MOVES: Ex-Synthos CEO made head of Poland's Ciech

29 May 2012 12:07  [Source: ICIS news]

LONDON (ICIS)--Ciech has appointed Dariusz Krawczyk as its new CEO, after deciding he was the best candidate to complete its restructuring prior to a fresh attempt at privatisation, the Polish chemical group said on Tuesday.

Krawczyk, who served as CEO of Poland's Synthos, Europe's second largest synthetic rubber producer, from late 2005 to 2011, takes over from  Ryszard Kunicki.

Kunicki was dismissed from Ciech, Europe's second largest soda ash producer, at the end of April after government officials became unhappy at the pace and results of the ongoing restructuring of the company, according to a source at the treasury ministry, the controlling shareholder in the firm.

An initial task for Krawczyk is to decide on the fate of Ciech's lossmaking toluene di-isocyanate (TDI), epichlorohydrin (ECH) and epoxy resins subsidiary, Zachem.

One possibility is that Ciech will attempt to divest Zachem. In late April, Ciech said it had  received a concrete offer for the unit, while last week an investment bank said that there was growing anticipation on the Warsaw stock exchange that Czech billionaire Zdenek Bakala was set to bid for it.

Newly installed treasury minister, Mikolaj Budzanowski, has said he wants to see the Polish state exit the chemical sector before the end of 2013.

By: Will Conroy
+44 20 8652 3214

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