KGHM supervisory board sacks chief financial officer

The supervisory board of Poland's state-controlled copper and silver mining group KGHM decided on Tuesday to dismiss its chief financial officer, Marek Sypek, replacing him with Wojciech Kwiatkowski. In addition to his position on the KGHM supervisory board, Sypek has also been a member of the supervisory board of telecom operator Polkomtel since 1999. " This move has been expected for quite a long time, since Polkomtel and KGHM are too much for one man. Now the verdict has been rendered," said Ryszard Zbrzyzny, a member of KGHM's supervisory board. The company has not, however, issued any formal explanation of its move. The decision comes in the wake of KGHM's April supervisory board meeting, when three of its nine board members were replaced. In the first quarter of 2001, KGHM's consolidated profits were zl.1.06 million, with revenues of zl 1.3 billion and zl.76 million in operating profit. In related news KGHM has announced it will pay zl.350 million for 3.5 million of the new shares to be issued by Telefonia Lokalna telecom operator, of which KGHM is 100% owner. (Prawo i Gospodarka, p.16, Parkiet, p.4) J.K.