CEO of restructured Polish airline LOT resigns unexpectedly after overseeing reform

MarketsAssociated Press

The CEO of Poland's national airline, who is widely credited with turning around the company, has resigned unexpectedly.

The airline, LOT, said Tuesday that Sebastian Mikosz will stay on until Sept. 17.

Continue Reading Below

Spokesman for the Treasury Ministry, Emil Gorecki, told The Associated Press that the resignation was accepted, but was a surprise as talks are underway with a potential LOT investor.

Mikosz led LOT since Feb. 2013, when the carrier was close to bankruptcy despite some 100 million euros in state aid. That outside financing put LOT at odds with the European Commission. Mikosz introduced a stern reform plan, cutting jobs and overhauling flight routes. The airline made a net profit last year.

Observers said Mikosz resigned in protest of the ministry dragging its feet in talks with the investor.