WARSAW, Feb 5 (Reuters) - Polish media group Agora brought back its former chief executive Wanda Rapaczynski to replace Chief Executive Zbigniew Niemczycki, who had been at the helm for four years, the company said late on Monday.
Agora has seen a steady drop in circulation of its newspaper, Poland’s leading broadsheet Gazeta Wyborcza, and continued to bleed money even as it bought cinema chain Helios to expand beyond print.
Rapaczynski led Agora in better times between 1998 and 2007 and joined its supervisory board after retiring from the top post. She will return to run the company for three months.
Wyborcza’s circulation has dropped by two-fifths in the last five years and the company has failed to make a significant mark in the internet arena.
Agora will announce 2012 results in two weeks. In the first nine months of the year it had a net loss of 9 million zlotys.
Shares in Agora edged up 0.6 percent in early Tuesday trade. The stock had shed 60 percent since Niemczycki, one of Agora’s founders, took the top post in Nov. 2008.
$1 = 3.0748 Polish zlotys Reporting by Adrian Krajewski; Editing by Mark Potter