The PKN Orlen Supervisory Board continues evaluating the performance of the company’s Board of Directors and personnel changes could take place on the next SB meeting on Wednesday, March 29, according to State Treasury minister Mr. Jasinski statement, cited by PAP. However, we 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 the PGNiG example, which has announced a new round of search for a new CEO last week, following the resignation of its CEO over 3 months ago. 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.