Bank PKO BP has announced that Andrzej Podsiadlo has resigned from his post as the bank's CEO, although he was asked to stay until October 31. According to an unofficial sources cited by Polish daily Puls Biznesu, Andrzej Podsiadlo ‘had enough of personnel changes in the management board’. As had been speculated earlier on the market, no replacement has been found.
Krystyna Szewczyk, management board member responsible for accountancy and informatics, has also resigned from her post as a management board member, although she will remain in the position of chief accountant. The supervisory board put two new members on the management board, Zdzislaw Sokal (an appointment from outside the bank) responsible for accountancy and Rafal Juszaczak (formerly a managing director in corporate banking), who will now be responsible for IT.
Our view:
The present CEO of the bank appears to have resigned in frustration with the ongoing uncertainty and the management changes at PKO BP should be viewed negatively, in our opinion, as they appear primarily motivated by politics.