LOT Sale Talks To Continue After CEO Departure

August 18, 2015

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Poland's treasury said it will continue talks with a potential investor for flag carrier airline LOT despite the resignation of its chief executive.

CEO Sebastian Mikosz, who helped save LOT from bankruptcy, unexpectedly resigned from his post on Tuesday. Media reports said he left after 2-1/2 years because the treasury, which controls LOT, had stalled talks with an investor.

"Justifying his decision, chief executive Mikosz said that his mission, entrusted him in February 2013, has been fulfilled," LOT said in a statement.

The company declined to comment on the reports of a row.

"I was surprised to hear the news that Sebastian Mikosz had resigned from the CEO post in such an important moment, during advanced talks with a potential investor," the treasury official responsible for LOT, Wojciech Chmielewski, said in a statement.

"Sebastian Mikosz's decision does not change our plans. The treasury will continue talks with an investor leading to inking an investment agreement," he said, denying that the ministry was stalling negotiations.

Media reports said the treasury was in talks with Indigo Partners, a US private equity firm and lead investor in London-listed Hungarian low-cost airline Wizz Air.

The ministry declined to comment on the reports.