Bank of Valletta has reduced the number of chief officers from 11 to just four in the first major shake-up since John Cassar White took over as chairman last year.
The number of chiefs had been expanded in 2008 under former CEO Tonio Depasquale. The announcement did not say what the roles of the other chief officers would be once the reshuffle is concluded.
“The revised structure aims to ensure a more focused corporate governance structure as well as efficiency in dealing with the various major challenges that the bank faces in the coming decade,” the announcement said.
Recently the bank had announced that Victor Denaro had taken early retirement, with Joseph Agius appointed chief technology officer in his stead.
In a company announcement, the bank said that Mario Mallia, formerly the chief officer for risk management, has been appointed chief operating officer reporting directly to the chief executive officer, Charles Borg.
The other chiefs will be regrouped under three roles: a chief officer for risk, the chief financial officer (CFO) and a chief business development officer (CBDO). The bank is in the process of appointing the other three chief officers.
The chief officer for risk will report directly to the board’s risk management committee, while the other two will report to Mr Mallia, sources said.
The bank’s management board will be made up of the CEO and the four officers.