THEODOROS Aristodemou, the founder, Managing Director and Chairman of Aristo Developers Plc Group of companies, has been elected the new Chairman of the Bank of Cyprus.
In a closely fought contest he beat his rival, the former Finance Minister Michalis Sarris, by a single vote. Aristodemou received the vote of 9 members of the Board; Sarris received 8 and there was 1 abstention.
According to a report in the Cyprus Mail, former Finance Minister and World Bank-affiliated Sarris was the only contender for the post, but then Aristodemou entered the arena, upping the ante of yesterday’s AGM.
Aristodemou, who was already a member of the Bank of Cyprus board, heads Aristo Developers Limited, Artha Developers Limited and Artha Estates Limited. In the past he served as Chairman of the local Chamber of Commerce and Industry of Paphos, as Chairman of other organisations and as a member of the Board of Directors of the Cyprus Telecommunications Authority and of Cyprus Airways. He is also the Vice-Chairman of the Cyprus Chamber of Commerce and Industry.
