Rotacje zarządów polskich spółek publicznych w warunkach kryzysu gospodarczego

The paper examines selected aspects of management reshuffles in Poland’s exchange-listed companies. Specifically, the analysis focuses on the dismissal and appointment of chief executive officers by the companies’ supervisory boards in 2006-2009. The author identifies the possible causes for these changes. The research shows that company chairmen come and go. According to Urbanek, these reshuffles did not intensify after an economic crisis hit companies and their shareholders in 2008, leading to falling sales, lower profitability and a decreased market value. The frequency of management reshuffles at a time of crisis is similar to that observed under an economic boom, Urbanek says. He concludes that the form of ownership has a greater influence on staffing decisions made by supervisory boards than the company’s economic performance.