily newspaper and the company began a rapid period of expansion. “The idea for the company belonged to Michał Sołowow, my role was just to bring it to life,” Majcher said.

   Under Majcher, the strong performance of Echo Press led to its conversion into a joint stock company in 1994, placing him in the position of chairman. In 1996 the company saw a strong debut on the Warsaw Stock Exchange, with its prices rising by 292.4% in the first year of trading. In the following year, the name Echo Investment was chosen to reflect the company’s shift away from the media and toward the property development world. Echo Investment has seen its profits rise to zł. 52 million ($12.3 million) in 2000 from zł. 42 million ($10 million) in 1999. Last month the company received approval to start moving tenants into the 26-story Babka Tower in Warsaw, Poland’s largest residential building.

   Past Notes

   1987 – Graduated from Œwiętokrzyska Polytechnic

   1987 – Chief mechanic at Agricultural Construction Enterprise (PBR)

   1991 – Director of Mitex

   1993 – Appointed director of Echo Press

   1994 – Echo Press went public

   1996 – Stock exchange debut

   1997 – Change of name to Echo Investment

   Word of advice

   “Our people are our most important asset. In the past few years we have managed to create a team of employees ready to take on any task and complete it successfully.”