Former PM Kazimierz Marcinkiewicz could become a CEO of PKN Orlen, however no decision has been made yet, Reuters reported today citing one of the leaders of the ruling party PiS Przemyslaw Gosiewski. It was earlier speculated that after losing elections for Mayor of Warsaw, Mr. Marcinkiewicz will be looking for the position in the state owned company.
Our view: The market has already resigned itself to the fact, that Mr. Chalupec will be dismissed from the CEO position. Despite the reassurements coming from the State Treasury side about no intentions to change the CEO of PKN Orlen in the near term, it was widely speculated that Mr. Chalupec will leave after closing the deal with Mazeikiu. Since the candidacy of Kazimierz Marcinkiewicz is supported by the ruling PS party and PM Kaczynski himself, we consider his assignment as very likely. We expect the negative reaction to the news as it seems that politician will take over the leadership of PKN Orlen.