JWC's president resigns

Józef Wojciechowski, the company's main shareholder and president of the supervisory board, is now expected to serve as acting president of the management board until a replacement for Zdrzałka is found.

Asked by Parkiet daily if he'd been happy with Zdrzałka's performance in the last year, Wojciechowski answered, "I'll put it this way: I've been moderately happy."

Zdrzałka had held the top position at JWC, Poland's largest residential developer, since August 2006. His greatest success during his two-year stint was to oversee the company's debut on the Warsaw Stock Exchange in June 2007. Since then, however, JWC has seen the value of its shares plummet by 77 percent as the boom on the Polish residential market petered out. The company admittedly published strong H1 financial results last month, but, at the same time, it cut its 2008 profit and revenue projections by 31 and 24 percent, respectively.

According to Wojciechowski, Zdrzałka's resignation will not affect the company's operations. "[The firm's] strategy is still the same. JWC has a relatively large management board which is manned by professionals. President Zdrzałka's resignation will by no means disturb the management board's work nor harm the company's activity," Wojciechowski said.