Ioannis Papalekas, the Founder, is stepping down from the Board of Directors of Globalworth with immediate effect but will remain as CEO of the Company. Dimitris Raptis, the current Chief Investment Officer and Deputy CEO, has been appointed co-CEO alongside Mr Papalekas whilst retaining his role as Chief Investment Officer. Mr Raptis will remain on the Board of Directors of Globalworth and will act as the main point of communication between the board and executive management.

This decision has been made after consultation with the Company's major shareholders and will allow Mr Papalekas to focus completely on his responsibilities in managing the Company's business and operations in the near term, especially in light of the outbreak of the COVID-19 global epidemic and crisis.

Following the above changes to the Board, the Board will comprise one executive director and nine non-executive directors (of which seven, including the chair, are considered to be independent in accordance with the UK Corporate Governance Code).

Subject to completion of customary due diligence, the Company intends to appoint Martin Bartyzal as a Non-executive Director of Globalworth as soon as practicable. This appointment is pursuant to the rights of CPI Property Group SA, through its ownership of Zakiono Enterprises Limited, to nominate and appoint one non-executive director for every 8% of the issued share capital of the Company held by Zakiono. 

COVID-19 outbreak

Regarding the COVID-19 outbreak, the entire Globalworth team of more than 220 people in Cyprus, Guernsey, Romania and Poland is entirely focused on containing and mitigating its adverse effects.  The safety and wellbeing of our people, clients and communities are our top priorities while we try to safeguard the business, protect its assets and aim to limit the liabilities and negative consequences from this crisis that evolves day by day.  Further announcements will follow on the matter in due course.

Geoff Miller, Chair of the Board, commented: "These changes to the Board will, we believe, enhance its effectiveness and are in the best interests of the Company as a whole. At this critical and pivotal time, the Board members continue to work extremely closely with our executive team, both at the Board level and through the committees of the Board. I believe that the Company as a whole will be strengthened by the fact that Ioannis is now entirely focused on managing the Company's business and operations in the near term, whilst Dimitris will have the primary responsibility for board communications as well as co-managing business and operational matters".