Cyprus Airways chairman resigns

By Athena Karsera

THE CHAIRMAN of Cyprus Airways last night announced that he was resigning after accepting a position in the private sector.

Announcing his decision to reporters yesterday, Takis Kyriakides said President Glafcos Clerides had accepted his resignation.

He said he had taken the decision to resign after accepting a position as president of Lordos Hotel Holdings Ltd, “about 15 days ago.”

“I am leaving with an easy conscience that I did my duty,” Kyriakides said. “I hope that I contributed something with my work and I leave with the certainty that Cyprus Airways has a future and is capable of facing up to any challenge.”

Kyriakides said he had not come under any pressure to resign, either now or at any time in the three years he had been in office, and said he had always enjoyed full government support.

The Council of Ministers, which has the last word on appointing a new chairman, may make a decision as soon as its scheduled meeting today.

Kyriakides’ resignation comes as Cyprus Airways faces a new threat of strike action on December 11 from disgruntled unions seeking a pay rise.

The outgoing chairman presided over crucial restructuring efforts, marked by bitter industrial disputes, to prepare the beleaguered national airline for full liberalisation of the industry ahead of EU membership.

Meanwhile, CyBC revealed last night that Cyprus Airways had proposed a plan to the government in an attempt to keep the company on the Stock Exchange.

Cyprus Airways press spokesman Tassos Angelis told CyBC the proposal would see the government issue eight million shares at 50 cents each to the public another eight million to existing shareholders, thus reducing its own stake in the company in time for a December 31 stock exchange deadline to reduce its share in the company. The move would also raise the company’s capital base from £25 to £45 million, CyBC reported.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.