Poland's ruling conservatives party (PiS) will stand by Igor Chalupec, the CEO of PKN Orlen, unnamed party sources said on Wednesday, denying the earlier press speculation that the party would plan to replace him with the former Prime Minister Kazimierz Marcinkiewicz – according to Reuter’s.
Our view: We see the news positively, that the ruling PiS party has no plans to replace PKN’s current CEO. However, we would view the potential replacement of him to remain as a risk factor, as State Treasury members constitute the majority of PKN’s Supervisory Board. Last month, the State Treasury increased the number of representatives in the 9-member Supervisory Board from 4 to 7.