2016 – present
President of the Management Board in Luma Investment.
Holding company managing the group of companies that operate in the metallurgical, foundry, energy trading industry, and in the mineral resources mining industry. Luma Investment plans to grow through expansion, acquisition or through strategic or operational changes.
- implementation of the best management practices in a different areas of the company.
- improvement the level of profitability;
- structuring the investment policy of the Luma Group;
- increasing the scale of operations of subsidiaries (organic growth)
2012 – 2015
President of the Management Board, Chief Executive Officer at Polish State Railways (PKP S.A.)
The value of the capital group (PKP Group) of PLN 25.3bn, 13 subsidiaries, employment of 80,000, portfolio of roughly 100,000 parcels of real estate.
- Successfully finalized the privatization processes of PKP CARGO S.A. (IPO on the Warsaw Stock Exchange worth PLN 1.42bn, voted the most successful IPO in 2013, followed by an ABB worth over PLN 580m), PKP Energetyka S.A. (transaction value: PLN 1.41bn, acquired by CVC Capital Partners), TK Telekom Sp. z o.o. (transaction value: PLN 221m, acquired by Netia) and PKL S.A. (transaction value: PLN 215m, acquired by Mid Europa Partners);
- Paid off the historical debt of PKP S.A. from the level of PLN 4bn at the end of 2011 to PLN 0.5bn in Q3 2015;
- Funded the passenger carrier PKP Intercity with PLN 1bn revenue from privatization (aimed at modernization of the rolling stock and maintenance end stations);
- Increased the level of absorption of EU funds by the PKP Group from 12% at the end of 2011 up to roughly 99% by the end of 2015;
- Secured financing for key investment projects for 2014-2015 summing up to some PLN 7bn, including EIB loans and issuing bonds;
- Successfully implemented the Pendolino project – the first high-speed trains in Central and Eastern Europe. Total value of the project is PLN 1.8bn. Trains purchased from Alstom Group;
- Successful restructuring of PKP Intercity – first increase in the number of passengers since 2011 (24.7% y/y growth in Q2 2015);
- Implemented changes in customer service quality delivery – railway stations modernization program worth roughly PLN 1bn, opened 84 modern railway stations, over 500 initiatives aiming to increase the comfort and safety of passengers;
- Initiated a real estate sales program resulting in over PLN 1bn revenue in the 2012-2015 period (including sale of shares in developer projects: Galeria Katowicka – RoE 159% and Poznań City Center – RoE 134%);
- Implemented corporate governance standards based on OECD Best Practice. Effective restructuring of the PKP Group companies resulting in an increase of dividends from PLN 89m in 2011 up to PLN 179m in 2014;
- Established a group purchasing organization within the PKP Group – total value of tenders of PLN 2.2bn, estimated savings of PLN 130m;
- Reorganized the PKP Group subsidiaries – centralized the support functions, established an audit department, introduced MBO, and incentive programs for employees;
- Established an effective dialog with the social side (over 400 labor unions in the PKP Group) – renegotiated the Employee Guarantee Program in PKP Cargo, PKP Energetyka and TK Telekom; amended the Collective Labor Agreement in PKP S.A.; supervised the Voluntary Redundancy Program in PKP Group subsidiaries; reduced costs associated with transport benefits for employees by PLN 200m;
- Implemented a new organizational culture, including CSR and Code of Ethics; co-established the Ethics Advocacy Coalition as a part of the UN Global Compact initiative;
2008 – 2012
President of the Management Board, Chairman of the Investment Committee at PKO TFI S.A. – PKO Bank Polski Group
The assets under management was about PLN 9bn (#3 on the Polish market), over 400,000 clients, superb investment performance (11 out of 14 mutual funds ranked in the first quarter in 2011)
- Successfully finalized an asset management acquisition project with Credit Suisse Asset Management Polska S.A. (PLN 8bn AUM);
- Created a competent and independent asset management team – increased the asset management responsibilities, risk control and compliance and support functions;
- Achieved above-par investment performance in 2010-2011 – 14 out of 14 mutual funds outperformed the market and 11 out of 14 mutual funds ranked in the first quartile in 2011;
- In charge of the successful acquisition of asset management for private clients from PKO BP Brokerage House (DM PKO BP) in 2011;
2003 – 2008
Member of the World Bank Executive Board, Alternate Executive Director, World Bank Group, Washington D.C.
- Implemented Financial System Assessment Programs;
- Managed assets and liabilities of the World Bank as the Executive Board Member;
- As a member of the Committee of Development Effectiveness evaluated the effectiveness of the World Bank aid programs;
- Representative of the World Bank in Azerbaijan, Kyrgyz Republic, Poland, Serbia and Montenegro (then Serbia), Switzerland, Tajikistan, Turkmenistan and Uzbekistan;
2001 – 2003
Director of the International Department at The National Bank of Poland
- Participated in the Economic and Monetary Union of the European Union integration process;
- Cooperated with international financial institutions, including ECB, IMW, World Bank, EBRD, BIS, OECD, EIB and central banks;
- Conducted research in international comparative studies;
- Member of the Investment Committee for Foreign Reserve in charge of strategic decisions on Poland’s foreign reserves of ca. USD 30bn;
- Representative of the Bank in the International Relations Committee (IRC) of the European Central Bank (ECB);
2000 – 2002
Macroeconomic Adviser in The Polish Confederation of Private Employers (currently PKPP ”Lewiatan”) responsible for macroeconomic analyses of public finance issues.
1997 – 2000
Head of Policy Cabinet in Polish Ministry of Finance
- Created and lead the team of assistants to the Deputy Prime Minister and Minister of Finance Prof. Leszek Balcerowicz;
- Co-created a student loans system based on the Student Loans and Credit Act;
- Co-participated in the preparation of a tax system reform;
- Secretary of the Working Group for Coal Mining Restructuring;
Started professional career in 1996 as a Financial Analyst in Second National Investment Fund.
MEMBERSHIP IN SUPERVISORY BOARDS
2015 – present HSBC Bank Polska S.A
Member of the Supervisory Board, Chairman of the Audit Committee
2015 – 2015 Advanced World Transport B.V.
Member of the Supervisory Board, Member of the Finance, Investment, Audit and Risk Management Committee
2014 – 2016 PZU S.A. (the largest insurance group in Central Europe)
Member of the Supervisory Board, Member of the Strategy Committee
2012 – 2015 PKP Cargo S.A.
Chairman of the Supervisory Board, Member of the Nomination Committee
2012 – 2013 TK Telekom Sp. z o.o. (PKP Group)
Chairman of the Supervisory Board
2001 – 2002 Fabryka Automatyki Chłodniczej ”Fach” S.A. in Cieszyn
Member of the Supervisory Board
2001 – 2001 Zakłady Urządzeń Kotłowych ”Stąporków” S.A. in Stąporków
Member of the Supervisory Board
1999 – 2001 Industrial Development Agency JSC (Agencja Rozwoju Przemysłu S.A.)
Deputy Chairman of the Supervisory Board
1999 – 2000 ”Zawtex” S.A. Cotton Industry Plant in Zawiercie
Member of the Supervisory Board