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Report: Copper Giant Chief Fired

March 16, 1999

WARSAW, Poland (AP) _ The largest copper company in Europe, KGHM Polska Miedz SA of Poland, has reportedly fired its president because of poor results.

Two newspapers reported that longtime President Stanislaw Siewierski was dismissed by the supervisory board on Monday night.

Gazeta Wyborcza, the nation’s largest circulation daily, quoted the chairman of the supervisory board, Jerzy Zdrzalka, as saying that Siewierski was unable to manage the company at a time of declining copper prices.

Siewierski reportedly was replaced by Marian Krzeminski, the investment director for a national investment fund who previously worked for KGHM.

The reports could not be immediately confirmed.

In 1998, KGHM’s net profit fell to 177.1 million zlotys, or $44.8 million, from 501.8 million zlotys in 1997. Revenue fell to 3.6 billion zlotys, oir $910 million, from 4 billion zlotys the previous year.

The company has also been buffeted by political disputes between labor unions and the government, which controls more than 50 percent of KGHM stock.

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