CEO of Polish chemicals group Police steps down

WARSAW, June 25 Thu Jun 25, 2009 7:50pm IST

WARSAW, June 25 (Reuters) - The chief executive of Poland's No.2 fertiliser maker Police PICE.WA, Ryszard Siwiec, stepped down on Thursday citing personal reasons.

Siwiec is the second top official to resign after Police, hit by bad currency bets, high expenses and falling demand, reported losses of $151 million in the last two quarters. The head of the supervisory board Wojciech Drozdz stepped down on Monday.

Shares in Police extended their decline and were down 6.6 percent at 1314 GMT compared with a 1.1 percent decline of Warsaw's midcap index .MWIG40.

"I think the supervisory board should quickly meet next week to fill the vacancies," Siwiec told Reuters on the phone, declining to elaborate on the reasons for his departure.

Siwiec added that the most important thing for the troubled company is to sign a 190 million zloty ($58.6 million) loan, whose details should be agreed upon next week. ($1=3.241 zlotys) (Reporting by Adrian Krajewski; Editing by Mariam Karouny)