Cyprus Mail

Hellenic Bank CEO leaves after mutual agreement

Ioannis Matsis

The employment contract of Hellenic Bank’s CEO Ioannis Matsis has been terminated immediately through mutual agreement, the bank announced on Tuesday.

According to the announcement, the bank will begin the process of filling the CEO position.

In the meantime, the duties of CEO will be performed by Group General Manager Phivos Stasopoulos, the bank said. Matsis also resigned as an executive member of the board of directors of the bank.

The board expressed its “sincere thanks” to Matsis for his services to the group for the last three years and to the board of directors since December 2013.

He was the chairman of the risk management committee and a member of the nominations/internal governance committee of the board.

He was appointed executive member of the board of directors and CEO of the group on April 24, 2017. He was also chair of the Risk Committee. Previously, he had managed Point Nine, a company providing outsourced financial software services, and been a manager at ING Barings and Chase Manhattan.

There were reports that the board of Hellenic was at odds with Matsis over the terms of his resignation, and that the announcement of his departure had been delayed. Banking sources reported boardroom disputes at Hellenic for some time.

Last week Hellenic issued a clarifying announcement regarding publications related to the reported resignation by Matsis.

The bank said at the time that relevant deliberations were taking place at board of directors level but no final decision had been taken.

There were reports that Matsis would be replaced by Constantinos Loizides, the then CEO of AstroBank. These reports were denied by Loizides, and not confirmed by either bank.

A day later Loizides did submit his resignation to AstroBank, and it was accepted. He cited personal reasons. He is being replaced by Aristidis Vourakis.

The board of directors and Loizides agreed that he would remain as CEO and Director for now to ensure a “seamless transition and an uninterrupted, harmonious continuation of the major projects in progress”.

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