PKN ORLEN begins consolidation of its southern assets
PKN ORLEN has begun the restructuring and consolidation of its southern assets. The project is aimed at improving the efficiency of management within the ORLEN Group’s southern businesses which include the Jedlicze Refinery, Trzebinia Refinery and ORLEN Oil. The restructuring will also include the oil assets of UNIPETROL Holding.
Part of the southern asset consolidation will be equity changes within the companies, mergers of selected businesses, and cost saving undertakings. The project also envisages the appointment of common boards for all the companies. Changes in the boards of the southern companies are being performed systematically, depending on the stage of advancement of each project.
On 27th October 2005 the Supervisory Board of Trzebinia Refinery appointed Mr Milan Kuncir to the position of Management Board Member with a term of office lasting until 29th August 2008. Prior to appointing a new President, The Supervisory Board has appointed Mr Milan Kuncir to act as President & CEO of Trzebinia Refinery.
At the same time the Supervisory Board has seconded Ms Grazyna Kus-Jach, the Secretary of the Supervisory Board, to act a Member of the Management Board.
Following the corporate governance principles of PKN ORLEN, the new Board Members were elected from a list comprising candidates selected by a professional recruitment consultant and also after assessing the qualifications of previous Moard Members of the Supervisory Board.
PKN ORLEN’s holding in Trzebinia Refinery is 77.15 per cent; in Jedlicze Refinery 75 per cent, and in ORLEN Oil 47.21 per cent.
