The Warsaw Stock Exchange, central Europe’s biggest equity market, suspended Chief Executive Officer Ludwik Sobolewski, citing “important” reasons.
Sobolewski, who led the exchange’s four-member management since June 2006, breached the code of ethics while helping seek financing for a movie production, the bourse’s supervisory board said in a statement on the bourse’s website on Dec 19. Adam Maciejewski, a management board member, was appointed an acting CEO, the bourse said in a regulatory filing today.
The Treasury Ministry, which has 51.7 percent of voting rights in the exchange’s operator, called for a shareholders’ meeting to shuffle its management, Katarzyna Kozlowska, a spokeswoman for the ministry, said by phone earlier today.
“The reason for our suspension of the CEO is the Treasury Ministry’s motion to call a shareholders’ meeting and change the management, which in fact means a plan to dismiss the CEO,” Leszek Pawlowicz, the supervisory board’s chairman, said in an interview with TVN CNBC today.
Shareholders have the power to hire and dismiss the bourse’s chief executive officer, while other members of the management are appointed by the supervisory board, according to its statute. Owners will probably meet on Jan. 17 to vote on Sobolewski’s dismissal, according to Pawlowicz.
Anna Wisniewska, a bourse spokeswoman, wasn’t immediately available to comment when contacted by phone.
Poland sold to the public a minority stake in the bourse’s operator in 2010. Its shares declined 0.4 percent to 37.85 zloty as of 4:31 p.m. in Warsaw, falling for the first time this week and valuing the company at 1.59 billion zloty.
The stock exchange is the biggest in central and eastern Europe, trading shares of 437 companies with a total market capitalization at 733 billion zloty ($239 billion), according to data on its website. Its NewConnect platform for smaller companies lists further 427 companies.