Lotos CEO may be sacked and replaced by PKN's deputy head - report |
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Wed, 29 Aug 2007 07:43
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WARSAW (Thomson Financial) - Pawel Olechnowicz, chief executive in Poland's second biggest oil refiner Grupa Lotos, could be sacked and replaced by Krzysztof Szwedowski, deputy CEO in the country's largest oil group PKN Orlen, Gazeta Prawna daily reported, quoting unnamed sources.According to the daily, the reason is Olechnowicz's scepticism towards the merger between both state-owned companies. PKN head Piotr Kownacki has been pushing for the tie-up to fend off a potential threat from foreign peers.'Dark clouds have long been gathering over Pawel Olechnowicz's head,' Gazeta Prawna quoted a politician from the ruling Law and Justice (PiS) party as saying. 'But now concrete decisions are to made soon.'State treasury was unobtainable for comment.Olechnowicz has been heading Lotos since March 2002 and is respected by the market. He could be dismissed when the company's supervisory board meets on Sept 11, said Gazeta Prawna's source in the Economy Ministry.adrian.krajewski@thomson.com +48 22 447 2430ak1/cmrCOPYRIGHTCopyright 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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Lotos CEO says no rush to merge with PKN, tie-up possible in around three years 