Lotos supervisory board will not vote to dismiss CEO Pawel Olechnowicz today |
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Tue, 11 Sep 2007 07:09
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WARSAW (Thomson Financial) - The supervisory board of Poland's second-largest oil company Grupa Lotos will not vote to dismiss chief executive Pawel Olechnowicz at its meeting today, the company said in a statement.Polish treasury ministry said yesterday it had asked the supervisory board of the state-controlled company to sack Olechnowicz, who has been at Lotos helm since 2002, saying the management was 'too slow to act' on financial irregularities reported at its Lithuanian subsidiaries.'Following the discussion and analysis of information it has been decided after consultations with deputy treasury minister not to present the request (to dismiss the chief executive) at the supervisory board meeting of Lotos on Sept 11,' Lotos said in a statement.Olechnowicz has criticised the treasury's plans to merge Lotos, which is 58 pct state-owned, with Poland's biggest oil company PKN Orlen.piotr.skolimowski@thomson.com +48 22 447 24 36ps1/raCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Polish treasury moves to sack Lotos chief executive 