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PKN Orlen give CEO a new term but CFO to quit sparking a negative reaction.

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Listed fuels group PKN Orlen saw its supervisory board appoint CEO Wojciech Jasinski for another 3-year term of office, while CFO Slawomir Jedrzejczyk and board member for development and energy, Piotr Chelminski, will not seek a new term of office, the company said in separate market filings late Monday.

Jasinski has been Orlen's CEO since December 2015. Jedrzejczyk has been the concern's board member since 2008, while Chelminski joined Orlen's management in 2012.

The new term starts after Orlen's GM slated for June 30, the filing states.

Orlen's shares were losing 1.3% shortly after the Tuesday session opening.

VESTOR DM ANALYST BEATA SZPARAGA-WASNIEWSKA

We expect a negative reaction to the news. We assess the CFO very positively, we believe he added a lot of transparency to the company. The decision as such does not surprise after the GM adopted a significant reduction of management remuneration.

IPOPEMA ANALYST LUKASZ JANCZAK (morning report)

Negative. We think that both gentlemen, and especially CFO, were treated by the market as high quality managers. Thus changes in the management board may trigger negative reaction in our view, especially given the fact that company’s share price is close to all-time highs.

2017-06-27



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