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LOT Polish Airlines fires CEO and files for public aid in revived turnaround plan

Dec 15, 2012 1:03 am

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The government failed to sell the airline during its first attempt in 2011 and is now putting into motion plans to restructure the airline before trying to sell it again.

— Samantha Shankman

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Polish airline LOT dismissed Chief Executive Officer Marcin Pirog, citing the performance of the state-owned company under his leadership.

Pirog will be replaced on an interim basis by Chief Financial Officer Zbigniew Mazur, Warsaw-based LOT, as Polskie Linie Lotnicze Lot SA is known, said in an e-mailed statement.

The airline’s supervisory board, which decided to fire Pirog at a meeting today, is still confident an existing turnaround plan will lead to “profitability in a very short time and will bring stabilization,” the company said.

LOT lost a potential buyer in June when Turk Hava Yollari AO, or Turkish Airlines, ended talks because of European Union rules capping outside ownership.

With Poland poised to enter recession for the first time since communism fell, LOT is now seeking to sell stakes in a domestic arm together with catering, casino and fuel operations.

Editor: Chris Jasper. To contact the reporter on this story: Alex Webb in Frankfurt at awebb25@bloomberg.net. To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net.

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