Bank of Cyprus said that its board of directors decided to keep the lender’s chief executive officer John Patrick Hourican to the end of 2018.
Hourican, who stunned with his intention to resign two years ago, on Tuesday “signed an amending agreement to his existing contract of employment which extends the period of employment to 31 December 2018,” the bank said in a statement on the website of the Cyprus Stock Exchange.
The Irish banker, who joined Bank of Cyprus in late 2013, the most dramatic year in the bank’s history, in which depositors saw almost half of their uninsured deposits turned into equity, agreed in late 2015 to extend his contract after being encouraged to do so by some of the bank’s major shareholders.
Hourican, known for his no-nonsense approach and his criticism on Cypriot politicians, agreed to sign a new two-year contract in November 2015, which entered into force in February last year. Today’s decision extends his presence at the bank by ten months.
“The board of directors would like to thank Hourican for his valuable contribution to the group over the past three years and to wish him every success in his new term with the group,” Bank of Cyprus’s statement said.