KGHM shares slid over 8 percent on Friday following an unexpected change at the company's top management. The Polish copper and silver producer dismissed CEO Andrzej Szydlo and Vice President Piotr Stryczek; the company did not provide a reason for the removals.
In the immediate aftermath, supervisory board member Remigiusz Paszkiewicz was named acting CEO. Morgan Stanley analyst Ioannis Masvoulas noted that Paszkiewicz is "essentially a newcomer to the company," having been appointed to the supervisory board on Jan. 20, 2026.
Masvoulas outlined Paszkiewicz's previous professional roles, which include serving as CEO of Grupa Przemysłowa Baltic and as a management board member of the freight division of Slovenske Železnice. He has also held earlier leadership positions at Anwil, PKP Polskie Linie Kolejowe and other infrastructure-related firms.
In a client note, Masvoulas described the departure of Andrzej Szydlo as a setback for investors who had been encouraged by recent operational improvements under his leadership. He wrote: "We would view the departure of Andrzej Szydlo as a negative surprise because we view him as instrumental in improving KGHM's operational performance and capital allocation as well as in securing the recent tax relief in Poland."
The analyst also flagged the timing of the leadership change relative to the company's planning cycle. "We note that KGHM was gearing up for a strategy update in the near term and we seek more clarity on the strategic direction and capital allocation priorities under potential new management," Masvoulas added.
The company has not released further comment beyond announcing the leadership changes and the appointment of an acting CEO. Market participants reacted rapidly to the news, sending the stock lower as investors sought more information about the rationale for the executive departures and the implications for KGHM's strategic roadmap.
Summary
KGHM's abrupt executive shake-up led to a sharp selloff in the company's shares and prompted questions from analysts about the continuity of recent operational and capital allocation gains. The appointment of a supervisory board member as acting CEO raises immediate questions about near-term strategy and management stability.
What happened next
- CEO Andrzej Szydlo and Vice President Piotr Stryczek were removed; no reason given by the company.
- Remigiusz Paszkiewicz, a supervisory board member appointed on Jan. 20, 2026, will act as CEO.
- Morgan Stanley called the leadership change a "negative surprise" and requested clarity on future strategy and capital allocation.