Cezary Stypułkowski appointed new head of PZU

Treasury Minister Piotr Czyżewski has finally managed to oust PZU President Zdzisław Montkiewicz, whose plans for the future of the insurer brought down Czyżewski's predecessor in April. The Minister had been threatening for more than a month to get rid of Montkiewicz, who was in permanent conflict with the Ministry and with PZU minority shareholder Eureko. Cezary Stypułkowski, Chief Executive of Citigroup's Bank Handlowy, was yesterday appointed head and vowed to mend ties between PZU's owners, speed the company's long-delayed initial public offering and cement its dominant position in Eastern Europe's largest market. "Stypułkowski is a well-known person in the financial community," said Treasury spokesman Janusz Kwiatkowski. "This appointment guarantees that the company will be run properly and calmly, which is what PZU needs right now." (Puls Biznesu, p. 4, Reuters) K.Ż.