The Board of Directors of Cyta decided on Monday to appoint Aristos Riris as Chief Executive Officer of the Authority, replacing Fotos Savvides.
In his statements to StockWatch, Chairman, Stathis Kittis said that Mr. Savvides’ term of office will be completed on October 31 and the new CEO will take over from November 1.
On the question why the decision was made now, Mr. Kittis noted that this was done to avoid a power vacuum.
According to the law, Cyta’s decision will be subject to the Council of Ministers’ approval and – if approved – a 5-year contract will be signed from November 1.
The candidates were 11 and 2 did not meet the qualifications, he said.
The mandate of this Board expires on July 31, 2012
In his statements to StockWatch, Chairman, Stathis Kittis said that Mr. Savvides’ term of office will be completed on October 31 and the new CEO will take over from November 1.
On the question why the decision was made now, Mr. Kittis noted that this was done to avoid a power vacuum.
According to the law, Cyta’s decision will be subject to the Council of Ministers’ approval and – if approved – a 5-year contract will be signed from November 1.
The candidates were 11 and 2 did not meet the qualifications, he said.
The mandate of this Board expires on July 31, 2012
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