New direction for Polish shoe manufacturer
Protektor – Poland’s leading manufacturer of work, military and fire brigade footwear is back in business.
Recently, the company’s board of directors sacked their managing director, Krzysztof Michalski, who was supported by a group of shareholders connected with controversial businessman and investor Ryszard Janiszewski.
After Janiszewski took over control in 1999, the Warsaw Stock Exchange-listed-company quickly began investing in various stock companies – a move which generated considerable losses. It was even suggested by the Polish financial newspaper ‘Rzeczpospolita’ that the investments were only made so funds could be transferred out of Protektor to other stock companies controlled by Janiszewski.
Against this background, other investors including WBK Bank and the Polish Treasury began their attempts to regain the control of the company and it appears their efforts have paid off, as most of those directors supported by Janiszewski have resigned. A temporary managing director has now been installed and one his first actions was to declare an end the company’s investments in stocks. Instead concentrate on what it has always done best, ie. produce military and work footwear.
A clearer picture of the company’s new direction is expected to emerge at a general shareholders’ meeting, scheduled for May 21 at the latest.
