Perutnina shareholders overhauled the management after SIJ became the majority owner of Slovenia's biggest poultry company in December.

Šimonka has for the past three months served as the creditor banks' plenipotentiary at Ptuj-based Perutnina. He is being joined on the board by procurator Viacheslav Korchagin.

The shareholder meeting also re-appointed Glaser and Tone Čeh, so far the CFO, to ensure continuity in the management, while dismissing the remaining two members of the incumbent management.

The meeting also endorsed the management's proposal not to sell its own shares to SIJ in the takeover bid, which is open until 25 February.

The new board members were unavailable for comment today, while Glaser said that its was good for the company to have a complete management again.

He said that Perutnina was a stable company but would have to raise revenue over the next few years, a good basis for which was the EUR 40m in fresh capital provided by SIJ.

Glaser was confident that Šimonka would make a good chairman and would contribute to the company's further growth.

The new management will take over on Monday when responsibilities are distributed among board members.

Glaser would not say what his role would be, but said he trusted he could contribute with 28 years of experience in the company.

Small shareholders were only partly satisfied with the management overhaul because Glaser has only been dismissed as chairman.

A representative of one of two organisations representing minor shareholders indicated they will not sell their shares as the state and a poultry cooperative would stay on as minor shareholders.