Fuel retailer subsidiary of Unipetrol, Benzina, has appointed Martin Durcak as its new CEO as of September 1, 2006, Benzina announced yesterday. Mr. Durcak replaces Frederick J. Emich, who has already left his post on June 30, 2006. Prior to his new job, Mr Durcak worked for BP's Aral fuel firm, also in CEO position.
Our view:
Press speculates that PKN Orlen is trying to remove senior figures linked with the Unipetrol holding's former management also mentioning that Unipetrol spokesman was also removed from his position in June. As the change in CEO position came despite the recent improvement of Benzina's profitability, we tend to believe in this speculation. The news should have no impact on Unipetrol's share price.