KGHM president is sacked and replaced by his deputy

His appointment was not enthusiastically welcomed by the market, as the company's shares price fell by 0.9% yesterday. "The change [of president] is absolutely neutral for the market," claims Paweł Puchalski, an analyst with BZ WBK brokerage house, who went on to say, "The choice of Szczerbiak means the continuation of the current policy of the board, and he is seen in a more favorable light by foreign investors as compared to his predecessor." However, some analysts claim that KGHM needs profound changes which can only be realized if the company is headed by a person from outside the enterprise. Meanwhile, the choice of Szczerbiak guarantees the continuation of his predecessor Witold Błądek's policy, namely, the development of mining. According to Puls Biznesu, the new KGHM president supports the idea of sinking a new copper shaft near Głogów, which may bring as much as 6 million tonnes of copper. The company will also continue its attempts to gain control over new mines in South America and Congo. (Parkiet, p. 1; Puls Biznesu, p. 6) E.B.