Piraeus Bank chairman Michalis Sallas officially resigned on Wednesday during an emergency board meeting. The board appointed Professor Harikleia Apalagaki as interim chairman.
Sallas, who was at the helm of the bank for 25 years, was named 'honorary chairman' by the board.
In his resignation letter, Sallas noted that it was necessary for new managers to take Pireos forward following the recent recapitalization of Greek lenders.
In 1991, Sallas was at the helm of a group of Greek businessmen that took over Piraeus Bank from the public sector.