The re-election of Mr. George Stassis to the position of CEO of PPC as well as the entry into the Board of Directors of the head of the super fund Grigoris Demitriadis and the head of CVC Capital Partners in Greece, Alexandros Fotakidis, proposes the Board of Directors of the general meeting will meet on June 29.
The two vacancies are created on the one hand by the reduction of the positions of the employees’ representatives in the Board of Directors, from two to one and on the other hand by the resignation for personal and professional reasons of Mr. Michael Panagiotakis. The super fund (Hellenic Holdings and Property Company) holds 34.12% of PPC shares while CVC holds respectively 10%.
However, the new Board will operate with 10 members (instead of 11) because at least in the first phase a representative of the employees will not participate, as GENOP did not respond to the invitation to nominate candidates. As the president of GENOP, George Adamidis, stated in APE, the Federation disagrees with the new way of appointing the employee representative but also with the reduction of the employees’ positions in the Board, from 2 to 1. However, the issue will be discussed at the next conference towards the end of the year when it will be decided whether to start the process of appointing a representative of the employees to the Board. In any case, the current representatives of the employees, N. Fotopoulos and P. Karaleftheris, who have completed the allowed limit of terms in the Board of Directors of PPC, leave.
Source: Capital
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