Rumours over the possible dismissal of PKN Orlen's CEO resurfaced yesterday with the announcement that the agenda for the next Supervisory Board meeting, which has been moved to Friday, March 31, includes personnel changes, according to unnamed sources in the State Treasury, cited by Reuters. However, we still view the risk that the company’s CEO and CFO could be sacked as minor, taking into account likely problems with finding appropriate replacements, as underlined by recent examples of PGNiG and a host of other state owned firms, such as Totalizator Sportowy and LOT. We do not expect any major trading impact from the news and reiterate our Buy rating for PKN Orlen with PLN 67.1 fair value.