Tsotsoros the new CEO at Hellenic Petroleum

Hellenic Petroleum (ELPE) Greece’s biggest oil refiner, said on Thursday that the Greek government had proposed that its chairman Efstathios Tsotsoros also take on the position of chief executive, replacing Grigoris Stergioulis.

ELPE announced the decision in a bourse filing outlining a new board of directors, scheduled to convene next Tuesday.

The state is selling a stake in ELPE under its latest bailout program. ELPE said earlier this month that its major shareholders, Greece and Paneuropean Oil and Industrial Holdings, agreed to divest a combined stake of at least 50.1 percent in the refiner through an international tender. [Reuters]