Polish insurance group PZU SA informed that on 27 April 2022, the Company's Supervisory Board adopted a resolution to appoint Piotr Nowak to the PZU SA Management Board and entrust him with discharging the function of being a PZU SA Management Board member.

"This resolution comes into force at the time of its adoption. This appointment takes place on 28 April 2022 for a joint term of office spanning the three full financial years from 2020 to 2022".

Piotr NOWAK is a Polish economist, cyberneticist and civil servant, undersecretary of state at the Ministry of Finance from 2015 to 2020, advisor to the managing director of the International Monetary Fund from 2021, and Minister of Development and Technology from 2021 to 2022.

Graduate of the Faculty of Cybernetics at the Military University of Technology in Warsaw (2003) and of Finance and Banking at the Warsaw School of Economics (2006). He also completed doctoral studies at the Warsaw School of Economics (2003-2005). He holds an Executive MBA title from the Warsaw University of Technology Business School and a CQF (Certificate in Quantitative Finance). Graduate of the postgraduate program "International Security" at Stanford University in the United States.

From 2004 he worked as a currency dealer in PKO Bank Polski, then from 2005 to 2006 he was employed in CALYON Corporate & Investment Bank London as a specialist for bonds and derivatives in Central and Eastern Europe.

From 2006 to 2010, he worked as Vice President at a London-based hedge fund owned by the Swiss Re group, responsible for portfolio management with a strategy on debt instruments, stock index derivatives and emerging market currencies.

From 2010 to 2011 employed as a prop trader at Espirito Santo Investment Bank Poland, and from 2011 to 2014 at PKO TFI as deputy director of the debt securities portfolio management department.

From February to August 2015, he was an economic affairs expert at the Chancellery of the President of the Republic of Poland, then, from October to December 2015, a senior portfolio manager at Money Makers TFI.

From December 2015 to December 2020, he served as Undersecretary of State at the Ministry of Finance. As of January 2021, he was advisor to the Managing Director of the International Monetary Fund in Washington, DC, and Deputy Director of the Monetary Policy and Capital Markets Department at the IMF.

From October 2021 to April 2022, he served as Minister of Development and Technology.