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L. Savvides new CAIR Chairman

10/03/2005 13:38
Lazaros Savvides will be the new Chairman of the Board of Directors of Cyprus Airways, maintaining his post as a General Manager of the Interior Ministry. The Council of Ministers also appointed Frixos Savvides, former Minister, as Vice Chairman and Andreas Trokkos of the Planning Office and Takis Fekkos, Board member of EAC, as members of the Board of Directors.

It is the first time after 30 years that the government as a major shareholder appoints a technocrat as a Chairman of the national carrier. Last technocrat that held the same post was Giorgos Eliades, former General Manager of the Commerce Ministry.

“The appointment of Mr. Lazaros Savvides shows that the government makes every effort for the survival of the national carrier. Mr. Savvides is the representative of the government”, Transport Minister, Haris Thrasou said.

As for the resignation of Mr. Constantinos Loizides, the Finance and Transport Ministers expressed their gratitude for his valuable contribution to the Company. “The action plan promoted by Mr. Loizides is still on the table and there is a need to hasten the procedures”, they said.

Finance Minister, Makis Keravnos made clear that the company has no other option but to take certain drastic measures for its survival. “Too much time has been spent and the government must secure that it has the EU approval before guaranteeing any loan for the national carrier”, he stated.

On the question whether the government forced Mr. Loizides to resign, Mr. Thrasou rejected the allegations. “Mr. Loizides expressed his wish to resign from Cyprus Airways”, he concluded.