Reuters: Bankruptcy News: Poland's PBG picks Rafako chief to be CEO

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Poland's PBG picks Rafako chief to be CEO Jun 29th 2012, 11:40 WARSAW, June 29 | Fri Jun 29, 2012 7:40am EDT WARSAW, June 29 (Reuters) - Troubled Polish builder PBG has chosen Wieslaw Rozacki, head of its Rafako subsidiary, to replace co-founder Jerzy Wisniewski as chief executive, the company said on Friday. Wisniewski, PBG's largest shareholder, and his deputy Przemyslaw Szkudlarczyk resigned from their posts on Thursday, taking up positions in its supervisory board. Management at debt-laden PBG has come under pressure as the company ran into financial difficulty because of infrastructure contracts, often with razor-thin margins, for the Euro 2012 soccer tournament, co-hosted by Poland and Ukraine. The company was granted bankruptcy protection by a Polish court this month. Its shares gained 5 percent on Friday's news, only chipping away at the 92 percent fall in value this year. ($1 = 0.8047 euros) (Reporting by Adrian Krajewski; Editing by David Goodman)

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