The supervisory board has not appointed any new management board members (it was expected to appoint a new CEO and 2 deputy CEOs). According to an official statement, the supervisory board lacked quorum, following the resignation of Jerzy Osiatynski (6 supervisory board members are required to make a decision). No further details concerning the appointment have been given but, according to Marek Klucinski, PKO BP’s spokesman, the next seating is likely to be called at the beginning of March.
Our view: In our opinion, the news is negative, given that the bank currently has just 4 management board members, including acting CEO Marek Gluchowski (head of the supervisory board). However, given the decision is already long overdue, we do not expect a significant trading impact from the news today.