Two of copper and silver mining giant KGHM’s vice presidents have been dismissed by the company’s supervisory board while another one handed in her resignation. The only two board members who will remain in their posts are the firm’s CEO Herbert Wirth and Wojciech Kędzia, the company’s vice president responsible for production.
Deputy Treasury Minister Zdzisław Gawlik
Courtesy of The Treasury Ministry
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, had 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. Mr Romanowski will replace Mr Kiciński as the chief financial officer of the copper giant. Mr Chmielewski will take over corporate affairs from Mr Sawicki, while Mr Chmielewski will be responsible for the company’s development strategy.
The main reason for the shakeup was the need to consolidate the KGHM capital group and improve the company’s efficiency, the firm said in a statement. It added that one of the first orders of business for the new management board will be modifying the company’s strategy.
“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 said at a press conference.
According to sources quoted by business daily 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 supervision of the firm falls under Mr Gawlik’s jurisdiction.
KGHM is the world’s biggest silver producer and one of the biggest copper producers. The company operates mines in Poland, Canada, Chile, and the US.
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