Bank of Cyprus CEO John Hourican has officially announced his resignation and will depart in September 2019.
The Bank announced on Monday that its CEO John Hourican informed the Board of his decision to leave in September 2019 after serving a notice period of six months. Hourican is close to being named chief executive of NewDay, a UK based consumer finance provider.
“The Chairman and the Board wish to express their thanks and deep appreciation to Mr. Hourican for his leadership and exceptional service to the Bank of Cyprus Group during the most critical period in its recent history''.
Hourican, formerly with RBS, took over in 2013 following the Cyprus banking and sovereign debt crisis. He steered the Bank out of the crisis and succeeded in listing the company on the London Stock Exchange. Hourican is widely credited for the financial recovery of the Bank. A banker with a steady hand, Hourican followed an aggressive policy to reduce non performing loans and for the sale of unprofitable engagements.
Josef Ackermann, Chairman of the Board, said: “I want to express my sincere thanks to John for playing such a pivotal role and for devoting nearly six years in leading the Bank of Cyprus Group''.
Bank of Cyprus said on Tuesday that it appointed Takis Arapoglou to its board of directors. Arapoglou is being considered by the board as possible new Chairman of the company, as Chair Josef Ackermann will depart in May.