The CEO of Polish telco Netia, Miroslaw Godlewski, will step down after seven years in the role.
Godlewski has agreed with the supervisory board to remain in the role until a replacement is found, but no later than 31 August, Netia said in a…
The CEO of Polish telco Netia, Miroslaw Godlewski, will step down after seven years in the role.
Godlewski has agreed with the supervisory board to remain in the role until a replacement is found, but no later than 31 August, Netia said in a statement.
The supervisory board noted that the company has more than doubled in size during his tenure as CEO and cemented its position as Poland’s second-largest fixed-line network operator. Orange Polska is the country’s largest telco.
Godlweski said in the company’s 2013 financial report he had decided “the time has come for me to seek a new professional challenge”.
Netia posted revenues for 2013 of PLN1.876bn (US$613.74m), down 12% year-on-year, driven by declines in RGUs and mobile termination rates. Adjusted EBITDA was down 7% to PLN550.8m (US$180.19m), while net debt stood at PLN290.7m (US$95.11m) on 31 December.
The company expects revenues in 2014 to drop 8% to PLN1.735bn (US$567.69m). It said it will remain “alert to value-enhancing M&A opportunities”.
Netia expressed interest in acquiring infrastructure-based telco GTS Central Europe last year, but lost out to Deutsche Telekom.
Netia has long been considered a potential takeover target itself, with some observers speculating that the company’s plan to divide its personal and corporate client sectors will lead to a sale by its largest shareholders.
Polish pension fund ING OFE is Netia’s largest shareholder with a 16.98% stake, followed by Third Avenue Management with 16.64% and SISU Capital with 12.74%. 42.28% of the company’s shares are in free float on the Warsaw Stock Exchange.
