Orlen’s share price went up. Is this the result of Daniel Obajtek’s dismissal?

Just following 9:00 a.m., i.e. following the opening of quotations on the Warsaw Stock Exchange, the price for one Orlen share was PLN 62.00. At 11:00, just following the news of Daniel Obajtek’s dismissal reached the market via a stock exchange announcement issued by the company itself, one share of the fuel concern already cost PLN 64.96. After forty minutes, the price had already broken the level of PLN 65, and before 1:00 p.m. the shares of the Płock company had increased by 3.62%. to the level of PLN 64 93 gr.

At closing, at 17:00, one Orlen share cost PLN 65.55. This is the highest since December 28, 2023, when the Orlen share price was PLN 66.11.

On Wednesday, January 31, at the close of quotations on the WSE, the price of Orlen’s shares was PLN 62 and 66 groszy, and the morning trading on Thursday started at PLN 62 and 45 groszy. During the day, Orlen’s share price gained 4.61 percent.

PKNORLEN

  • Openly
    65,7600

  • Max
    66,4500

  • Min
    65,2000

  • Reference rate
    65,5500

  • Total volume
    573 277

  • Total turnover
    37 773 684,16

  • Bottom fork
    59,1900

  • Top forks
    72,3300

Compared to the entire WIG20 index, which includes 20 companies from the WSE with the largest capitalization, including Orlen, the Płock company is doing much better – WIG20 was gaining 0.9 percent around 1 p.m. It ended the session with an increase of 1.15 percent.

The fact of Daniel Obajtek’s dismissal is actively commented on social media – and commentators emphasize, among others: this is how stock market investors reacted to this information. Prime Minister Donald Tusk, who was visiting Brussels, commented on the matter. “The meaning of the change in Orlen is best expressed by today’s activity on the stock exchange – this is a very accurate assessment. It is not an art to build such a pseudo-power with the help of the government’s political care – it has nothing to do with economic success. With the help of the state, Lotos was added through the merger, newspapers and energy companies were purchased. This does not mean that we were dealing with a talented manager,” said the Prime Minister, as his office reported on social media.

“Let the career of PiS’s Dyzma be summed up by Orlen’s share price following his dismissal,” wrote the Minister of State Assets, Borys Budka, on website X. Last year, Budka loudly expressed his expectations that Daniel Obajtek should resign himself.

“Orlen breathed a sigh of relief,” said the Minister of Sport, Sławomir Nitras, adding a chart of Orlen’s shares to the entry on the X website.

“The stock exchange’s reaction to Obajtek’s dismissal from the position of President of Orlen says a lot,” KO MP Agnieszka Pomaska ​​echoed him, also sharing a chart of the fuel company’s share price with Internet users watching her.

Daniel Obajtek has been the head of Orlen since February 6, 2018. He replaced Wojciech Jasiński, the first president of Orlen appointed by PiS. Before he became the president of Orlen, Obajtek acted, among others, as a local government official and official. In the years 2002-2006 he was a councilor, and in the years 2006-2015 the mayor of the Pcim commune. From November 2015 – following PiS took power – he was the president of the Agency for Restructuring and Modernization of Agriculture, and in 2016 he became its president. Then, in 2017, he became the president of the Energa group – he held this position until taking over the position of president of the management board of Orlen. In 2016-2018, he was also a member of the supervisory board of Lotos Paliwa.

Under the management of Daniel Obajtek, Orlen carried out a number of acquisitions. The most important of them include the merger with Energa in 2020, with Lotos in 2022 and with the gas giant PGNiG in the same year. The takeover of Lotos in particular was and still is the most controversial. The company’s management is accused of selling shares in the Gdańsk Refinery to the Saudi concern Saudi Aramco (as part of the implementation of the so-called remedial measures ordered by the European Commission) at too low a price. At the end of January, the prosecutor’s office announced that it was starting an investigation into the megamerger.

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