OPAP board reshuffles as Emma Delta takes control
Emma Delta replaces ten members of OPAP board as it takes control of Greek monopoly
OPAP’s executive board has undergone a radical overhaul after Emma Delta took control of the Greek monopoly last Friday.
The equity fund concluded the purchase last week and immediately appointed Czech banker Kamil Ziegler as its new chairman and chief executive as part of a wider reshuffle that has seen ten changes made to the 11 member board.
“During a time of transition for the domestic economy, we are committed to investing in the company and in Greece over the long term,” Ziegler said.
Ziegler was installed as chief executive of Czech gambling monopoly Sazka in 2011 following its sale to a joint venture involving international financial group PPF and Czech investment company KKCG.
PPF’s shareholders include Czech billionaire Jiri Smejc, who is also a joint owner of Emma Delta.
“We are committed to the long-term growth of the group, which we will pursue by creating value throughout the enterprise and making OPAP more cost efficient,” Smejc said in a statement.
Michal Houst has joined the board to oversee OPAP’s finances after working on the initial takeover. Houst worked as a banking and financial analyst at PPF, and has also worked on restructuring projects at Nomos Bank.
Georgios Melissanidis, the son of Emma Delta co-owner Dimitris Melissanidis, has also joined as a non-executive member and is one of three Greeks on the new-look board.
Emma Delta completed the 650m deal for a 33% stake in OPAP in August, but contractual wrangling had prevented the transaction from being concluded until Friday.