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Poland’s Bumar Sacks CEO, Posts Lower Sales

Mar. 23, 2012 - 01:53PM   |  
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WARSAW — Edward Nowak has been dismissed as CEO of Poland’s leading defense group, Bumar, the company said in a statement. Mariusz Andrzejczak, vice president for research and development, was appointed as acting CEO until the company’s supervisory board names Nowak’s successor, the statement said. No reasons for the decision were given.

The latest move follows the release of Bumar’s estimated financial results for 2011. Last year, the group posted revenues of about 2.83 billion zloty ($896 million) and a profit of 73.2 million zloty, according to data from Bumar. Compared with 2010, this represented a decrease of 6.1 percent and 27.5 percent, respectively.

Meanwhile, industry analysts say Nowak was ousted because of his recent disagreement with the supervisory board of the group, which is state-owned.

In January, Bumar’s former CEO signed a $275 million contract with India’s BEML to jointly produce 204 armored recovery vehicles based on the Polish company’s WZT-3 design without the supervisory board’s prior approval. Ultimately, the contract was approved March 20.

Nowak was appointed Bumar’s chief executive in 2008, and in 2011 his term was extended for another three years.

Established in 2002, the Bumar Group consists of 26 entities with about 10,000 employees.

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