Cezary Stypulkowski stood down as President of the Management Board of mBank effective immediately, and as noted by the Board, the resignation letter had been submitted following arrangements made with the bank's Supervisory Board, forming an integral part of the succession process for the position of mBank's CEO. Stypulkowski was appointed as the bank's CEO in 2010 and prior to that he had worked for PZU, J.P. Morgan and J.P. Morgan Investment Bank in Central and Eastern Europe. Meanwhile, Cezary Kocik was appointed as acting CEO.