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Cyfrowy Polsat Plunges as CEO Libicki Unexpectedly

By Konrad Krasuski and Piotr Bujnicki - Oct 29, 2014

Cyfrowy Polsat SA, Polands largest media group, slumped the most in a year after Chief Executive
Officer Dominik Libicki unexpectedly resigned amid differences over the companys expansion
Cyfrowy, controlled by billionaire Zygmunt Solorz-Zak, had been among the most rapidly growing
media groups in central Europe under Libicki, 51, who took the post in 2001. Its market value has
surged almost five-fold since the 2008 initial public offering to the current $4.9 billion as the Warsawbased company became the largest pay-TV broadcaster and bought mobile-phone operator Polkomtel
Sp. z o.o. from Solorz-Zak.
Libicki was the architect of Cyfrowys market success and corporate governance transparency,
Wlodzimierz Giller, an analyst at PKO Bank Polski SA in Warsaw, said in a note. His departure casts
doubt on the companys strategy and expansion.
Cyfrowy shares plunged as much as 6.6 percent, the biggest decline since November 2013, and closed
6.3 percent lower at 25.2 zloty in Warsaw. The stock has still gained 27 percent this year while the
benchmark WIG20 Index rose 2 percent.

Investors Trust
The supervisory board accepted Libickis resignation and acknowledged the fact the groups goals and
strategy remain unchanged, while the differences emerged over the ways of their implementation,
Cyfrowy said in a statement late yesterday.
The resignation wasnt linked to any acquisition or merger transaction and one shouldnt read more
into it, Solorz-Zak said in an e-mailed response to Bloomberg News questions today.
I know investors trust is very important, Solorz-Zak said. I can assure investors that nothing will
change in this respect.
Polkomtel General Director Tomasz Gillner-Gorywoda replaced Libicki as a new CEO, according to
Cyfrowys statement.
Gillner-Gorywoda looks not to have operating experience in the media and telecom areas, Konrad

Ksiezopolski, head of equity research at BESI Grupo Novo Banco in Warsaw, said in a note. Cyfrowy is
currently in a very crucial moment, in the process of integrating with recently acquired Polkomtel and
transforming its business model into as we call it modern telecom.
Cyfrowys Polkomtel had a 27.7 percent of share in the telecommunications services market in Poland
in June, outrun only by Orange SA (ORA)s domestic unit, according to the companys presentation on
its website. The group is the leader in pay-TV with a 34 percent market share.
The nomination of someone who previously headed Polkomtel as the new CEO suggests that the
company may focus on the telecommunications division, Wood & Co. said in a note.
To contact the reporters on this story: Konrad Krasuski in Warsaw at; Piotr
Bujnicki in Warsaw at
To contact the editors responsible for this story: James M. Gomez at Pawel
Kozlowski, Wojciech Moskwa