The Cyprus Trading Corporation (CTC) on Thursday announced a series of management changes across its businesses, including a new board chairman from January 2027 and appointments to senior financial and operational roles taking effect from November 1, 2026.

The changes are intended to strengthen the group’s management structure and support its next phase of development and growth across its main areas of activity.

Christakis Charalambous will become non-executive chairman of the board on January 1, 2027, succeeding Demetris Demetriou, who will remain a member of the board.

Charalambous is already a board member and chairman of the board executive committee. He also serves on the board of Hermes Airports, the Nicosia Chamber of Commerce and Industry (Evel) and the Cyprus Employers and Industrialists Federation (Oev).

The board expressed its appreciation to Demetriou for his contribution during his tenure as chairman.

The board executive committee currently comprises Charalambous, Eleni Shacola, Chrysoula Shacola and George Louca.

A further change will see Maria Kaimi, the group’s internal legal adviser, become company secretary on January 1, 2027, succeeding George Mitsides.

The board also thanked Mitsides for his many years of service to the group.

From November 1, 2026, Louca, currently group finance and IT director, will take on the newly combined role of chief financial and operating officer (CFOO).

The position brings together the traditionally separate responsibilities of chief financial officer and chief operating officer, with the aim of integrating financial planning, resource allocation and operational efficiency across the group.

Louca will report to the board executive committee while retaining his positions as a board member of CTC, Woolworth and Ermes, as well as his membership of the board executive committee.

Argyro Efstathiou, currently chief financial officer and chief operating officer of the group’s fast-moving consumer goods (FMCG) operations, will become CTC group finance director on November 1.

Her current responsibilities cover Argosy Trading Company, Cassandra Trading and Artview, and she will report to Louca in his new role.

Antonis Hadjilazarou, currently chief commercial officer of the group’s FMCG operations, will become chief executive officer of FMCG from November 1.

Ariadne Samuel will take up the position of FMCG chief financial officer on the same date, reporting to Hadjilazarou.

Samuel is a chartered accountant with professional experience at a leading audit firm and in the FMCG sector.

Together with George Kozakos, chief executive of CTC Automotive, the appointments are intended to reinforce management across the group’s principal businesses and support further expansion in Cyprus.

CTC said its companies had strong market positions, extensive expertise and significant opportunities for further growth in the domestic market.

Argosy Trading Company imports, distributes and manages fast-moving consumer goods, as well as products for the food service and hospitality sector, known as HORECA.

Through its nationwide distribution network, it serves almost the entire retail and HORECA market in Cyprus, supplying products from multinational companies including Mars, Kellogg’s, Mondelez, Reckitt, JDE, Danone, Melissa and Dodoni.

Cassandra Trading imports and distributes Philip Morris International tobacco products in Cyprus.

Its portfolio includes conventional tobacco products, such as cigarettes and rolling tobacco, as well as newer products including heated tobacco sticks, IQOS heated tobacco devices and vaping products.

Artview operates in the cosmetics and fragrances sector, managing the Christian Dior and Diptyque brands in the Cyprus market.

CTC Automotive markets and distributes vehicles and heavy machinery, including Volvo Cars, Hyundai, Iveco, Scania and Caterpillar.

Its portfolio also includes Michelin, Riken and BFGoodrich tyres, Total and Elf lubricants, Hilti tools and related products and services.

The company also operates CTC Autoleasing, which provides leasing for vehicles and light commercial vehicles.

CTC also maintains its investment in Hermes Airports, which develops and manages Larnaca and Paphos international airports.

The group said it remained committed to creating long-term value for all stakeholders through sustainable growth.