B. Shoylekov: Orgachim To Have a New CEO in a Month

B. Shoylekov: Orgachim To Have a New CEO in a Month

„Yes, Ivan Sokolov is no longer CEO, but there are no major changes in the company. The management stays unchanged and the company will continue to follow its strategies,“ said Boyko Shoylekov, who has been appointed CEO designate.

„I can assure you that there is no tension inside the company. There was a certain confusion over the past several days, but talks have been held with workers' representatives and everything is back to normal,” he added.

Boyko Shoylekov also said that the majority shareholder will decide on a suitable candidate for the CEO position within a month's time. Mr. Shoylekov could not give any specific dates as to when the new CEO will officially take the position.

„The company has always worked with one person, responsible for the management of both Policolor and Orgachim. This is why we will be looking for someone suitable to run both companies,“ Shoylkov pointed out.

„I am looking forward to hearing more information from the company as to the reasons for replacing the CEO. I think it is not only difficult, but also inappropriate to make comments from aside, without any facts provided by the company itself. I hope the change will be for the best,”said Daniela Petkova, POK Doverie CEO. She said that if the rumors about a tension between the majority shareholder and the CEO are true, then Sokolov's resignation has come as the solution to the problem.

Mrs. Petkova is optimistic about the company's future, but pointed out that it was very important to know who will be the new manager and how he/she intends to run the company from now on. “As far as the CEO designate Mr. Shoylkov is concerned, I am sure that he knows the company very well,”she added.

„We saw how the news has already affected the stock price,“Petkova added. In her opinion, the price right now is very attractive. “I think Orgachim is a very good company, in which we trust,” she pointed out.

Nadya Nedelcheva, Advance IPO portfolio manager, was not that optimistic.

„There will be pressure on the stock price until the public receives more information,” she said. “The H1 report shows somewhat better results in Q2 compared with Q1, but as a whole, the company is not doing as well as last year,” Nedelcheva said. The report coincided with the management shake-ups and that will definitely hurt the stock price, she added.

Nedelcheva also said she did not believe the public will get the full truth about the reasons that lead to the replacement of the CEO.

„In my opinion, if there indeed was tension between the CEO and the majority shareholder, as rumored, it was because of disagreements regarding the restructuring of the company. Of course this may not be the sole reason for the CEO's resignation .

Daniea Petkova commented on the restructuring as follow:“I don't know what is the reason for the division of Orgachim. As far as I know, the company is separating two different production activities. The important thing is how assets will be divided.”
Earlier today shares were traded at levels below 160 leva. There were transactions at 153.11 – 153.1 leva.

We remind that Ivan Sokolov submitted his resignation from the CEO position at a meeting with the Supervisory Board held July 30. The resignation is effective as of August 1. The reasons are differences between his and the Board's opinions as to the company's future development. Sokolov has been with Orgachim since 2000.

Mr. Sokolov told Profit.bg that the differences have arisen as a result of the commercial, marketing and development policy the company has been following.

The purpose of this article is informational. It expresses the personal opinions of the people quoted. This is not a recommendation for buying/selling stock.

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