By Stelios Orphanides
Bank of Cyprus Plc Co Ltd said that it appointed Marios Kalochoritis as senior advisor to chief executive officer John Hourican and his replacement in the board of directors by Anat Bar-Gera.
In his new capacity, Kalochoritis, who has held a seat in the board since 2013, “will oversee and help manage certain of the assets and exposures that were acquired by Bank of Cyprus during the recent economic turmoil,” the lender said in an emailed statement on Tuesday. “In that capacity, he will join the boards of a number of companies in which the bank has significant economic interests. He will represent and advise the Bank in managing the value of these investments”.
Kalochoritis will also step down as a member of the board’s risk committee and human resources and remuneration committee, Cyprus’s largest lender said.
Bar-Gera’s appointment is subject to approval by the European Central Bank, Bank of Cyprus said. She will replace Kalochoritis on the human resources and remuneration committee.
The composition of the risk committee is: Arne Berggren, chairman, Maksim Goldman, Yiannis Zographakis and James Lockhart, the approval of whom is still subject to ECB approval, the bank said. The human resources committee, chaired by Michael Spanos, also includes Michael Heger in addition to Bar-Gera.
In a separate statement, the bank said that it approved the appointment of PricewaterhouseCoopers LLP (PwC UK) as external auditors from January 1, 2019 onwards in succession of Ernst & Young (EY) as part of the mandatory rotation of external auditors.