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UPDATE 1-Board picks insider Heydel as PKN Orlen CEO

Tue Apr 29, 2008 11:19pm IST
 
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(Changes source, adds chief executive quote)

WARSAW, April 29 (Reuters) - The supervisory board of Poland's largest refiner PKN Orlen PKNA.WA, controlled by the state, has picked veteran insider Wojciech Heydel as chief executive, the company said on Tuesday.

Due to the state's key role, the company's management board has often been subject to political pressure and influence on nominations.

Heydel, appointed acting chief executive in February, replaced Piotr Kownacki, seen by the market as an appointee of the previous government.

Kownacki was suspended by the board, which was nearly entirely reshuffled following liberal Civic Platform's November 2007 election victory over ruling Law and Justice, on accusations of involving the company in political conflicts.

In his first comments after the nomination, Heydel, a member of the management board since 2004, said he did not rule out tweaking company strategy, but the general outline would be unchanged.

"I want to develop faster than competition in the region. By competition I mean any refiner, petrochemical or chemical company, " Heydel told reporters.

He said he wants PKN to closely co-operate with No.2 Polish refiner Lotos LTOS.WA. (Reporting by Marcin Goclowski, writing by Patryk Wasilewski; editing by David Hulmes)

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