Bank Millennium Extends Losses as CEO Boguslaw Kott to Step Down

Bank Millennium SA (MIL) declined for a fourth day after saying Chief Executive Officer Boguslaw Kott will step down.

The shares lost 2.1 percent to 4.11 zloty at 10:18 a.m. in Warsaw. The lender, which offered Kott a position on the supervisory board, plans to appoint a new CEO by June 2013, it said in a statement today. Kott has headed the Polish unit of Banco Comercial Portugues SA since it was established in 1989.

To contact the reporter on this story: Piotr Bujnicki in Warsaw pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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