Sowa leaves Agora

Marek Sowa, CEO of Poland's media giant Agora, has resigned after disappointing third-quarter results, the company announced late on Thursday.

When Sowa come on as CEO in late August last year, he failed to fulfill his promises and balance the group's revenue. The company has not given reason for Sowa's resignation. Deputy Head Piotr Niemczycki was named temporary CEO and Tomasz Józefacki, head of internet operations, has also joined the management board.

The shrinking advertising market has affected Agora and the company posted a loss of zł.4.1 billion in their Q3 results, when compared to the first two quarters on Wednesday.

Source: Reuters