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Ackermann to Step Down from BoC Board in 2019

Ackermann to Step Down from BoC Board in 2019

The Boards of Directors of both Bank of Cyprus Holdings Public Limited Company and the Bank of Cyprus Public Company Limited, at their corresponding meetings held on 27 August 2018, were informed by their Chairman, Dr Josef Ackermann, about his intention to step down from his position at the two Boards at the next Annual General Meeting in 2019.

As Dr Ackermann indicated to the Boards, “When I was first asked to take my position with the Bank of Cyprus I committed to stay for three years. Now, almost four years later, with a strong Board and executive management team, major strides have already been made in restructuring the Bank and in formulating appropriate reform strategies. It may thus be a suitable time to give an indication of my intentions, as part of the Bank’s prudent governance practices’’.

The exploration of a suitable candidate to succeed Dr Josef Ackermann will be addressed by the Nominations and Corporate Governance Committee in due course.

At the same meetings the Boards of both companies decided to extend the appointment of John Patrick Hourican as Group Chief Executive Officer to 31 December 2020.

Accordingly, Hourican has agreed to sign an amending agreement to his existing contract of employment which extends the period of employment to 31 December 2020.

The Boards of Directors has thanked John Hourican for his valuable contribution to the Group over the past four years, wishing him every success in his new term with the Group.

 

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