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Coal miner JSW's shares down in Warsaw, Poland, on reports of CEO dismissal

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Coal miner JSW's shares down in Warsaw, Poland, on reports of CEO dismissal

Poland's energy ministry plans to fire state-controlled miner Jastrzebska Spólka Weglowa SA's CEO, Daniel Ozon, at a supervisory board meeting Sept. 13 due to disagreements over strategy, Reuters reported Sept. 10, citing a company source.

The company's shares fell over 8% on the Warsaw Stock Exchange after local media outlets covered Ozon's possible dismissal.

Energy Minister Krzysztof Tchórzewski wanted Ozon to acquire construction company Polimex from other state-run companies, which helped rescue Polimex from collapse in 2017, according to local media reports.

Rzeczpospolita quoted Ozon as saying that he was "pressed many times to finance with JSW money investments which are completely unrelated with JSW operations."

Earlier this month, JSW was reportedly considering the takeover of Australia's Prairie Mining Ltd.