New board for Universal Life

Seven new members stepped up to the board of Universal Life at the Extraordinary meeting on Friday.

The passing of two motions–one for the termination of the old board, and one for the appointment of the new board–retained six of the original members of the board: Alexandros Galanos, Kolokassides Michalis, Sotiris Kallis, Demosthenes Severis, Andreas Georgiou and Pavlos Photiades.

The seven new members were Symeon Matsis, Kyriakos Rialas, Michalis Timotheou, Sotiris Theodosiou, Pandora Tseriotou, Nikos Demetriou and Constantinos Dekatres.

A new president will be voted shortly.

Both of the major shareholders in Universal Life, Bank of Cyprus and Laiki, were said to be satisfied with the new line-up.

It is hoped that the new board, combined with improved corporate governance, will help raise the potential sale price of Universal Life in the future.