Current head of Supervisory Board (SB), Zdenek Hruby steps down due to his post in connection to preparation of Czech Republic’s EU presidency in 2009. Martin Kocourek, current member of the SB will take his position as of 1 January 2007.
Separately, CEZ nominated Lubos Pavlas as a new general manager for its Bulgarian subsidiary – CEZ Bulgaria to further improve efficiency of its operations there.
Our view:
As these changes are not related to any serious issues, therefore news are expected to be rather neutral.