Board Shakeup at Xryma Plc as Two Independent Directors Resign

Christakis Taoushanis concludes a tenure of nearly a decade, during which he chaired the company through its evolution into a regulated Electronic Money Institution. His departure stems from Central Bank of Cyprus (CBC) governance policies, which disqualify directors from independent status after ten years of service. Given the regulatory requirement for a majority of independent non-executive directors on the board, Taoushanis stepped down to ensure the company remains in full compliance with local mandates.

Adonis Pegasiou, who joined the board in June 2022, cited professional constraints as the primary factor for his resignation. As the Academic Director of the European Institute of Management and Finance, Pegasiou noted that the increasing complexity of Xryma’s projects requires a time commitment that he can no longer accommodate alongside his full-time academic role. Group Managing Director Nikogiannis Karantzis acknowledged both men for their contributions, particularly highlighting Taoushanis’s leadership during the company's expansion into the Eurosystem's T2 settlement infrastructure.