JSW coal: top exec resignations

The supervisory board of Jastrzębska Spółka Węglowa (JSW) dismissed the vice-presidents Artur Dyczka and Radosław Załoziński from the board on Monday.

The first vice-presidents supervised the entirety of the company’s operations, in particular in the areas of production, automation, IT, strategy and investments. The second was overseeing finance and accounting.

There is not a word in the official statement about the reasons for this decision.

At the same time, the supervisory board entrusted the current president Barbara Piontek with the duties of the head of economic affairs. The head of JSW is also present in the third position on the management board – vice president for trade. This threefold-role is to be performed until the election of successors of the deputy presidents.

These are quite significant changes in the management board. In the context of the events of recent days, one may wonder if this is a good time for such changes. The trade unions operating at JSW are now demanding employment guarantees for employees and have established a protest and strike committee.

Therefore, on Sunday, the unions applied to the management board for an urgent meeting, within a period not exceeding 3 days, in order to sign an agreement extending the employment guarantee period for another 10 years.

All the confusion has a negative impact on JSW’s share price, which is down about 25% in 2021.

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