DealMaker resigns from Aspis

Lambros Christophi has resigned from his position as CEO of Aspis Holdings Pcl (ASP.CY) and from the Boards of all Group companies citing personal reasons and because as he put it, he wants to change his lifestyle.

The energetic CEO of Aspis who together with Group Chairman Pavlos Psomiades transformed the Group into a major powerhouse with total assets of EUR 886 mln, total equity of EUR 225 mln and forecasted pro-forma profit for 2008 of EUR 37.5 mln, says the window of opportunity for him to leave is now.

“This is the best time for me to go. We just completed the largest capital increase by a private group, injected the new capital of EUR 90 mln in Commercial Value SA and there is no major pending issue now facing the Aspis Group, especially so after we also sold our stake in Universal Life,” said Christophi.
“It’s over for me as an employee,” said Christophi who was quick to stress that as an investor he intends to keep his significant stakes in all Group companies including Aspis Holdings, Laser, Leda, Athos Diamond adding “now that there are no more restrictions or regulatory obligations I shall invest even more.” 

George Constantinou, a long time trusted friend and associate of Christophi will assume his position and become Executive Director.
Psomiades said under Christophi, the Aspis Group expanded rapidly and as much as his departure saddened him, but he said Aspis Group would stay on the same course of expansionary drive.
“With Ethniki Insurance now passing into foreign hands, we (Aspis) are the only insurance Group left purely in Greek hands and we intend to continue to expand and become even stronger,” said Psomiades, adding that very soon “new expansions into two new countries will be announced.”