The Chief Executive Officer of the Warsaw Stock Exchange, Pawel Tamborski, has announced his resignation. The move happens just over a month after the parliamentary election in the country was won by nationalist conservative party Law and Justice.
Mr. Tamborski explained in his statement that he is not interested in compromising his political views and has joined a number of chief executives in key institutions across Poland. The new government has been actively replacing executives across many government controlled entities and is relying on a heavy interventionist policy.
Paweł Tamborski was appointed as CEO of the Warsaw Stock Exchange, replacing Adam Maciejewski after previously serving as Vice-minister of Finance with the former prime minister Donald Tusk’s government. As such, both his appointment and resignation have been closely tied to political influences.
Since joining the European Union in 2004, the Polish economy has been the fastest growing economy in the region. The electoral results in Poland have shown that the prosperity does not “trickle down” to the bigger part of the population.
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Eurosceptic parties have also been gaining ground in recent months after the numerous failures of European institutions to solve a refugee crisis, that has escalated ethnic tensions in the EU.
Commenting on his resignation, Mr. Tamborski explained, “We were able to gain the trust of the markets and re-orient the Exchange towards our clients. The first effects of our intense activities, such as bring in new investors, members and market makers, are already visible. In spite of trends across European markets, Warsaw’s exchange has maintained a dynamic flow of new issuers.”
“One of the most important projects put forward by the Management team, currently awaiting a decision by KDPW’s shareholders, is that of post-trade integration. It is in the Polish capital markets interest, that we are able to create a single post-trade institution, which will be able to compete against ever increasing European competition,” the former CEO explained.
During Mr. Tamborski’s tenure the returns to shareholders of the company amounted to 22 percent, despite a relatively difficult period for the industry. Effective cost cutting measures and strict spending discipline have led to a faster rate of profit growth for the exchange. The resignation of Mr. Tamborski will become effective from the 31st of December.