President of the Jury

barbaraBarbara Nowakowska

Managing Director of PSIK, the Polish Private Equity and Venture Capital Association.

Barbara Nowakowska has been managing PSIK for 11 years, working for promotion and development of private equity/venture capital industry in Poland and representing interests of the Polish private equity community.

Barbara Nowakowska served as an expert on the Polish private equity and venture capital at the European Commission. Prior to joining PSIK in 2003, Barbara Nowakowska was a board member of an independent Polish telecom operator El-Net S.A. She gained experience in private equity industry at Enterprise Investors. At the beginning of transformation, she worked at the Ministry of Privatisation.

Barbara Nowakowska holds an MA degree in economics.


Members of the Jury


Igor Chalupec


CEO of ICENTIS Capital specialized in private equity transactions and CEO of RUCH SA – one of the largest press distributor in Poland. Member of company supervisory boards in: Bank Handlowy SA, Budimex SA and in the past i.a. Warsaw Stock Exchange, PZU Życie SA. Winner of many awards and honors.


gdanskiPrzemysław Gdański

Vice President of the Management Board, Head of Corporate & Investment Banking, mBank S.A. (Commerzbank Group).

Authorized vote: Michał Popiołek – Head of Structured and Mezzanine Finance in mBank (former BRE Bank), Commerzbank Group.

 Przemysław Gdański graduated at the University of Gdańsk (MSc. In Economics) and completed a one-year program in international banking and finance at Loughborough University in the UK. In 2012 completed AMP at IESE. He has over 20 years of experience in corporate and investment banking.

From 1993 to 1995 he worked for IBP Bank SA, then for ABN AMRO Bank in Poland, Romania and in the headquarters in Amsterdam. From 2002 to 2006 he was the Managing Director of Large Corporates Division in BPH Bank. From May to November 2006 – CEO and General Director of Calyon Bank Polska and Calyon SA Branch in Poland. In November 2006 he took the position of Deputy CEO in BPH Bank, responsible for corporate banking and real estate financing. After the merger of part of BPH Bank and Pekao SA – Deputy CEO of Pekao SA, responsible for Corporate Banking, Markets and Investment Banking in Division.

Member of the Management Board of mBank since November, 2008. Currently Vice President of the Management Board, responsible for Corporate and Investment Banking.

piotr_kuszewskiPiotr Kuszewski

Head of Equity Investments at the State Development Bank of Poland (BGK)

Piotr Kuszewski is also a member of the Supervisory Board at Krajowy Fundusz Kapitałowy. At the bank he was also responsible for infrastructure investments division. In the past Mr. Kuszewski was VP and CFO of PZU Życie and chairman of the boards of PZU Asset Management and Krakowska Fabryka Armatur. Mr. Kuszewski is a graduate of Northwestern University and the Warsaw School of Economics. He holds PhD degree in economics.

jacek.korpalaJacek Korpała

Managing Partner ARX Equity Partners

Jacek Korpała has been with ARX Equity Partners (formerly DBG Eastern Europe) since April 1998. ARX has offices in Warsaw, Prague, Budapest i Bucharest and manages private equity funds investing in midsize companies in Central Eastern Europe ( In medical sector ARX invested in Poland in Lexummedica (

He is co-managing partner responsible for ARX investments in Poland and the Baltic States. Mr. Korpala represents the funds managed by ARX on the boards of portfolio companies.

Prior to his work for ARX Mr. Korpala was partner with Arthur Andersen managing its corporate finance practice in Poland and earlier was responsible for privatization of large state-owned companies at the Polish government.

He was member of EVCA Board representing Poland for few years and earlier for two years vice president of the board of PPEA.

orlowski_120x180prof. Witold Orłowski

Member of the Club’s Board, economist, member of the Economic Council to the Prime Minister, Head of the Economic Advisory Council to the President of the Republic of Poland 2001-2005.

Founder of the Independent Center for Economic Studies NOBE, 2002-05 Head of the Economic Advisory Council to the President of the Republic of Poland, lecturer in macroeconomics, author of many scientific books and publications in this field. Since 2003 Director of Warsaw University of Technology Business School.

marek_panfil_fotoDr Marek Panfil

Director of Business Valuation Department Director, SGH

Authorized vote: – Olga Mikołajczuk – Assistant professor, Institute of Finance, Warsaw School of Economics

Director of Business Valuation Department. Director (since 2005, 13 editions, c.a. 400 participants) of SGH Postgraduate Studies Business Valuation (under patronage of the Warsaw Stock Exchange). He was a visiting scholar at Stern Business School, New York University (July-December 2012).

He graduated International Faculty Program at IESE Business School in Barcelona (2010). From 2008 to 2012 he was a member (Secretary and Vice-Chairman, Chairman of Audit Committee) of Supervisory Board of KGHM Polska Miedź SA. He cooperated with consulting company PONT Info – feasibility studies, market analysis, business valuations, intangible assets valuations – (1997-2003). In 2005 he took part in A.T. Kearney consulting project for Polish asset management institution. Lecturer at SGH and other institutions. Area of interest and consultancy: business valuation, intangible assets valuation, value based management, project finance, LBO, private equity. He is co-author of business valuation guidelines for real estate appraisers in Poland (Nota Interpretacyjna no 5, April 2011). Author of businessplans, feasibility studies, business valuation reports.

Main bibliography:

  1. Book co-editor and co-author in: Dylematy wyceny przedsiębiorstwa, Poltext, Warsaw, May/June 2013
  2. Book co-editor and co-author in: Wycena przedsiębiorstwa. Od teorii do praktyki, (Poltext, Warsaw, 2011) – English shorter version Business valuation. A Basic Approach, Poltext, Warsaw, 2012 and Chinese version (Anhui People’s Publishing House, 2013).
  3. Book editor and co-author in: Finansowanie rozwoju przedsiębiorstwa. Studia przypadków, Difin, Warsaw, 2011 – second edition
  4. Book editor and co-author in: Wycena biznesu w praktyce. Metody. Przykłady, Poltext, Warsaw, 2009
  5. Book co-editor and co-author in: Metody wyceny spółki. Perspektywa klienta i inwestora (Poltext, Warsaw, 2006).
  6. Author of a book titled Fundusze private equity. Wpływ na wartość spółki (Difin, Warsaw, 2005)

beataBeata Radomska

President of the Board, Executive Club

Graduate of the Catholic University of Lublin and the University of Insurance and Banking. She graduated from the MBA program. She has several years of management experience and has worked in the following financial institutions: Austrian brokerage firm Allfinanz, Skarbiec Asset Management Holding and, for several years, she has been associated with HR consulting industry.

Originator and President of the Executive Club, the most elite association of top management. She is responsible for the strategy of the club which integrates the business elite, and is a platform for exchange of ideas and inspiration for the top management.

Lucyna_StanczakLucyna Stańczak

Country Director, European Bank for Reconstruction and Development

Authorized vote: Wojciech Ciszek – Principal Banker, Poland Team, at European Bank for Reconstruction and Development



Director of the European Bank for Reconstruction and Development in Poland, working 11 years for the Bank, previously as a Senior Banker responsible for energy and infrastructure sectors. Before joining EBRD Ms. Stanczak worked for ABN AMRO Bank in Poland (VP, Structured Finance) and Credit Lyonnaise (Corporate Finance).

Graduate of Warsaw School of Economics and post graduate studies at the College of Europe, Brugges

wizaRafał Wiza

Head of Private Equity, KPMG in Poland

Over 14 years experience in audit of stand-alone and consolidated financial statements prepared in accordance with Polish, US GAAP and IFRS reporting standards also including several public entities. Rafał has also managed many “due diligence” projects and projects relating to implementation of group reporting systems and management accounting systems. Rafał has also been cooperating with numerous Private Equity houses in Poland.

Work in KPMG Atlanta in the USA between 2003 – 2006. Management of numerous audit teams involved in audit of financial statements prepared in accordance with US GAAP (including SOX projects i.e. Mirant Corporation and Mohawk Industries – SEC registrants listed on the New York Stock Exchange). Involvement in the review of the public offer debt instruments issued by NYSE-listed companies.

Sector experience: food production, pharmaceuticals, energy, retail and wholesale trade.