PZAKY Powszechny Zaklad Ubezpieczen SA (PK)

  By Martin M. Sobczyk 
 

WARSAW--Poland's state-controlled PZU SA (PZU.WA), the largest insurance company in Central Europe, said on Tuesday its chief executive handed in his resignation after eight years at the company's helm.

PZU said CEO Andrzej Klesyk resigned following a request from Poland's new government. Mr. Klesyk said in a separate statement he respected the main shareholder's right to choose managers. His resignation is effective Wednesday.

The government holds 35.19% in the company and is its largest, controlling shareholder. After a parliamentary election in October, Poland saw a change of guard and, according to press reports, the new cabinet had plans to install a new chief executive at PZU.

Some other CEOs of Polish state-influenced companies have also quit, including the chief executive of the Warsaw Stock Exchange.

The government, which has an agenda of state socialism and conservative views on ethical issues, wasn't immediately available to comment. It has said it wants changes to how Poland is governed after eight years in power of the previous centrist government.

Write to Martin M. Sobczyk at martin.sobczyk@wsj.com

(END) Dow Jones Newswires

December 08, 2015 10:34 ET (15:34 GMT)

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