In a surprising announcement, Pawel Tamborski has issued a statement following his resignation as the CEO of the Warsaw Stock exchange. He will remain in his position until the 31st December.
The statement issued is below:
The Exchange and capital markets require stability and consistency. Polish companies should have straightforward access to capital, to support their development and strengthen the Polish economy.
Based on my many years of professional experience, trust is the most aspect of relations between management and shareholders. I have never been a politician. At the Ministry of Treasury, I arrived as an expert from the markets. I was proud, and I remain proud, that I could utilise my professional experience to help Poland.
For over a year, along with my colleagues in the Management team, we have managed the Exchange effectively. We prepared a new strategy and are executing that strategy accordingly. 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. Furthermore, despite a difficult market backdrop, GPW has delivered improved financial results, quarter by quarter. Strict cost discipline has noticeably lead to a faster rate of profit growth.
The improving share price and dividend payout during the current management’s term have resulted in a return of 22% – which is the most accurate measure of our success.
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. Without key actions in this area, further development of the Polish capital markets will be harder due to international competition.
I wish GPW further development and count on the fact, that the Polish capital market, supported by the Polish government, will become one of the strongest European markets. We have such an opportunity.