After months of waiting, the process towards finding a new CEO for PKO BP
is moving forward. As legally required, the state-controlled supervisory
board of PKO BP has announced that it is seeking candidates, publishing an
ad for the job in today’s Rzeczpospolita. However, potential candidates have
only until January 16 to apply for the positions of CEO and 2 board
members, which will be followed by an interview process and finally a
regulatory approval process. Over the holiday period, former PM Kazimierz
Marcinkiewicz announced he will be applying for the post and he has already
received an appointment to be an advisor to acting-CEO Slawomir Skrzypek.
Our view:
Although a lack of relevant experience may prove to be a barrier to the
candidacy of Marcinkiewicz for the CEO post of PKO BP, there have been
optimistic statements on the probability of his receiving for regulatory
approval from the Minister of the State Treasury Jasinski. Although
Marcinkiewicz lacks the required two years of management experience in the
banking sector, the PiS has appointed 4 of 7 members of the Banking
Supervisory Commission. Whilst the appointment of Marcinkiewicz is likely to
be viewed negatively by the market, any trading impact is likely to be
muted, due to the long period of uncertainty and with a politically motivated
decision process already priced in.