TPSA shares suffer in the wake of CFO's dismissal

Shares in dominant telecoms operator Telekomunikacja Polska (TPSA) fell 6% yesterday in the wake of the company's announcement that it had sacked its chief financial officer. "The selling is linked to changes in the management. It's unclear what lies behind this," commented Wlodzimierz Giller at Erste Securities in Warsaw. "Dismissal of the CFO after three months is a bad signal. There is some speculation that TPSA is having problems with restructuring or that the trade unions are too strong," he added. The surprise board reshuffle came at a time when TPSA was in talks with its influential trade unions over reform plans that envisage cutting 12,500 jobs, restructuring the company's heavy debt and selling non-core assets. (Reuters)