Poland's second-biggest bank Pekao names Cezary Stypulkowski as CEO
GDANSK, July 10 (Reuters) -Poland's second-biggest bank Pekao PEO.WA has named Cezary Stypulkowski as its new chief executive officer, it said on Tuesday, following more than two months of no one at its helm.
Cezary Stypulkowski, who had led Commerzbank's CBKG.DE Polish unit mBank MBK.WA for more than 14 years until his resignation last week, is to start his new role no sooner than October.
The nomination has yet to be approved by Poland's Financial Regulator KNF.
Pekao's supervisory board also appointed Robert Sochacki and Dagmara Wojnar as deputy chief executive officers.
The decision came after a 61-day interregnum in which the bank's supervisory board had dismissed six members of management, with ex-CEO Leszek Skiba losing his seat after more than four years in the role.
Pekao, with $11.2 billion of market capitalisation, is indirectly controlled by Poland's Treasury via insurer PZU PZU.WA and Polish Development Fund Group (PFR), which together hold almost 33% stake in the lender.
It is yet another state-owned bank that has seen changes to its board composition as Poland's new government seeks to restructure the leadership of companies it controls.
Reporting by Mateusz Rabiega; Editing by Tom Hogue
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
