PZU insurer CEO's change with no impact on group's reorganisation schedule, says board member

"The change in the position of CEO does not affect the schedule or halt preparations. (...) We are currently in the process of preparing for the division," acting CEO Tarkowski told the conference following the release of PZU's semi-annual financial report.

Tomasz Tarkowski has been appointed as acting CEO of the group after the supervisory board dismissed the previous CEO Andrzej Klesyk at the beginning of August.

The Ministry of State Assets (MAP) justified the dismissal with the need for more effective implementation of the development strategy. The search for a new CEO has begun, with the deadline for applications in the competition set for September 5, 2025. Tarkowski announced on Thursday that he would not be participating in the competition.

At the beginning of June, PZU SA and listed lender Bank Pekao signed a cooperation agreement, which is ultimately intended to lead to the reorganisation and increased efficiency of the capital group. It was reported that the potential transaction would result in the release of surplus capital of up to PLN 20 billion (EUR 4.7 bln).

The new group will be headed by a bank, not an insurer. To achieve this, PZU SA will first need to be split up by spinning off a holding company and a wholly-owned subsidiary conducting operations in the field of property and other personal insurance. Next, the holding company PZU SA will be merged with Bank Pekao SA as the acquiring entity. Ultimately, a single company will be listed on the Warsaw Stock Exchange.

The shareholders of PZU SA (the holding company) will receive Pekao shares currently held by PZU, as well as newly issued Pekao shares.

According to the memorandum, the transaction, i.e. the merger of Bank Pekao and PZU, after the spin-off of its operating activities, is to take place by June 30, 2026.

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