Petrol's Supervisory Board enters into an agreement to end the terms of office of Management Board members

Ljubljana, 24 October 2019 – The Supervisory Board of Petrol d.d., Ljubljana hereby announces that three members of Petrol’s Management Board agreed with the Supervisory Board to end their terms of office early through mutual agreement. The terms of office of Management Board members Tomaž Berločnik, Rok Vodnik and Igor Stebrnak thus end effective today. Ika Krevzel Panić will continue as Management Board member and Worker Director.

Nada Drobne Popović, the current president of the Company's Supervisory Board, will take over as Management Board president until such time as a new Management Board is appointed. She will not perform her duties as Supervisory Board member during this time. The Supervisory Board also appointed Danijela Ribarič Selaković, the current director of strategic cost management at Petrol, as a new Management Board member.

Nada Drobne Popović reiterated that Petrol is operating successfully and will continue to operate according to its business plan. There has been, however, significant dissonance between the Management Board and the Supervisory Board as regards the execution of the Company's strategy, leading to the terms of office of Management Board members being ended by mutual agreement. Ensuring business growth and increasing the profitability of operations while maintaining the commitment to sustainable development continue to be the main principles underpinning the preparation and implementation of the strategic plan.