Gatzke returns to CEO duties at Hellenic

Oliver Gatzke, chief executive officer of Cyprus’ Hellenic Bank, has returned to his post after the Cyprus Securities and Exchange Commission which had investigated him for potential share manipulation cleared him of any wrongdoing. Gatzke was given the green light to return to his office on Monday.

The accusations had been made by Nearchos Ioannou, the CEO of Demetra Holdings, at the 48th annual meeting of Hellenic Bank. However, according to the commission, there was no factual basis for an investigation.

Following the completion of the investigation, the Board of Directors of the Bank has decided – as announced by the bank last Friday – to return the CEO to his duties. Gatzke’s contract was for three years, so he will remain CEO for the next year and a half in good faith and with goodwill on both sides.

At Hellenic, Gatzke faces a number of challenges that he must manage for the duration of his tenure. The one he will be immediately tasked with managing is the renewal of Hellenic Bank’s collective bargaining agreement, which is an open and difficult point for the bank beginning in 2018.

Meanwhile, discussions on the collective agreement with the bank’s interim CEO, Petros Arsalidis, continued. The chapter on the extension of the collective bargaining agreement between the guilds and the Hellenic Bank has in fact developed into a “lousy miniseries” and ought to be successfully finished at some point.

The bank’s three-year strategic plan for 2023-2026 is one of the next tasks to be completed. This chapter should be completed by the end of the year or early next year, and the bank’s course should be on track.

The CEO’s primary focus for the bank going forward will be to continue the bank’s digital transformation. In addition to the labor issues that Gatzke has been focusing on, he is expected to focus on further digitalizing the Bank.