ATW Daily News

LOT's boardroom upheaval continues

Monday March 26, 2007

Marek Mazur is out as CEO of LOT Polish Airlines after just 38 days, according to press reports from Warsaw. His replacement, when named, will be the airline's fourth CEO since last fall (ATWOnline, Feb. 15). Mazur told Polish television he did not know why he was let go, according to the Associated Press, but several reports indicated that the Ministry of the Treasury was against the appointment from the start and ousted Mazur once it secured the backing of "bankruptcy officers" on LOT's board. The Financial Times reported that Deputy Treasury Minister Ireneusz Dabrowski told Polish television that the ministry, which owns 68% of LOT, wanted to retake full control of the airline and needed to raise approximately PLN350 million ($120.2 million) to buy out Swissair's liquidator, which owns 25.1%, according to LOT's website. Employees hold 6.9%.

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