Ellaktor chief executive Leonidas Bobolas intends to stand down from Greece's biggest construction group even if he wins control of the loss making company, he told Bloomberg in an interveiw published Monday.
A row has emerged over control of the company with Ellaktor’s chairman Anastasios Kallitsantsis quitting last month to launch a campaign to replace top management. A product of a merger between Kallitsantsis' Hellenic Technodomiki and Bobolas' Aktor in 1999, a dispute has emerged at the company over how to revive its fortunes and what its core business should be.
Bobolas said that "with all that's happened, the right thing would be for me to hand over in a year to a professional CEO hired by the new board." He argues the company should focus on construction, concessions and waste management, selling off its renewable energy unit (Eltech Anemos) to reduce debt and provide capital for investment.
"Right now there’s really big interest in the market for Anemos from foreign investors that don't want to have to deal with Greek bureaucracy but believe in Greece," Bobolas said, according to Bloomberg.
In response to the comments, the CHANGE4ELLAKTOR initiative backed by Kallitsantis, said in a statement that with less than ten days before Ellaktor's general shareholder meeting, "this is again too little too late".
"Shareholders should be mindful that although Mr. Bobolas is now signaling willingness to step down, he has previously made commitments that he did not keep," the statement said. "It is now up to the shareholders and not up to Mr. Bobolas anymore, to terminate his tenure as CEO of ELLAKTOR?. Kallitsantis is proposing a management team with himself as CEO and former Bank of Greece governor George Provopoulos as non-executive chairman with a central focus being on renewable energy.