It’s not unheard of for large, well-known companies to have difficulty finding a CEO, usually when they’re in trouble. Department store chain Sears had an interim CEO for three years while sales were plummeting. Banks damaged by the financial crisis often struggled to attract a star performer to wean them off government support.
In many of those incidences, though, the job came with a certain air of prestige, not to mention a multi-million-dollar-a-year compensation package.
But try finding a person to manage a large financial institution in dire straits for a salary capped at a few hundred thousand dollars. Oh, and for successful candidates, there’s also a decent risk they’ll find themselves on the wrong side of the law.
That appears to be the lowdown for anyone interested in heading up one of Greece’s beleaguered financial institutions.
The country’s biggest lender, Piraeus Bank, has been looking for a CEO since January of last year, according to company announcements. Its former leader, Anthimos Thomopolous, was put under investigation by local authorities over whether he acted in the bank’s best interests during a rescue share issue.
His unpleasant experience isn’t unique: Andreas Georgiou, the former head of Greece’s statistical authority, is facing 10 years in prison after being accused by authorities of inflating the national budget deficit in 2009. Greece is currently governed by the left-wing Syriza party.
U.S. hedge fund Paulson & Co. has been pushing for Thomopolous to be reinstated as CEO, though another major shareholder, the Hellenic Financial Stability Fund, wants someone else in charge.
The HFSF is a public rescue vehicle backed by loans from the European Union and the International Monetary Fund. It has demanded that the new Piraeus Bank CEO have at least 10 years’ banking experience outside of Greece.
Ironically, though, the fund also needs a CEO itself, itself having been without a leader since July. Apparently, a new person offered the job in October quit a week later, while a subsequent interim replacement only lasted two months, Reuters reported on Monday. One former fund executive described the top job at HFSF, which offers a salary of €270,000 ($284,647.50), as a “poisoned chalice”.
For both entities, there is a ray of hope. In November, Greek Prime Minister Alexis Tsipras managed to convince Dimitri Papadimitriou to give up his job as head of the Levy Economics Institute at Bard College in New York state and become his new minister of economy and development.
The HFSF last week announced a renewed process to recruit a CEO via a government-appointed selection panel, with the final choice to be made by the Greek finance minister (should they have have anyone to choose from).
Any readers interested in the CEO position at Piraeus Bank should contact the recruitment consultancy EgonZehneder.
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
