Fedko Steps Down at Poland’s Srubex

John Wolz

Srubex SA CEO, Wojiech Fedko confirmed to Fastener & Fixing Europe that he will leave the Polish fastener manufacturer in March. Fedko was appointed general manager in June 2003 to lead the privatization of the state-owned operation.

Fedko had spent 11 years in Canada including Army officer service and completion of his MBA in Western Ontario. At age 32 Fedko returned to Poland to head Srubex.

“The biggest initial challenge was to change the outlook of the people,” Fedko told Fastener & Fixing Europe. “There was a wealth of knowledge in making bolts but also real uncertainty in the minds of people who had gone through so much before.”
In addition to a strong union workforce, Fedko grappled with both local and national political interests. Within six months the challenges were compounded by upheaval in the raw material market.

“In one sense, it simplified issues,” Fedko reflected. “Material increases hit so fast we had no choice but tell customers to their face that prices were going up.”

In February 2005, following an IPO on the Warsaw Stock Exchange Srubex SA was formed, providing initial investment for modernization of the plant.
“The company is liquid, making profit in 2005, and has performed better in the last two years than in any of the previous ten,” Fedko declared.

However, key equity holders demanded rapid high returns on a less than 12-month-old investment. After not reaching an agreement for 2006 targets and signals that investors would hold back on funding, Fedko tendered his resignation in December.
In November he had commented to the European magazine, “We prepared the IPO in six months, sold 813,000 shares in two weeks flat, and rang the bell at the Warsaw Exchange. We raised the capital and won the support to achieve radical change in the business and drive it forward. Immediate high returns, though, are simply not feasible in fastener manufacturing, particularly in the current market. It takes months to acquire and bring new machinery into full production. It takes longer still to turn the new capability into full volume of orders. There is a real future for Srubex as a quality fastener manufacturer but it requires sustained support from all stakeholders.” �2006 Fastener & Fixing Europe and FastenerNews.com