The CEO of Lotos Andrzej Olechnowicz was reappointed for the next term, the Supervisory Board appointed two new vice presidents, the company informed in a market filing. Marek Sokolowski was appointed a vice president for production and development, while Jaroslaw Krynski was appointed vice president for trade. The management board will consist of five members. The position of management member for oil exploration and extraction is still vacant, as the recruitment process is still under way.
Our view: It was widely expected that Mr. Olechnowicz will retain its position, therefore we expect the neutral reaction of the market to the news.