Forthnet, the Greek telecoms company in which a Go plc joint venture has a 41 per cent stake, yesterday announced the resignation of Pantelis Tzortzakis as chief executive officer and vice chairman of the company as well as from his relevant position on the board of directors of the other companies of the group.
“Mr Tzortzakis was the inspirer and chief executive officer of the company since its establishment in 1995 having a catalytic role in the creation, development and establishment of the company as one of the pioneers and most reliable providers of telecommunications services in Greece,” a company statement said.
During a Forthmnet board meeting yesterday Mr Tzortzakis thanked the members of board of directors, his colleagues and the other employees for their cooperation and important contribution to the growth of the company, as well as all the shareholders of the company since its establishment for the confidence they showed in him, all these years. Finally, he wished to the new management every success for the achievement of the goals of the company.
Panos Papadopoulos has now been appointed vice chairman and chief executive officer of Forthnet and has been assigned the relevant duties on the board of directors of the other companies of the group.
Deepak Srinivas Padmanabhan, Forthnet’s chairman, referred to the honesty and integrity of Mr Tzortzakis and thanked him for his contribution which was decisive in the development of the company. Finally, he wished Mr Papadopoulos every success in his new mission as CEO of the company.
Forthnet’s board of directors now consists of: Deepak Srinivas Padmanabhan, chairman; Panagiotis Papadopoulos, vice chairman and CEO; Johannes Fransciscus Botman, non-executive member; Vasilios Dougalis, no- executive member; David Kay, non-executive member; Edwin Lloyd, independent non executive member; Majid Mohsin, non-executive member; Bhavneet Singh, independent non-executive member; and Michael Warrington, non-executive member.
Forgendo, the vehicle jointly held by Go plc and its major shareholder Emirates International Telecommunications (Malta Limited), increased its shareholding in Forthnet to 40.71 per cent just before Christmas.
Go’s interim balance sheet last September bore the brunt of a €7.3 million loss from its share of results in the investment in Forthnet which at the time stood at 39.9 per cent.