The Supervisory Board of PGNiG held a meeting on Friday and dismissed Mr Franciszek Krok, vice-president of the company, responsible for trade and marketing matters on the management board. At the same time the board named Mr Boguslaw Marzec, vice-president and CFO as president. Moreover, PGNiG’s Supervisory Board initiated a selection procedure for two company vice-presidents: one responsible for strategic projects; and another for trade and marketing.
The news indicates to us that some battles for power have taken place in the last few weeks and could now be at an end. The market is looking forward to the situation calming down, as this will allow the new management to focus on operational/strategic matters.
If the recent changes do indeed indicate a return to managerial stability, we welcome the news. We keep our Hold recommendation on the stock.