Despite the recently surfacing rumours concerning dismissals among PKN Orlen's top executives, its supervisory board decided not to make any personnel changes in the management board. In this way, its CEO Igor Chalupec with other managers, have remained in their posts. Meanwhile, the PKN Orlen's supervisory board was joined by Marek Drac-Tyton, who was nominated for the post by the Treasury Ministry. Presently the CEO of Polska Nafta (NP), Drac-Tyton previously held the post of director of financial insurance department at leading domestic insurer PZU.
Our view:
We regard this news as slightly positive as leaving the management on its positions would assure the stability for the company. The news might also ease concerns about further strengthening political pressure on PKN.