Stavrakis appointed as new EAC Chairman

Charilaos Stavrakis, the Bank of Cyprus group deputy chief executive, was appointed as the new Chairman of the Board of the Electricity Authority of Cyprus (EAC), replacing Georgios Georgiades (also BOC board member) who earlier resigned from his post.

Georgiades resigned from the board after the government ordered a probe to uncover the shortfall of CYP 9.2 mln in the Authority’s pension fund and other shortcomings.

EAC board member Harris Charalambous (Laikon Kafekoption) was named vice-chairman. The Cabinet also appointed Michalis Miltiadous as a new member of the EAC board.

Stavrakis now faces the difficult task of restoring morale at the EAC and uncovering the mystery surrounding the circumstances under which huge amounts of money went missing. He also needs to proceed with new power station plans.