Polish copper miner KGHM dismisses CEO Szydlo
Polish copper miner KGHM dismissed CEO Andrzej Szydlo and deputy CEO Piotr Stryczek on Friday, the company said in a statement, without providing a reason.
As of 11:22 GMT, shares of the company were down 7.5%, as the leadership overhaul coincided with a sharp correction in copper and precious metal prices.
Analyst Jakub Szkopek from Erste Group said the CEO dismissal was unexpected.
"It will certainly not help KGHM's share price," Szkopek said, noting that the change creates uncertainty just as the company was preparing to update its strategy.
Szydlo had led the state-controlled miner since March 2024.
The supervisory board has delegated its member Remigiusz Paszkiewicz to temporarily perform the CEO duties for up to three months until a permanent appointment is made, KGHM said.
