President of the Management Board
Jakub Karnowski is an experienced financial executive with a proven track record of creating and implementing successful strategies for profitable growth and operating efficiencies. Manager who effectively utilizes the experience gained in Polish and international financial institutions. He has extensive experience in restructuring, privatization, implementing business and product development, mergers and acquisitions.
Prior to joining Luma Investment he was a President of the Board of the Polish State Railways (PKP S.A.) he implemented strategies that were key to paid off the historical debt of PKP S.A. from the level of PLN 4 bn to PLN 0.5 bn. As a CEO of the largest capital group in Poland with value of the capital group PLN 25.3 bn, 13 subsidiaries and employment over 80,000 he introduce all the best management skills. In three years he successfully finalized the privatization processes of 4 subsidiaries for total amount of PLN 3.8 bn (besides M&A transactions also IPO of PKP Cargo on Warsaw Stock Exchange). Effective restructuring of the PKP Group companies conducted by Jakub Karnowski resulting in PLN 90 m dividends increase. He also secured financing for key investment projects summing up to some PLN 7 bn, including EIB oans and issiuing bonds. He implemented corporate governance standards and best management practices.
As a leader, Jakub Karnowski is accomplished in identifying and developing staff to become effective managers and leaders capable of continually assuming new roles and responsibilities. When he was an CEO and Chairman of the Investment Committee in PKO TFI S.A. he created a competent and independent asset management team and successfully finalized an asset management acquisition project worth over PLN 8bn.
Among his significant previous positions, Jakub Karnowski served in World Bank Group in Washington D.C. As a Member of the World Bank Executive Board he managed assets and liabilities of the World Bank and implemented Financial System Assessment Programs.
In National Bank of Poland (NBP) he has been employed as an expert to numerous financial institutions including ECB, IMW, World Bank, EBRD, BIS, OECD, EIB and central banks. He was also NBP representative to the International Relations Committee (IRC) of the European Central Bank (ECB). As a member of the Investment Committee for Foreign Reserve he was in charge of strategic decisions on Poland’s foreign reserves of ca. USD 30bn.
Jakub Karnowski started his professional career in Ministry of Finance. As a Head of Policy Cabinet he created and lead the team of assistants to the Deputy Prime Minister and Minister of Finance Prof. Leszek Balcerowicz.
Jakub Karnowski holds an MBA degree from the University of Minnesota and a Ph.D. in economics from the Warsaw School of Economics. He is also a CFA charterholder.
Currently, besides his CEO position in Luma Investment, he is also an independent Member of the Supervisory Board and Chairman of the Audit Committee in HSBC Bank Polska S.A.