The Warsaw Stock Exchange operator GPW shareholders today dismissed Ludwik Sobolewski from the CEO seat, and appointed Adam Maciejewski as the new president of the stock exchange on the motion of the Treasury Ministry.

The motion was passed on 36.527 million votes, with 49,970 votes against.

“I have learnt all about the stock exchange from Wieslaw Rozlucki [WSE’s first president] and I would like to thank him for this,” Maciejewski said after the vote, to the applause of the assembly.
I also thank Ludwik Sobolewski for six years of cooperation, Maciejewski said.

Sobolewski was suspended on December 21 and his duties were passed to VP Maciejewski, who was appointed acting CEO.

Sobolewski had come under fire after a report that broke in the local press suggesting Sobolewski had leveraged GPW resources to garner financial support from listed firms for a film in which his partner was starring.

Poland's Treasury Ministry had ordered an audit of the matter in early January. While recent leaks of that audit in the media cleared Sobolewski of such direct financing efforts, the exchange's council expressed its disapproval of the situation and media reports further suggested that the Treasury would seek to remove Sobolewski.

Maciejewski is a graduate of the Warsaw School of Economics and managerial postgraduate studies at the Warsaw School of Economics and the University of Finance and Management in Warsaw.

He has been with the Warsaw Stock Exchange since 1994, as Director of Trading Department and Director of Trading and Market Development Department, among others.

From June 28, 2006 Member of the Management Board of the Warsaw Stock Exchange responsible in particular for the derivatives and structured products market, transaction systems, technology, trading and data vending.