Crisis hit Zaklady Chemiczne Police loses CEO

Poland’s beleagurered second-largest fertilizer producer, Zaklady Chemiczne Police (ZChP) has lost its CEO. According to Reuters Ryszard Siwiec, stepped down last Thursday citing personal reasons.

"Siwiec is the second top official to resign after Police, hit by bad currency bets, high expenses and falling demand, reported losses of $151 million in the last two quarters. The head of the supervisory board Wojciech Drozdz stepped down on Monday."

In June, ICIS news reported that Police was in the process of appointing three new directors to work with the CEO in implementing a crisis-period strategy.

Of the previous four-member management board only CEO Ryszard Siwiec was still in place following the emergence of liquidity difficulties at the company.

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