CAIB hangs onto key exec; changes JWT, GW
He began the new-issues specialty for Creditanstalt more than five years ago and kept the lead when that securities house became CAIB after the parent bank's merger with Bank Austria.
That's why there were shock waves in Vienna at Tamborski's decision to leave for a Wood & Co. job here slated to start in July, reporting to board chairman Preston Rabl in London.
The Vienna chieftains moved to get Tamborski back and in the process speeded up the down-the-line departure of Richard Golden, an American with nearly two decades' experience in asset management and investments with U.S. and European banks and who had headed the investment side of CAIB for nearly five years.
That leaves Wolfgang Bauer as the only expatriate in CAIB management, as chairman of the CAIB supervisory board and also chief of CAIB securities. Tamborski and Piotr Samojlik will co-direct the new management-and-investment end of CAIB, getting seats on the board with Bauer, Janek Orlikowski and Katarzyna Kurzawska.
And Golden? He was on vacation. "He's in the process of discussing a particular opportunity with the head office," Bauer said. "Maybe that would also involve an assignment somewhere else."
And what about the street talk that this move was done with a minimum of finesse? "I am not sure what it is they're talking about," Bauer said. Are there larger broad strokes at work, including the easing out of expatriates to make way for homegrown financial specialists?
"It's a long evolution process of putting in place Polish management, which has proven itself over a certain while," said Bauer. And how secure is his own job? "I don't have any plans to leave," he said.
Tamborski said he changed his mind because "I got a proposal from CAIB to participate in the restructuring, to merge corporate finance and new issues, which I'd been doing for five years in CAIB Securities." He agreed that there also was "a trend to make this more Polish."
Krzysztof Bledowski, Wood & Co.'s economist and chief strategist, said "he was supposed to head our corporate finance department. But at roughly the same time, there were changes in the corporate structure at CAIB to combine mergers-and-acquisitions and primary offerings. The guy who headed one, Richard Golden, somehow he was out. I don't know the details. So the position was vacated and Tamborski was coaxed back to co-head that department. I think he got a very nice offer and also a seat on the board of the bigger organization. So this was very attractive."
He said Wood & Co. had hoped Tamborski could have "positioned Wood & Co. as a minority player in major deals." Now, Bledowski said, "we're back to the drawing board."
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That's not the only big-name turnover in town. At J. Walter Thompson, long-time managing director Frederick Winckler has handed over the reins to Stephen Mangham, the former regional Saatchi & Saatchi chief. Winckler will take up a JWT job in London later this year. Mangham had been slated to move on to another regional executive's job but when a glitch held that up, recruiters came knocking.
"I think JWT is under-appreciated here," Mangham said. "I want to change that perception. I want to build the agency to be recognizably the strongest in Poland and to go one better than I did at Saatchi and win the agency of the year award here. That's the target I've set for myself."
He negotiated the deal with JWT Europe and with Jacek Slotala, chairman of Parintex, the JWT joint venture partner here.
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This is the get away week for General Motor's country manager Scott Mackie. He paid a last visit to the GM Opel plant at Gliwice last week, held his last staff meeting on Friday, and prepared to meet the movers to haul his stuff to Michigan, where he takes over as GM's global chief for spare parts and accessories.
Although he wasn't yet on the ground here, Mackie played a key role in the GM backpedaling early this decade from initial plans to forge a joint venture with the Warsaw-based state automaker FSO, whose 20,000 workers turned out about 80,000 cars a year. When GM backed out, Daewoo jumped at the chance to buy FSO.
Mackie presided over the construction of the Gliwice greenfield manufacturing plant, which opened last fall, initially with 2,000 production and support workers with a third shift in May-June moving that toward 3,000 staffers. They are making 50,000 Opel Astra Classic cars a year and early next year will add production of 100,000 small city vans, the Agila, which will supply 22 European markets.
That's why there were shock waves in Vienna at Tamborski's decision to leave for a Wood & Co. job here slated to start in July, reporting to board chairman Preston Rabl in London.
The Vienna chieftains moved to get Tamborski back and in the process speeded up the down-the-line departure of Richard Golden, an American with nearly two decades' experience in asset management and investments with U.S. and European banks and who had headed the investment side of CAIB for nearly five years.
That leaves Wolfgang Bauer as the only expatriate in CAIB management, as chairman of the CAIB supervisory board and also chief of CAIB securities. Tamborski and Piotr Samojlik will co-direct the new management-and-investment end of CAIB, getting seats on the board with Bauer, Janek Orlikowski and Katarzyna Kurzawska.
And Golden? He was on vacation. "He's in the process of discussing a particular opportunity with the head office," Bauer said. "Maybe that would also involve an assignment somewhere else."
And what about the street talk that this move was done with a minimum of finesse? "I am not sure what it is they're talking about," Bauer said. Are there larger broad strokes at work, including the easing out of expatriates to make way for homegrown financial specialists?
"It's a long evolution process of putting in place Polish management, which has proven itself over a certain while," said Bauer. And how secure is his own job? "I don't have any plans to leave," he said.
Tamborski said he changed his mind because "I got a proposal from CAIB to participate in the restructuring, to merge corporate finance and new issues, which I'd been doing for five years in CAIB Securities." He agreed that there also was "a trend to make this more Polish."
Krzysztof Bledowski, Wood & Co.'s economist and chief strategist, said "he was supposed to head our corporate finance department. But at roughly the same time, there were changes in the corporate structure at CAIB to combine mergers-and-acquisitions and primary offerings. The guy who headed one, Richard Golden, somehow he was out. I don't know the details. So the position was vacated and Tamborski was coaxed back to co-head that department. I think he got a very nice offer and also a seat on the board of the bigger organization. So this was very attractive."
He said Wood & Co. had hoped Tamborski could have "positioned Wood & Co. as a minority player in major deals." Now, Bledowski said, "we're back to the drawing board."
l l l
That's not the only big-name turnover in town. At J. Walter Thompson, long-time managing director Frederick Winckler has handed over the reins to Stephen Mangham, the former regional Saatchi & Saatchi chief. Winckler will take up a JWT job in London later this year. Mangham had been slated to move on to another regional executive's job but when a glitch held that up, recruiters came knocking.
"I think JWT is under-appreciated here," Mangham said. "I want to change that perception. I want to build the agency to be recognizably the strongest in Poland and to go one better than I did at Saatchi and win the agency of the year award here. That's the target I've set for myself."
He negotiated the deal with JWT Europe and with Jacek Slotala, chairman of Parintex, the JWT joint venture partner here.
l l l
This is the get away week for General Motor's country manager Scott Mackie. He paid a last visit to the GM Opel plant at Gliwice last week, held his last staff meeting on Friday, and prepared to meet the movers to haul his stuff to Michigan, where he takes over as GM's global chief for spare parts and accessories.
Although he wasn't yet on the ground here, Mackie played a key role in the GM backpedaling early this decade from initial plans to forge a joint venture with the Warsaw-based state automaker FSO, whose 20,000 workers turned out about 80,000 cars a year. When GM backed out, Daewoo jumped at the chance to buy FSO.
Mackie presided over the construction of the Gliwice greenfield manufacturing plant, which opened last fall, initially with 2,000 production and support workers with a third shift in May-June moving that toward 3,000 staffers. They are making 50,000 Opel Astra Classic cars a year and early next year will add production of 100,000 small city vans, the Agila, which will supply 22 European markets.
