Insider Business Hourican’s replacement process on track

Hourican’s replacement process on track

There have been new developments in the bid to replace Bank of Cyprus Chief Executive Officer John Hourican who is leaving the lender in September.

The board of directors has already assigned established Egon Zehnder recruitment agency the task of filling Hourican’s position. And the Board, along with the Appointment Committee, is set to meet at the end of the month for a review.

At the BoC’s annual general meeting, which is scheduled for May 14, Takis  Arapoglou is expected to officially take over the chairmanship of the  new board, replacing Josef Ackerman.

But the fact that Arapoglou is already a board member makes the ongoing replacement process much easier, since the opinion of the new chairman on this is of utmost importance.

Beyond the qualifications and experience of the new CEO, the salary and other benefits to be demanded by prospective candidates are also of utmost importance.

Based on the Bank’s 2017 annual report, Hourican’s salary was €2.10 million that year, and €1.65 million in 2016. In 2015, his annual salary was €910,000, compared to €844,000 in 2014. His annual salary for 2018 has not been announced yet.

One of the main tasks of the new CEO will be the management of the vast amount of properties currently on the balance sheet of the Bank as a result of loan exchanges.

The bank has succeeded in making over €1 billion of real estate available over the past three years. At the same time, BoC continues to acquire property from non-performing loan owners at a fast speed.  In total, the Bank has sold over 1,000 properties within three years.

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