New series of personal changes to the management board could take place on the next Supervisory Board meeting at PKN Orlen on October 17, 'Gazeta Prawna' speculates. The mounting political pressure may cause that Mr. Szymanski, the CFO, Mr Smorszczewski, responsible for acquisition projects and Mr. Maciejewicz responsible for cost cutting measures might leave the company.
Our view: Although the final re-appointment of Mr. Chalupec as CEO is expected, the potential removal of other key managers could increase uncertainty and might make them more difficult to focus on strategic issues. Moreover, we also consider the news as slightly negative as it again awake the concerns about increasing influence of State Treasury on PKN Orlen. This could increase influence of politics on future decisions at PKN Orlen.