PKN Orlen appoints Krawiec as new chief executive

Poland's major oil refiner has appointed Jacek Krawiec as its new chief executive after the resignation of CEO Wojciech Heydel, the company announced on Thursday. Krawiec new post is effective immediately.

The move did not come as a surprise, as media reported in August that such a shift may take place. According to the media, the reason for Heydel's stepping down had to do with Poland's state treasury favoring Krawiec as the next chief executive.

Heydel sat on PKN's board for four years and was appointed CEO earlier this year.

Shares in the company edged up 0.3 percent after Orlen suspended trading in the stock pending the announcement. (AO)