The ninth edition of SEC Newgate’s “Valuation of CEOs #TOP30 of the Polish Stock Exchange” ranking brought significant changes at the top of the list. Although the financial sector remains strongly represented, this year’s edition brought changes to the podium.
Once again, Michał Gajewski, CEO of Santander Bank Polska, was named the leader of the ranking, recognized as the highest-valued CEO of 2025. Marek Piechocki, CEO of LPP, moved up to second place, improving his position by two places compared to last year’s ranking. The podium is closed by Andrzej Szydło, CEO of KGHM, who is making his debut in the ranking.
In the previous edition of the ranking, presidents of state-owned companies were not taken into account due to their failure to meet the condition of holding office for at least 15 months. Andrzej Szydło took over as president of KGHM in March 2024, which allowed him to be included in this year’s edition. At the end of January 2025, the company announced his dismissal, but due to the advanced stage of work on the report, it was decided to leave him in the ranking.
The ranking also includes other presidents of state-owned companies: Grzegorz Lot (Tauron, 11th place), Grzegorz Kinelski (Enea, 15th place), and Tomasz Bardziłowski (WSE, 26th place).
Last year’s runners-up, Brunon Bartkiewicz, who ended his 30-year career at ING Group, and Roy Perticucci, who served as CEO of Allegro for less than four years, dropped out of the ranking.
The period covered by the analysis, from April 2024 to June 2025, was characterized by a marked economic acceleration and growing investor activity on the capital market. The Polish economy achieved its highest growth rate in three years, and the Warsaw Stock Exchange recorded high turnover and another successful public offering, strengthening its position in the Central and Eastern European region. This was facilitated by, among other things, interest rate cuts, the return of inflation to its target, and the growing attractiveness of long-term instruments.
These processes resulted in a clear strengthening of the Warsaw Stock Exchange’s position as a regional capital market center. Record turnover, historic index levels – including the WIG20 exceeding 3,000 points – and the development of the product offering increased the competitiveness of the Warsaw Stock Exchange in the eyes of international investors.
As emphasized by Zofia Bugajna-Kasdepke, CEO of SEC Newgate CEE:
“The total value of the top three managers included in the ranking amounted to PLN 4.39 billion. This represents a 30% decrease compared to the previous year, which, however, should be interpreted in a broader personal and market context.”
This result was primarily influenced by personnel changes in top management positions, market reactions to the departure of CEOs, and the performance of the analyzed companies’ share prices. At the same time, the capital market in Poland remained stable – over the past two years, the WIG index has risen by almost 50%, and personnel decisions in companies have less frequently than before triggered violent reactions from investors.
This report is not a recommendation. Nor is it an attempt to value the entire company.
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