Elektrim issues explanation of reasons for CEO Lundberg's dismissal

In an announcement on Tuesday, telecom and power group Elektrim issued its first explanation for the dismissal last weekend of CEO Barbara Lundberg, attributing it to loss of trust by Elektrim's shareholders. Meanwhile, the supervisory board of Elektrim stated that it will " be working on selecting and supplementing the firm's management." Since Friday the duties of the CEO have been held by Waldemar Siwak, head of the group's supervisory board. Strategic investor French Vivendi's point man in the region, Michel Picot, will replace Siwak in the transition period as head of Elektrim's supervisory board. According to analysts the current balance of power in the supervisory board gives the French multimedia group significant influence on the board's agenda, as representatives of Elektrim's other shareholders aside from Deutsche Telekom, i.e. Chemia Polska and Polish insurer Powszechny Zaklad Ubezpieczen (PZU), are deemed to support Vivendi. (Rzeczpospolita, p.B4; Reuters) A.Z.