Pioneering businessman Nicos Shacolas has decided to pass the torch of running the empire he built – NK Shacolas (Holdings) Ltd, of such fame as the Cyprus Trading Corporation (CTC), Ermes and Woolworth – to his son Marios.
Speaking at the annual general meetings of the three companies, Shacolas took a personal moment to announce that he felt it is time for new blood to take the reins and that he will be handing off the administration of his group of companies to his son.
Helped by experienced and capable associates, he said, Marios N Shacolas was in a position to run operations smoothly and achieve bigger future successes. On his part, Shacolas Sr said he would always stand by the companies and offer any help he could.
The handoff has been reported as scheduled for next September.