Bogus3aw Marzec, CEO of PGNiG told political daily Rzeczpospolita in a report that he is going to resign before Thursday's meeting of Supervisory Board. It seems to us that Marzec has much less political support than few months ago or the blames on him are really serious. Although the news should come as no real surprise for the market, its reaction might be slightly negative given that the resignation could restart the uncertainty regarding the management of the company. Please note, that after the removal of the previous CEO at the end of last year, PGNiG had no top management for almost six months. We maintain our hold recommendation on the stock with a price target of PLN 3.8.