Published by Global Banking & Finance Review®
Posted on February 12, 2026
1 min readLast updated: February 12, 2026
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Grupa Azoty has dismissed CEO Andrzej Skolmowski amid financial struggles. The Ministry plans recapitalization, with interim leadership assigned.
By Rafal Wojciech Nowak and Alicja Surdy
GDANSK, Poland, Feb 12 (Reuters) - Poland's Grupa Azoty has dismissed CEO Andrzej Skolmowski, in the role since June 2025, and two other management board members, the chemicals group said on Thursday.
Azoty has been in financial trouble since late 2022 due to high gas prices, cheap fertilizer imports from Russia and Belarus, and cost overruns at its flagship polymer production project.
Poland's Ministry of State Assets, Azoty's largest shareholder, said in a statement published on its website that it planned to recapitalize the group, and that the supervisory board expected a new management to bring Azoty closer to an agreement with its creditors.
"The group's situation is still very difficult," Erste analyst Jakub Szkopek told Reuters. He also noted the CEO ouster follows recent management changes in other state-controlled companies such as KGHM and JSW.
Azoty's supervisory board has tasked vice chair Aleksandra Machowicz-Jaworska to perform the CEO duties for up to three months starting Friday, the regulatory filing showed.
(Editing by Milla Nissi-Prussak)
Corporate governance refers to the systems, principles, and processes by which companies are directed and controlled, ensuring accountability, fairness, and transparency in a company's relationship with its stakeholders.
A management board is a group of individuals who are responsible for overseeing the operations and strategic direction of a company, typically including senior executives and directors.
A financial crisis is a situation in which the value of financial institutions or assets drops rapidly, often leading to a loss of confidence in the financial system and causing economic instability.
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