22/05/2013 15:07
The Board of Directors of Bank of Cyprus today decided to recommend to the Central Bank the appointment of banker Michalis Kolakides for the position of Deputy CEO of the Bank.
Out of the 13 present members of the Board, ten allegedly supported the candidature of Mr. Kolakides, two supported Christos Christou while Mr. Arapoglou received one vote.
"The Board of Directors (BoD) of Bank of Cyprus met solely to deal with the final evaluation of the recommendations of the Nominations Committee for the position of CEO," said the announcement.
"The Board submitted the proposal to the Central Bank, as the consolidation authority, to take the final decision," it noted.
Based on the Memorandum, the final decision on the appointment will be taken by the Central Bank in consultation with the Ministry of Finance.
The 59-year-old deputy chief executive of Eurobank, of Cypriot origin, has worked at Citibank and held senior positions at the National Bank and Piraeus Bank.
The Central Bank will consult with Mr. Kolakides the duration of his contract and amount of emoluments. The negotiation will determine whether the CB will appoint Mr. Kolakides or any of the other candidates.
One of the issues to be discussed at the CB is the claims in relation to the duration of the contract.
Based on the memorandum, the deputy CEO will be appointed until the conclusion of the first meeting of the new shareholders - uninsured depositors – of Bank of Cyprus.
The meeting will take place in the coming months and the CB seems to be oriented in an appointment with the possibility of renewal, depending on the circumstances and the decisions of the new shareholders.
The other issue that will be addressed by the consolidation authority is the fee.
Together with the Board, the new CEO will have to prepare the plan with staff and cost reductions.
He will also oversee the orderly exit of the Bank from the consolidation regime since the end of March.
Out of the 13 present members of the Board, ten allegedly supported the candidature of Mr. Kolakides, two supported Christos Christou while Mr. Arapoglou received one vote.
"The Board of Directors (BoD) of Bank of Cyprus met solely to deal with the final evaluation of the recommendations of the Nominations Committee for the position of CEO," said the announcement.
"The Board submitted the proposal to the Central Bank, as the consolidation authority, to take the final decision," it noted.
Based on the Memorandum, the final decision on the appointment will be taken by the Central Bank in consultation with the Ministry of Finance.
The 59-year-old deputy chief executive of Eurobank, of Cypriot origin, has worked at Citibank and held senior positions at the National Bank and Piraeus Bank.
The Central Bank will consult with Mr. Kolakides the duration of his contract and amount of emoluments. The negotiation will determine whether the CB will appoint Mr. Kolakides or any of the other candidates.
One of the issues to be discussed at the CB is the claims in relation to the duration of the contract.
Based on the memorandum, the deputy CEO will be appointed until the conclusion of the first meeting of the new shareholders - uninsured depositors – of Bank of Cyprus.
The meeting will take place in the coming months and the CB seems to be oriented in an appointment with the possibility of renewal, depending on the circumstances and the decisions of the new shareholders.
The other issue that will be addressed by the consolidation authority is the fee.
Together with the Board, the new CEO will have to prepare the plan with staff and cost reductions.
He will also oversee the orderly exit of the Bank from the consolidation regime since the end of March.
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