Ljubljana, 18 March (STA) - The supervisory board of food group Zito appointed a new management board headed by Anton Balazic on Wednesday, the group said in Thursday's statement posted on the website of the Ljubljana Stock Exchange.
The four-member board consisting of Balazic, Erik Zunic, Sandi Svoljsak and Peter Rajacic was appointed to a five-year term. While Rajacic is a member of the existing management board, Balazic, Zunic and Svoljsak are new to the board.
Balazic will take over from Iztok Bricl at the wheel of Slovenia's biggest producer of bread and pasta.
The appointments were made despite the opposition of one of the members of the supervisors board, Marko Notar, who stepped down in protest.
The board shuffle has also angered small shareholders, who say that the replacement of Bricelj was rushed by head of the supervisory board Janez Bojc. They say he wanted to name a new management board to take advantage of support from the workers' representatives in the supervisory board before a new works council is appointed on Thursday.
The small shareholders praised Bricelj's leadership and put his replacement down to a long-running feud with chair of the state-run Pension Management Fund (KAD) Borut Jamnik. KAD owns around 15% of Zito, making it the biggest single owner.
The small shareholders are also livid that they have not been invited to a meeting of key shareholders called for today in spite of the fact that their combined stake in the company is 30%.