Lotos board holds off on vote to dismiss CEO Pawel Olechnowicz UPDATE |
|
|
|
Published
:
Tue, 11 Sep 2007 09:08
|
(Adds comment from company, treasury ministry)WARSAW (Thomson Financial) - The supervisory board of Poland's second-largest oil company Grupa Lotos will not vote to dismiss its chief executive today, the company said, offering a glimmer of hope that he may survive attempts to remove him by the ruling conservatives.Poland's treasury ministry said yesterday it had asked the supervisory board of the state-controlled company to sack Pawel Olechnowicz, who has headed Lotos since 2002, saying management was 'too slow to act' on losses reported at its Lithuanian subsidiaries.The company's shares fell on the news.'Following 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.A company spokesman declined to comment on whether the supervisory board would vote later on Olechnowicz's removal.The treasury ministry had no immediate comment.Olechnowicz has criticised the treasury's plans to merge Lotos, which is 58 pct state-owned, with Poland's biggest oil company PKN Orlen.But analysts say his dismissal is likely just part of the government's push to complete a reshuffle of management in state-controlled companies before elections next month.piotr.skolimowski@thomson.com +48 22 447 24 36ps1/ra/pjg/sljCOPYRIGHTCopyright 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.
|
|
|
|
Print this Story
Lotos supervisory board will not vote to dismiss CEO Pawel Olechnowicz today 