Warsaw bourse chief fired over Hollywood dreams

By bne IntelliNews January 18, 2013

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The Warsaw Stock Exchange fired CEO Ludwik Sobolewski - suspended in December for leveraging his day job to help him pursue his dreams of a career as a major movie producer, or at least help him in his romantic life - on January 17 at an emergency general meeting for breach of business ethics, appointing his former deputy and acting CEO Adam Maciejewski in his stead.

Sobolewski, who ran the state-controlled WSE since 2006, was clearly on a hiding to nothing ever since Mikolaj Budzanowski - minister at the treasury, which holds and manages state owned shares - said in early January that suspending the executive was the "correct and the only possible decision to take," and asked the state Anti-Corruption Office to investigate.

Sobolewski was suspended on December 21 following reports that he had aide Emil Stepien send out emails to companies listed on the WSE's NewConnect alternative market appealing for help in financing "Pharoah's Curse" - a Polish film starring Sobolewski's girlfriend Anna Szarek. According to Polskie Radio, local media speculated that the recipients of the emails were alarmed that if they refused to become "angels", then their company's relationship with the Warsaw bourse might suffer.

According to media reports, Sobolewski denied any wrongdoing and was officially thanked for his services to the WSE. The exchange did not give reasons for the dismissal nor did the treasury ministry. Maciejewski will do the job until next year when the current management team's mandate ends.

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