JSW chief stands down under union pressure
PR dla Zagranicy
The chief executive of listed coalminer Jastrzębska Spółka Węglowa (JSW), Jarosław Zagórowski, has bent to trade union pressure to step down.
Exit Zagórowski. Photo: PAP/Marek Zimny
The unionists issued an ultimatum threatening a strike unless the CEO steps down by Tuesday, 17 February. Zagorówski wrote a letter of resignation to the supervisory board on Monday morning. The board will consider his resignation on Tuesday.
JSW, Europe’s largest coking-coal producer, is the third Polish coalmine to lose its CEO to trade union pressure in recent months. The CEOs of Katowicki Holding Węglowy (KHW) and Kompania Węglowa (KW) stepped down in the face of threatened strikes.
The share price surged nearly 10 percent on the news, as investors cheered an apparently averted strike.
Worth PLN 2.73 billion (EUR 652 million), barely a third of its book value, the company remains under majority control of the State Treasury, which holds a 55.17 percent stake. (an)