Bank of Cyprus Holdings PLC Chairman's intention to step down&CEO Ext. of App. (9424Y)
August 28 2018 - 1:05AM
UK Regulatory
TIDMBOCH
RNS Number : 9424Y
Bank of Cyprus Holdings PLC
28 August 2018
Announcement
Chairman's intention to step down from the Board & Extension
of Appointment of Group Chief Executive Officer
Nicosia, 28 August 2018
The Boards of Directors of both Bank of Cyprus Holdings Public
Limited Company ("BOC Holdings" and, together with its
subsidiaries, the "Group") and the Bank of Cyprus Public Company
Limited (the "Bank") at their corresponding meetings held on 27
August 2018, were informed by their Chairman, Dr Josef Ackermann,
about his intention to step down from his position at the two
Boards at the next Annual General Meeting in 2019. As Dr Ackermann
indicated to the Boards "When I was first asked to take my position
with the Bank of Cyprus I committed to stay for three years. Now,
almost four years later, with a strong Board and executive
management team, major strides have already been made in
restructuring the Bank and in formulating appropriate reform
strategies. It may thus be a suitable time to give an indication of
my intentions, as part of the Bank's prudent governance
practices".
The exploration of a suitable candidate to succeed Dr Josef
Ackermann will be addressed by the Nominations and Corporate
Governance Committee in due course.
At the same meetings the Boards of both companies decided to
extend the appointment of Mr. John Patrick Hourican as Group Chief
Executive Officer to 31 December 2020.
Accordingly, Mr. Hourican has agreed to sign an amending
agreement to his existing contract of employment which extends the
period of employment to 31 December 2020.
The Boards of Directors would like to thank Mr. Hourican for his
valuable contribution to the Group over the past four years and to
wish him every success in his new term with the Group.
Group Profile
The Bank of Cyprus Group is the leading banking and financial
services group in Cyprus, providing a wide range of financial
products and services which include retail and commercial banking,
finance, factoring, investment banking, brokerage, fund management,
private banking, life and general insurance. The Bank of Cyprus
Group operates through a total of 122 branches, of which 120
operate in Cyprus, 1 in Romania and 1 in the United Kingdom. Bank
of Cyprus also has representative offices in Russia, Ukraine and
China. The Bank of Cyprus Group employs 4,402 staff worldwide. At
30 June 2018, the Group's Total Assets amounted to EUR23.7 bn and
Total Equity was EUR2.2 bn. The Bank of Cyprus Group comprises Bank
of Cyprus Holdings Public Limited Company, its subsidiary Bank of
Cyprus Public Company Limited and its subsidiaries.
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END
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