PPC director quits, blaming the chairman

Long-serving Public Power Corporation (PPC) Managing Director Stergios Nezis yesterday resigned his post, Development Minister Dimitris Sioufas announced. «Stergios Nezis visited me today and told me that because of difficulties in his working relationship with PPC’s chairman, Ioannis Palaiokrassas, he is submitting his resignation. I accepted it,» Sioufas said in a statement. Straight after the announcement, Palaiokrassas said in a separate statement that he had handed to judicial authorities a file with documents «pertaining to aspects of the corporation’s operations in the past.» «I believe that transparency in the operation of the largest industrial enterprise in the country is a core element for its success,» said the PPC head. «For some time now, I have been receiving complaints and data and I considered it my duty to submit them to the judicial authorities for further research and evaluation,» he added. Regarding his resignation, Nezis stated that «as the managing director of PPC, with responsibility for its efficient and proper operation, I have tendered my resignation to protect those with a legitimate interest in PPC, the workers, shareholders, clients, the state and the public, from the continuing malfunctioning of the corporation, which is entirely due to the irregular interventions by Chairman Ioannis Palaiokrassas in its management.» Nezis oversaw PPC’s successful transition from state monopoly to listed firm.

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.