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23 October 2003 - The board of CEZ, the Czech Republics state-owned power utility, sacked its Chairman and Chief Executive Jaroslav Mil on Thursday following a row with the government over a plan to bid for a majority stake in coal mine Severoceske Doly (DOLY.PR), put up for sale by the state in a privatisation tender.
Industry and Trade Minister Milan Urban said on Wednesday that there was other reasons for his dismissal, but would not disclose them.
Mil was popular with investors and analysts having presided over the company since 2000. He has overseen the construction of a strong eastern European power group and the takeover of regional power distribution companies earlier this year.
"The first market reaction should be negative. CEZ under Mil was perceived as an expansive company which succeeded in its own restructuring," HVB Bank's analyst Michal Rizek said ahead of the decision.
Tensions between the management and state-dominated supervisory board escalated last week when CEZ bid for Doly and another coal company, despite criticism by the industry and finance ministers that it should focus on acquisitions in Bulgaria and Slovakia instead.
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