VSŽ sacks leaders, Rezeš and son take over

KOŠICE - Slovakia's largest steel company, VSŽ, staged a personnel reshuffle at a February 27 extraordinary general meeting (EGM), removing company president and three vice-presidents and nominating Július Rezeš, the son of the largest shareholder, Alexander Rezeš, as the company's new president.
The outgoing members of the board of directors are Ján Smerek (former President), Ján Seňo (former Vice-President for Finance), Ladislav Drábik (former Vice-President for Management) and Anton Jura (former Vice-President for Strategy).
The EGM reduced the number of board members from seven to six, and appointed two new members: Viktor Háber and Pavol Miškov. The EGM also reduced the number of supervisory board members from five to four and changed the name of the company to VSŽ Holding a.s.

KOŠICE - Slovakia's largest steel company, VSŽ, staged a personnel reshuffle at a February 27 extraordinary general meeting (EGM), removing company president and three vice-presidents and nominating Július Rezeš, the son of the largest shareholder, Alexander Rezeš, as the company's new president.

The outgoing members of the board of directors are Ján Smerek (former President), Ján Seňo (former Vice-President for Finance), Ladislav Drábik (former Vice-President for Management) and Anton Jura (former Vice-President for Strategy).

The EGM reduced the number of board members from seven to six, and appointed two new members: Viktor Háber and Pavol Miškov. The EGM also reduced the number of supervisory board members from five to four and changed the name of the company to VSŽ Holding a.s.

"These changes have been made in line with a long-term strategy which goes to the year 2020," VSŽ spokesman Jozef Marko told journalists. "The main goal of this strategy is to split operating management and strategic management."

The board of directors is now made up of Július Rezeš (President), Jaroslav Bilík (Vice-President for Strategy), Pavol Miško (Vice-President for Finance and formerly director of Trade Trans Import, the exclusive supplier of strategic materials to VSŽ), Ľubomír Solár (Vice-President for Management), Igor Grega (Vice-President for Services), Viktor Háber (Vice-President for External Relations and previously head of Alexander Rezeš's office).

Smerek replaced Alexander Rezeš as the supervisory board chairman. Along with him there are Alexander Rezeš, Ladislav Drábik and Jaroslav Grúber. All supervisory board members are representatives of major VSŽ shareholders.

The long-term company strategy should be decided by the supervisory board and short-term operations by the board of directors, Marko continued. "Another goal of the long-term strategy is the creation of a multinational holding company, active in various fields and competitive on international markets," Marko said.

VSŽ is Slovakia's biggest exporter and one of the largest companies in the country. It is also the second most heavily capitalized share on the Bratislava Stock Exchange (BSE) with a market capitalization of 10.8 billion crowns and a share price of around 635 Sk.

The EGM approved a rule requiring the supervisory board's approval of any loan taken by VSŽ which exceeds 25 percent of the company's basic capital. The same rule will apply if any creditor's total loans extended to VSŽ exceed 25 percent of company's basic capital.

Back in 1996, VSŽ posted 1.3 billion crowns in consolidated net profit. But in February 1998, the company said it expected a substantial drop in 1997 profits due to unfavorable exchange rate developments and a fall in world steel prices.

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