foto: Thomas Feldmann / Flickr/PKP CARGO
The supervisory board of PKP CARGO, Poland's national freight railway operator, has extended the mandate of the interim management, led by CEO Marcin Wojewódka, until October 25, 2024. This decision comes as the company faces an unprecedented decline in transport volume and financial losses and is undergoing court-supervised restructuring.
The supervisory board of PKP CARGO has extended the mandate of the interim management by an additional three months, as reported on the company's website. The board members, including acting CEO Marcin Wojewódka, CFO Monika Starecka, and Commercial Director Paweł Miłka, will manage PKP CARGO until October 25, 2024. This decision was made in light of the ongoing search for a new board of directors.
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It's important to emphasize that PKP CARGO has been facing an unprecedented decline in transport volumes and financial losses in 2024. Currently, the company is under court-supervised restructuring, as mandated by Polish law. Since June 1, the company has intermittently placed employees on employer-imposed work stoppages, affecting up to 30% of its workforce.
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PKP CARGO is a publicly traded company on the Warsaw Stock Exchange. Financial markets have responded relatively positively to the restructuring regime, with the stock price rising from 12 PLN in January to an average of 16 PLN.
Source: PKP CARGO
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