Hourican Remains at Bank of Cyprus Until 2016

Bank of Cyprus CEO, John Hourican, submitted his resignation last April and was expected to be effective within three months’ time. However, the CEO will remain at his position until January 2016.

According to InBusinessNews, the Irish banker’s resignation has been postponed due to crucial matters the Bank of Cyprus is dealing with, including the Uniastrum sale and the big campaign regarding the restructuring of NPLs.

At the same time, sources from the Bank of Cyprus headquarters report that Hourican is currently preoccupied with the restructuring of loans. Also, some extra time of co-existence will be needed between Hourican and the new CEO who is expected to arrive at the Group before the end of the year in order to familiarise himself with the structure of the group, procedures and challenges.

Moreover, a three-member committee, which has been set up by Bank of Cyprus’ Board of Directors, is in charge of finding Hourican’s replacement. The Board of Directors will have the final say and will have to approve the committee’s choice with regards to the CEO position.


http://www.goldnews.com.cy/en/financial-services/hourican-remains-at-bank-of-cyprus-until-2016