ECONOMY

Koutsolioutsos seeking to install new administration at Folli Follie

koutsolioutsos-seeking-to-install-new-administration-at-folli-follie

The main shareholder of disgraced listed Greek jewelry retailer Folli Follie is seeking to install a new administration at the company’s helm and will be petitioning shareholders for the removal of the board’s president and three other members and their replacement by executives from the company’s existing roster, Kathimerini understands.

The move by Dimitris Koutsolioutsos, who faces a string of charges including market manipulation, comes just two months after the Capital Market Commission sought the resignation of his son, former CEO Georgios Koutsolioutsos.

Sources told Kathimerini that Dimitris Koutsolioutsos is seeking to introduce the matter of changes to the board at an upcoming emergency meeting of Folli Follie shareholders and has also presented his proposal to the commission.

The same sources suggested that the move by Koutsolioutsos, who controls 35 percent of the jewelry retailer, is geared towards replacing a large part of the board, which he accuses of seeking to appease creditors, with executives who will be more focused on the company's market activities.