Polish billionaire's sons removed from board of utility ZE PAK

Cyfrowy Polsat SA

07/10/2024 11:04

WARSAW, Oct 7 (Reuters) - Shareholders of Polish utility
ZE PAK  ZEEP.WA  on Monday removed from the supervisory board
two sons of the company's biggest shareholder Zygmunt Solorz
following conflict in the family.    
    Zygmunt Solorz is a Polish billionaire whose investments
include being the main shareholder of Poland's second biggest
telecommunications service Cyfrowy Polsat  CPS.WA  and utility
ZE PAK. 
    Shareholders of ZE PAK voted out Solorz's sons, Tobias
Solorz and Piotr Zak, as well as Jaroslaw Grzesiak, his main
adviser on ​​ownership supervision. ZE PAK shares were 2.9% down
at 0854 GMT.
    Shareholders of Cyfrowy Polsat will also on Tuesday vote on
changes to the board that are expected to remove Tobias Solorz
and Grzesiak.
    Last week, Polish media reported that the management of four
companies belonging to Solorz had received a letter from three
of his children in which they expressed concern about his
welfare and told them to be careful when accepting orders from
people who have recently acquired power in his businesses.
    In response, Solorz said he planned to remove his children
from the companies' boards, deeming them disruptive to their
stability and future growth.

 (Reporting by Anna Koper; Editing by Barbara Lewis)
 ((anna.koper@thomsonreuters.com;))