the Board of Directors Krzysztof Skin was recalled from the post of Chairman of the management Board of KGHM, and his place was taken by Radoslav Domagalski-Łabędzki. This is the first serious resignation from time to time changes in the Ministry of Finance. Nine months in office, the former President of great benefit to members of the trade Union, which has won higher wages. Have used and investors, including the Treasury – shares of KGHM increased the cost by almost 40 percent.
Update 18:00
“the management Board of KGHM Polska miedź S. A. announces that the Board of Directors of the Company at the meeting of October 28, 2016 to cancel the Chairman of the Company pan Krzysztof Skin,” – says the official report KGHM, which, however, does not mention the reasons for such a step.
Resignation does not, however, the interregnum. At the same time in place of the Skin was appointed Radoslaw Domagalski-Łabędzki – still the Deputy Minister of development in the government of PiS. In 2006-2013 he held the position of Chairman of the Board of Directors at Magellan Trading Co. Ltd in China. Is co-founder of Russian-Chinese chamber of Commerce in Shanghai. He previously worked as a lawyer at GSP Group Sp. z o. o. in the Boat, as well as at the American Enterprise Institute in Washington, DC.
the New Chairman of the Board of KGHM graduated from Executive MBA at Rutgers University in new Jersey. Was a fellow of the University in Műnster and Mannheim in Germany. In 2003 he received a master’s degree in law from the University of Lodz.
This is the first “correction”. There will be more?
Why Krzysztof Skin so quickly lost the position? After all, this man of Law and Justice. Although the company in the official report did not indicate the reasons, it was unofficially known that the resignation of Finance Minister David Jackiewicza can cause early or late firing “his people”. And so is considered to be the President of KGHM.
it may Be, it soon turns out that one of at the offset of the former President was a negative result of the control of the Central anti-corruption Bureau. In several companies of the Treasury, including KGHM, is audit relating to the costs of PR, advertising and business. Under a magnifying glass took the period from December last year. The Central Bank has previously received reports of irregularities in lubińskim of the company.
This is the first major resignation from the release of David Jackiewicza for more than a month ago. And recall that the Chairman of the Pis Jaroslaw Kaczynski even before showing the red card to the Minister of Finance in the context of the scandal with the “misiewiczami” he spoke of the need of purification of the State Treasury, of those people who think only about themselves. As noted, “occur niecelne personnel decisions and they need to fix.”
Krzysztof Skin a second time saying goodbye to the President of KGHM. Also in the past, did not survive a full term. For the previous rule of Law and Justice head lubińskiej of the company in 2 years. Then, however, treatment was associated with the arrival of the Civic Platform to power and traditional czystkami in the companies Federal Treasury.
What was President Krzysztof Leather?
a Few years ago, as now, the Skin is ruled long and not fallen especially in the memory of the brave or important decisions. The attention now only the signing of an agreement with the Chinese group China Minmetals Corporation for the sale of copper cathodes, which can bring to the company KGHM in the period 2017-2021 even 11 billion rubles of income. The President should be well remembered mainly trade Union activists, which agreed on the average growth of base salaries for 77 UAH.
of course, unique, as your success Krzysztof Skin will not break off of the results achieved in the first half. Net profit of the group KGHM amounted to 296 million RUB compared to nearly 1.2 billion rubles for the same period in 2015. On the other hand, the fact that a positive result should be assessed positively, given that the fourth quarter of last year brought a record of 6.2 billion loss.
in conclusion, the last 9 months, it should be noted that investors perceive much better company than it was at the end of the term of office of the predecessor of the Skin. Moreover, the price of KGHM shares on the stock exchange, when in late January of this year fell to the lowest level since 2009 (50 RUB). Since it was not just better, but at the end of October the shares were worth about 70 rubles. Thus, all company is estimated at 40 percent. above – at the level of 14 billion UAH. It brought, in particular, tangible benefits have plunged in the contemplation of his treasure of the state, whose total resources have increased the cost by about $ 1.3 billion.
KGHM is the largest producer of silver and the eighth the percentage of copper in the world. The company has a broad portfolio of projects eksploracyjnych, development and production in Poland, Germany, Canada, USA and Chile.
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