NEW PZU CHIEF APPOINTED BY TREASURY AND EUREKO

The main shareholders in the local insurer PZU, Poland’s state treasury and pan European financial group Eureko, have appointed a new chief executive for the firm, ending a lengthy stand-off on the leadership of the state-owned firm. Jerzy Zdrzalka, chairman of Poland’s state-controlled copper and silver giant KGHM, has been made PZU’s new head, replacing Wladyslaw Jamrozy. Mr Jamrozy and his deputy Grzegorz Wieczerzak were suspended in January after they collaborated with Deutsche Bank in its effort to take over Polish BIG Bank Gdanski (BIG BG), in which Eureko has a minority stake. Eureko then called for the dismissal of Mr Jamrozy, claiming it could not work with a manager that it could not trust. A consortium of Eureko and BIG BG bought 30% of PZU last November, and have said that they want to increase their stake. Last month treasury minister Emil Wasacz proposed allowing the pan-European group to increase its stake without a public tender, but the government later withdrew this plan after protests from opposition parties and local newspapers.