#Cyprus #Nicosia #Xryma Plc #Christakis Taoushanis #Adonis Pegasiou

Leadership Changes at Xryma Plc

In a significant development for the banking technology sector, Xryma Plc has announced the resignation of two independent non-executive directors, Christakis Taoushanis and Adonis Pegasiou, effective September 30, 2026. This move comes in accordance with the regulatory policies set forth by the Central Bank of Cyprus (CBC), indicating that both directors have served their tenure beyond the stipulated limits for independent directors.

Christakis Taoushanis: A Decade of Service

Mr. Taoushanis has been integral to Xryma Plc’s journey since its inception as a regulated electronic money institution, holding a seat on the board for nearly ten years. His leadership has seen the company through significant milestones, including its first regulatory approval and a successful seven-year run of profits. Under his guidance, Xryma reached major operational heights, including establishing direct participation in the T2 Real-Time Gross Settlement (RTGS) system of the European Central Bank and preparing for direct connections with the Bank of England.

He expressed that this decision was necessary to align with CBC governance policies, which articulate that any board member serving over ten years cannot be classified as independent. His outstanding contributions have earned him respect from fellow board members and staff alike. Nikogiannis Karantzis, the group CEO, reflected on Taoushanis's impactful leadership, noting, "Takis is an experienced banker and will be missed by all."

Adonis Pegasiou: Prioritizing Existing Commitments

In a parallel move, Mr. Pegasiou has also stepped down after serving on the board for over four years. He initially joined Xryma as an independent non-executive director in June 2022. His full-time role as Academic Director of the European Institute of Management and Finance (EIMF) has increasingly demanded his attention, making it challenging for him to devote the necessary time to board responsibilities amidst the growing complexity of Xryma's operations.

Acknowledging the need to balance his professional commitments, Pegasiou decided it was best to resign, ensuring that he would not compromise on his responsibilities as a board member. In his farewell remarks, Karantzis thanked Pegasiou for his thoughtful contributions and emphasized the value of his expertise in governance and risk management during his tenure.

Looking Ahead for Xryma Plc

As Xryma Plc, trading under the ISX Financial® brand, continues to expand its services in cross-border open banking and international transactional banking, these leadership transitions reflect a commitment to maintaining high governance standards in line with regulatory expectations. As a vertically integrated bank technology group with operations in Cyprus, Lithuania, and the UK, Xryma is well-prepared to navigate the complexities of the financial landscape.

The company remains one of the foremost non-bank direct participants in the T2 settlement system of the Eurosystem, processing settlements in central bank money. With these leadership changes, Xryma Plc is poised for continued growth while upholding the rigorous standards expected by regulators and stakeholders.

In conclusion, these developments underline Xryma's dedication to governance practices and its future trajectory within the banking technology sector. The company will undoubtedly seek new talents who align with its vision while ensuring stability and expertise within its board. As they move forward, it remains crucial for Xryma to adapt to the ever-evolving financial environment and continue delivering innovative solutions to its clients.

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