Shacolas to hand over the reins

Pioneering businessman Nicos Shacolas has decided to pass the torch of running the empire he built – NK Shacolas (Holdings) Ltd, of such fame as the Cyprus Trading Corporation (CTC), Ermes and Woolworth – to his son Marios.

Speaking at the annual general meetings of the three companies, Shacolas took a personal moment to announce that he felt it is time for new blood to take the reins and that he will be handing off the administration of his group of companies to his son.

Helped by experienced and capable associates, he said, Marios N Shacolas was in a position to run operations smoothly and achieve bigger future successes. On his part, Shacolas Sr said he would always stand by the companies and offer any help he could.

The handoff has been reported as scheduled for next September.

 

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.