First casualty at Poland's state companies as PKP head quits

By bne IntelliNews November 30, 2015

The CEO of Polish state rail group PKP resigned on November 30, without offering his reasons. The move appears to support reports earlier in the month that the new government is planning a blood bath at the country's state giants.

Karnowski, appointed by the previous Civic Platform (PO) government in 2012 and tasked with selling off practically all of the former state monopoly's rail assets was reported to be one of the first in line for the chop by the new Law and Justice (PiS), which has a statist stance on the economy. Several other state company heads are set to follow, unconfirmed reports suggested.

A changing of the guard at Poland's top state companies alongside the government is standard in Poland, but it has been suggested PiS plans a wider cull than usual after eight years of liberal economic policy by PO. At the same time, the former government reliquished state control in very few major companies or sectors.

It is perhaps little coincidence that Karnowski was reported to be making progress on revitalising PKP Intercity. The passenger service was the last of PKP's major rail assets remaining; Karnowski told bne IntelliNews in October that it would be sold via IPO in 2018.

Piotr Cizkowicz, a member of the executive board and closely associated with the team pushing privatisation at the company, also handed in his resignation. Karnowski may be replaced by PKP's former CEO, Andrzej Wach, who was dismissed in late 2010 over poor oversight of the company, according to reports.

In a letter to PKP employees, Karnowski enumerated what he has achieved during his term as the CEO of the company, highlighting his push for the customer to be at the centre of PKP operations. He also mentioned the “big investment programme, record short travel times, high satisfaction of passengers, successful privatisation and very good financial results” as primary achievements.

Related Articles

Poland isolated again as it threatens to block EU declaration

Poland will not sign the Rome Declaration if its demands for moulding the EU’s future are not reflected in the document, Prime Minister Beata Szydlo threatened on March 23. The statement could ... more

Polish ruling party's poll lead hit by EU spat

The popularity of Poland’s ruling party Law and Justice (PiS) has fallen below 30% for the first time since mid-2014, a poll showed on March 20. The survey, published by liberal newspaper ... more

Enea buys French utility out of Poland

Enea has acquired a 100% stake in Engie Energia Polska - the Polish business of French power company Engie - for PLN1.26bn (€290mn), the state controlled Polish utility said on March 14. The ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss