Grendowicz dismissed from state-run PIR

The supervisory board of state-owned investment firm Polskie Inwestycje Rozwojowe (PIR) has dismissed the company’s CEO Mariusz Grendowicz, according to a statement released late on Tuesday. No reasons for the decision were disclosed. The PIR management board will include only two members, Michał Lubieniecki and Przemysław Sztandera, until a new CEO is chosen in a competition. In a statement issued after the dismissal, Grendowicz wrote that the end of his mission as CEO “happened sooner than I could have expected.” PIR was established as one of two operators of the government’s Polish Investments program in 2013. The company has so far finalized one investment deal and it has several more in the works.