Poland’s JSW board meeting cancelled, CEO to stay for now -sources

The chief executive at Poland’s coking coal miner JSW will keep his job for now, as the supervisory board meeting that was expected to result in his dismissal on Thursday was cancelled, two company sources said.

On Monday a source said that the energy ministry, which supervises JSW, might fire CEO Daniel Ozon on Thursday following disagreements over strategy.

Ozon was quoted by the Rzeczpospolita daily on Monday as saying that he was pressed many times to use JSW money to finance investment that is not related with the miner’s operations. Shares in JSW fell by around 8 percent on Monday following the news.

JSW declined to comment on the cancellation of the supervisory board meeting. One of the sources said that the supervisory board may discuss changes in the management board in January.

JSW CEO can be appointed and dismissed only by the supervisory board.

Source: reuters.com

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