Mr. Jozefiak has officially delivered his resignation from the post of TPSA CEO and would hand over to Mr. Witucki, who has been nominated to the post by the Supervisory Board in August. Mr Jozefiak original term office would expire in spring next year.
Our view: We believe that the replacement would solidify the improvement in TPSA relations with the regulator. We reiterate our Buy rating for the stock.