Changes to the composition of the management board of UNIMOT S.A. Company’s founder and main shareholder has become its new president

Date of publication: 21.08.18

The Supervisory Board of UNIMOT S.A. at the meeting held on 21st August 2018 decided to make changes to the composition of the Management Board of the Company. The President of the Management Board, Mr Maciej Szozda, and the Vice-President of the Management Board, Mr Marcin Zawisza, were removed from their positions. Simultaneously, the Supervisory Board appointed Mr Adam Sikorski, the previous President of the Supervisory Board to the position of the President of the Management Board. The Vice-President of the Management Board became Mr Marek Moroz, who previously held the position of the Group’s Finance and Development Director.

The Management Board of UNIMOT S.A. since 21st August has been functioning in the following composition: Mr Adam Sikorski – President of the Management Board, Mr Robert Brzozowski – Vice-President of the Management Board, Mr Marek Moroz – Vice-President of the Management Board.

Mr Adam Sikorski is the founder and the main shareholder of UNIMOT S.A., who owns the total of 64,5% of shares (through entities: Unimot Express Sp. z o.o. and Zemadon LTD).

– Considering the present situation of the UNIMOT Group the Supervisory Board recognised that Mr Adam Sikorski, who perfectly knows and understands the Group’s operations, especially in this more difficult period in the Group’s activity, will be the best candidate to the position of the Management Board’s President and will guarantee that its restructuring activities will be faster and more effective – said Mr Piotr Cieślak, the Chairman of UNIMOT Supervisory Board’s Audit Committee.

Mr Adam Sikorski has been co-creating the UNIMOT Capital Group since 1992. Since 2015 he has also been the President of the Management Board of PZL Sędziszów S.A. – domestic producer of filters for the motor industry. He is a graduate of International Economic Relations course of the Polonia University of Czestochowa. He has completed post-graduate Executive MBA course and in 2013 was awarded the diploma of Executive Doctor of Business Administration – EDBA at the Institute of Economic Sciences of Polish Academy of Sciences in Warsaw.

– I would like to thank the Supervisory Board for the trust and declare that I will do my best to ensure Group’s fast development and improvement of its financial situation. The Group’s strategy for the years 2018-2023 has not changed and I am convinced that implementation of the actions included in it will contribute to building the long-term value of the Company. This is not only important to me, but first of all with regard to benefits for our shareholders, which are a priority to me – said Mr Adam Sikorski, President of the Management Board of UNIMOT.

Following his appointment to the composition of the Management Board, on 21st August 2018 Mr Adam Sikorski submitted his resignation from the position of the President of the Supervisory Board of UNIMOT.

The nomination of Mr Marek Moroz, a manager and expert of many years in the area of finances supplements directly the composition of the Board with the position of the Financial Director.

– Mr Marek Moroz possesses competences that should significantly strengthen the Management Board in the restructuring process, he knows the Group very well and since April of the present year he has been in charge of its finances. The Board recognised that it would be justifiable to include this function directly into the composition of the Board, which will not only strengthen the financial controlling within the Group but is also a common market practice – adds Mr Piotr Cieślak.

Mr Marek Moroz in previous years worked, among others, for investment and commercial banks (SG Warburg, Rabobank, HSBC and Citi-Handlowy), and also for PKN ORLEN and Grupa ENERGA. He is the graduate of the Main School of Planning and Statistics (currently the Warsaw School of Economics).

As a result of the cost discipline maintained by the Group the composition of the Management still includes three persons. Justifying the resolutions, the Supervisory Board indicated that the changes to the Board’s composition were driven, among others, by different from the Board’s expectations rate of restructuring actions implementation, which had been foreseen in the UNIMOT Group’s strategy for 2018-2023.

– The previous steps taken in this area have been evaluated as unsatisfactory. The Board’s expectations were much higher. We believe that the decisions made will accelerate the processes in this area. Simultaneously, we expect that the efficiently run restructuring process, after its full implementation, will be reflected in the Group’s financial results. The Supervisory Board will actively monitor the Management Board’s actions in this scope – adds Mr Piotr Cieślak.