|With unfavorable macroeconomic conditions, the mining giant looks to consolidate its operations|
Courtesy of KGHM
KGHM's two vice presidents have been dismissed by the company's supervisory board and another one handed in her resignation. Herbert Wirth will remain as the firm's CEO.
The management board members who were dismissed were Włodzimierz Kiciński, the company's CFO and Adam Sawicki, who was in charge of corporate affairs. Both men joined the company in 2012. Dorota Włoch, who resigned from her position, worked at KGHM since 1994, most recently as the director of development.
The supervisory board has already appointed new management board members: Jarosław Romanowski, Marcin Chmielewski and Jacek Kardela.
The main reason for the shake-up was the need to consolidate the KGHM capital group and improve the company's efficiency, the firm said in a statement.
“Macroeconomic conditions have not been in our favor recently. We have to pool our resources together and undertake some serious and effective action to help our company and the entire KGHM capital group increase its value,” the company's CEO Herbert Wirth was quoted as saying.
According to sources quoted by Parkiet, the changes were most likely influenced by the return of Zdzisław Gawlik to the position of deputy minister of the State Treasury, after a year-long absence. The Treasury owns 31.8 percent of KGHM's shares, and the supervision of the copper mining giant falls under Mr Gawlik's jurisdiction.
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