The Board of Directors of Eurobank Ergasias SA convened today, following the resignations of the President of the Board, Mr. Panagiotis Thomopoulos and the CEO, Mr. Christos Megalou. In his resignation letter, Mr. Christos Megalou informed the Board that he decided to accept the offer of an advisory position at Fairfax Financial in Toronto, Canada.
The Board decided, first, to elect Mr. Nikos Karamouzis as a new non-executive member, for a term equal to the remaining term of the resigning Board members. The Board, then, proceeded to elect Mr. Karamouzis as President and promoted Mr. Fokion Karavias, until now Senior General Manager, to the post of the CEO. The new President will chair the new Strategic Planning Committee, contributing actively to the strategic decisions of the Bank, and will participate in all the major Board Committees, while also representing the Bank at the Hellenic Banks Association.
The Board thanked Mr. Thomopoulos for his outstanding services to the Bank, during a particularly demanding period. Beyond thanking Mr. Megalou for his important service during the past 20 months, the Board wished him every success in his new duties.
Mr. Prem Watsa, Chairman and Chief Executive Officer of Fairfax Financial Holdings Limited, a major shareholder at Eurobank, made the following statement, regarding the management changes:
“We have high praise for the important contribution of Christos Megalou in making Eurobank a privately held bank. Through his decisive action in last May’s 3 billion euro capital increase, as well as in the successful completion of the ECB’s stress tests, Christos leaves his distinct mark on Eurobank. We welcome him to advise our group in Toronto.
We are particularly pleased that Fokion Karavias will now lead Eurobank as CEO. Fokion has already proved his excellent skills, his insight, his integrity and his team spirit during his 25 years in the banking sector, in various Greek and global banks, of which 17 years in Eurobank.
We would also like to welcome Nikos Karamouzis, who has worked at top managerial positions during the last 30 years and has contributed decisively in shaping Eurobank into what it is today, by leading its wholesale business to the top position in Greece.
Nick and Fokion have worked together for more than 12 years and have a deep understanding of the Greek banking business, as well as a proven track record in forming teams of high quality professionals to deliver solid business results and creating shareholder value.
We remain confident in Eurobank’s prospects and its ability to achieve its targets. Under this new leadership, Eurobank can continue to play a pivotal role in the Greek banking sector, providing value to the Greek economy, the bank’s customers and its shareholders.”