Logicom has appointed long-serving executive Anthoulis Papachristoforou as its new chief executive, handing him responsibility for the group’s day-to-day technology operations as Varnavas Irinarchos shifts his focus towards strategy, investments and major projects.

The management changes took effect on September 24, following a board decision a day earlier, and form part of a reorganisation of the Cyprus-listed technology group’s senior executive structure.

Papachristoforou, who has served as deputy managing director and group chief financial officer, will oversee the daily management of Logicom and its subsidiaries across the technology and IT businesses.

He will report to Irinarchos, who steps away from the chief executive role but remains executive vice-chairman.

Under the new structure, Irinarchos will concentrate on the group’s broader strategy, including strategic projects, investments and shareholdings, as well as Logicom’s interests in Demetra Holdings and desalination.

The changes effectively separate the running of Logicom’s core technology business from oversight of its increasingly broad investment portfolio.

Logicom’s main activities span the regional distribution of technology products, integrated IT and business solutions and managed services, alongside investments outside its core technology operations. The group says it employs more than 800 people and serves more than 8,000 customers, with operations stretching across Cyprus, Greece, Italy, Germany, Romania, Malta, the Gulf, the Middle East and North Africa.

Its investment portfolio includes a 38.5 per cent stake in Demetra Holdings, as well as interests in desalination infrastructure. Logicom says its desalination investments include plants involved in supplying a substantial share of Cyprus’ potable water requirements.

The reshuffle comes shortly after the group reported a stronger operating performance for the first half of 2026 despite pressure on its headline sales figures.

Operating profit rose 8.8 per cent to €19.61 million in the six months to June, compared with €18.03m a year earlier, while gross profit increased to €45.12m from €43.83m. Gross sales slipped 0.5 per cent to €578.99m.

Logicom’s distribution business recorded a 0.4 per cent increase in gross sales, helped by stronger activity in Cyprus, Greece and Jordan, although gross sales from software and integrated IT solutions fell 14 per cent, mainly because of weaker sales in Cyprus and Greece.

Profit attributable to shareholders, however, fell 39.3 per cent to €16.83m, largely reflecting lower other income, higher net finance costs and a smaller contribution from negative goodwill linked to acquisitions.

The company has said its plans for 2026 remain focused on expanding across existing and new markets and pursuing opportunities where they emerge.

A transition period of up to six months will now follow, during which Irinarchos and Papachristoforou will work together on the transfer of responsibilities.

Logicom will meanwhile begin the process of finding a new group chief financial officer. The selection will be overseen by the board’s appointments committee and is expected to be completed before the transition period ends.

Until then, Papachristoforou will retain oversight of the group’s financial management alongside his new duties as CEO.

Papachristoforou is one of Logicom’s longest-serving senior executives, having joined the company in 2001 as group CFO. He became a member of the board in November 2013 and was appointed deputy managing director in August 2017.

He holds a degree in Accounting and Finance from London South Bank University and a diploma in Commercial Studies from the Institute of Commercial Management in Bournemouth.

He is also a member of the Association of Chartered Certified Accountants (ACCA) and the Institute of Certified Public Accountants of Cyprus.

Before joining Logicom, Papachristoforou worked as an auditor at Grant Thornton Cyprus between 1992 and 1994, before moving to Esso Cyprus, where he served as corporate planning and control coordinator until 2001.