Poland’s second richest man, Zygmunt Solorz has escalated a family feud by removing his two sons, Tobias Solorz and Piotr Zak, from the supervisory board of utility company ZE PAK SA.
This move deepens the internal power struggle over control of Solorz’s expansive business empire, which spans multiple sectors, including media and telecommunications.
During a shareholders’ meeting on Monday, ZE PAK’s stakeholders voted to remove Tobias and Piotr from their roles on the company’s supervisory board.
Zygmunt Solorz, who owns nearly 66% of ZE PAK, participated remotely but did not provide any explanation for the sudden shakeup. The vote marks a significant development in the ongoing family dispute, highlighting the growing tensions over control of Solorz’s conglomerate.
The timing of the decision is particularly noteworthy, as it occurred just a day before another key meeting, this time of shareholders in Solorz’s flagship company, Cyfrowy Polsat SA.
The agenda for this meeting also includes potential board changes, suggesting that the family feud may soon affect the governance of this major telecom and media company as well.
Cyfrowy Polsat is the cornerstone of Solorz’s vast holdings, and any boardroom upheaval there could have far-reaching implications for the entire business group.
What to know
The roots of this dispute became more visible last month when Solorz’s children raised concerns about potential power struggles within the family.
They sent a letter to the management of Cyfrowy Polsat, expressing fears of attempts to take control of the family foundations that oversee both ZE PAK and Cyfrowy Polsat.
According to the letter, these concerns were allegedly linked to Solorz’s current wife, Justyna Kulka, who the children claimed might be influencing decisions to consolidate control.
In response, Zygmunt Solorz issued his letter, signaling his intent to remove his sons from leadership roles within his companies. He justified the move by stating that their involvement had not contributed to the stability or performance of the businesses.
This public exchange of letters between Solorz and his children highlights the growing divide within the family over the future direction of the empire.
The corporate upheaval has not gone unnoticed in the financial markets. On Monday, ZE PAK’s shares dropped 3.1%, heading for their lowest close in over two years. Cyfrowy Polsat also saw its stock decline by as much as 1.4%, reflecting investor uncertainty amid the internal turmoil.
As the power struggle continues, the future of Solorz’s business empire remains uncertain, with family dynamics increasingly influencing the strategic direction of some of Poland’s most prominent companies.
