According to an official statement, former CEO Andrzej Podsiadlo has filed a resignation effective as of 29 September (previously announced for October 30). The supervisory board has chosen management board member Slawomir Skrzypek (currently responsible for corporate banking) as an acting CEO, until 30 November at the latest. The supervisory board also appointed 2 new management board members Wojciech Kwiatkowski (former CEO of Commercial Union Poland) and Jaroslaw Myjak (former CEO of Slaski Bank Hipoteczny). According to the Polish press, the nomination of the two management board members was the main reason why Andrzej Podsiadlo cut his notice period.
Our view: According to the Treasury Minister, a formal recruiting process is underway but there is not yet any visibility on who will become the new CEO of PKO BP. We expect the news to have a neutral impact on the stock price today. PKO BP is a state-controlled bank and we believe that it is doubtful that a change in top management will lead to a material shift in the company's strategy.