WARSAW, June 25 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
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.
(Reporting by Adrian Krajewski; Editing by Mariam Karouny)