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Financials

Poland names former minister as new CEO at insurer PZU

WARSAW, Jan 19 (Reuters) - The Polish treasury named Michal Krupinski, former deputy treasury minister, as the new head of Eastern Europe’s largest insurer PZU on Tuesday, in the latest management reshuffle at a state-run company.

Krupinski, 34, also a former director at the World Bank as well as at Bank of America Merrill Lynch, will take over from CEO Andrzej Klesyk who departs after an eight-year tenure marked by PZU’s Warsaw listing in 2010 and the group’s regional expansion.

PZU, worth 27.6 billion zlotys ($6.77 billion) on the Warsaw bourse, follows other Polish state-run companies that have changed CEOs since Poland’s new government, formed by the conservative Law and Justice (PiS) party, came to power last year. Krupinski was a deputy minister in a previous PiS government.

Financial markets will be waiting to see if PZU’s new board continues with Klesyk’s strategy to forge a top-five bank via takeovers conducted by blue-chip lender Alior Bank, in which PZU holds a key stake. ($1 = 4.0750 zlotys) (Reporting by Marcin Goclowski; Writing by Adrian Krajewski; Editing by Susan Fenton)

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