Jerzy Podsiadlo, Arcelor Mittal Poland (AMP) deputy CEO responsible for integration and restructuring, is stepping down. He has restructured four biggest steel plants, consolidated them, found investor for them when they were at the verge of bankruptcy. According to “PB” data confirmed at several places, there had been plans to fire Jerzy Podsiadlo over a month ago.
“After intervention from one of the members of the supervisory board, these plans were suspended. Jerzy Podsiadlo might have got an offer he couldn’t refuse to leave”, “PB” source says.
Jerzy Podsiadlo confirms to have submitted his resignation but he refuses to comment. His contract expires at the end of next year.
Last year, AMP had PLN 2.37bn (EUR 597.2m) of net income. In the first three quarters, the income amounts to PLN 1bn according to “PB” sources. One of “PB” informants believes that AMP owner wanted to use this money to buy foreign bonds. Polish managers believed the money should be left within the country, which could bring about the tension.
Silesian experts say it’s a pity that Jerzy Podsiadlo is leaving.
“He is one of the best managers. He saved Polish steel plants from bankruptcy. It’s a big loss for the group, especially that he was an expert known all over the world”, Eugeniusz Budniok from BCC in Katowice commented.
(PLN 1 = EUR 0.252)