June 4, 2018 / 6:17 PM / 20 days ago

Greece set to extend Public Power CEO's term at investor meeting

ATHENS (Reuters) - Greece is poised to renew the term of the chief executive of its biggest power utility Public Power Corp (PPC) for a new three year term after no other candidates came forward.

Manolis Panagiotakis has been CEO of PPC (DEHr.AT) since 2015 and his term, which ended in April, has been extended until a shareholders meeting due to take place on June 7.

PPC said on Monday that Panagiotakis was the sole nomination for the post.

The country’s state assets fund - Hellenic Corporation of Assets and Participations, is in charge of nominating PPC’s CEO as the state holds a 51 percent stake in the utility.

Panagiotakis, a mechanical engineer, has held several senior posts at PPC in the last 20 years and had a key role in concluding the spin-off of the country’s power grid last year, a condition of Greece’s latest international bailout.

PPC has also launched a series of payment schemes in a bid to collect bills of more than 2.5 billion euros (2.19 billion pounds) left unpaid by Greeks hit by years of austerity and a protracted recession.

Reporting by Angeliki Koutantou; Editing by Alexander Smith

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