Poland's ailing flagship carrier PLL LOT has new CEO
February 7, 2013
The supervisory board of the Polish national airline, troubled PLL LO, appointed Sebastian Mikosz the company’s new CEO on Wednesday.
Mikosz earlier headed LOT between spring 2009 and autumn 2010.
The decision was welcomed by Treasury Minister Mikolaj Budzanowski who oversees LOT.
The supervisory board "made a responsible decision" as "LOT was waiting for a manager ready to take and realize difficult decisions," Budzanowski told PAP Polish news agency.
The Minister said he wanted the new CEO to restructure the firm so that it first regained economic viability and then a strategic investor would be found for it.
Mikosz, who will assume the post on Feb. 11, said he would need a few days to get acquainted with the situation of the company and would present his action plan soon.
LOT's supervisory board dismissed CEO Marcin Pirog in December 2012.
PLL LOT has applied for PLN 1 billion worth loan in the frame of state aid. The company has already received a PLN 400 million loan from the State Treasury.
LOT recorded a PLN 145.5 million loss in 2011 and PLN 163.1 million loss in 2010.