Energa CEO falls victim to cull at Polish state companies

By bne IntelliNews December 7, 2015

The supervisory board of Energa has dismissed the CEO and his deputy, the state-controlled power company announced on December 7. The dismissal is the latest in a series of executive changes at Polish state-controlled companies since Law and Justice (PiS) took power.

Supervisory board member Roman Pionkowski will temporarily fill the hole left by the departure of Andrzej Tersa, Energa said. Tersa's deputy CEO Jolanta Szydlowska has also been let go. The dismissals followed rapidly in the wake of changes in the supervisory board, which were instigated by the treasury ministry on December 3.

The ministry carried out similar changes in the supervisory boards of Energa peers Tauron and Enea. The writing would appear to be on the wall for the management at those other power companies then, as it seems to be at a myriad of listed companies controlled by the state. A changing of the guard at these companies is something of a Polish tradition these days, but PiS is reported to be planning a particularly bloody campaign.

The new government is also reportedly planning to oust Jacek Krawiec as CEO of refiner PKN Orlen, to replace him with MP and former treasury minister Wojciech Jasinski. PZU CEO Andrzej Klesyk is said to be readying his resignation for December 8.

In late December, an EGM will vote on changes to the supervisory board at PGNiG. Other companies where changes are reportedly looming include the country's biggest lender PKO BP, refiner Lotos, flag carrier LOT and chemical group Azoty.

Recent resignations include that of Pawel Tamborski, CEO of the Warsaw Stock Exchange, and Jakub Karnowski, head of rail group PKP. The names of potential successors are not yet known. Tamborski was reported to have quit saying he refuses to play "political games".





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