#Cyprus #Nicosia #Corporate Governance #ISX Financial #Xryma Plc

Xryma Plc Board Reshuffle: Changes in Leadership

Xryma Plc, a prominent player in the banking technology sector, recently underwent significant changes in its board of directors with the resignation of two independent non-executive directors, Christakis Taoushanis and Adonis Pegasiou. These departures reflect the ongoing evolution of corporate governance practices as well as the individual commitments of the directors.

Key Resignations

Christakis Taoushanis

Christakis Taoushanis, who has served on the board for nearly a decade and has been at the helm since the company received its electronic money institution license from the Central Bank of Cyprus, stepped down effective September 30, 2026. During his tenure, Taoushanis guided the company through critical phases, including the establishment of its direct participation in the T2 RTGS system and its preparations for listing on Euronext Paris.

One key motivation for Taoushanis's resignation stems from regulations set forth by the Central Bank of Cyprus. Under these regulations, any board member serving for over ten years cannot be considered independent, thereby necessitating his exit from both the board and the presidency. He expressed gratitude for the experiences gained during his tenure but recognized that compliance with regulatory demands is paramount for the organization's integrity.

Nikogiannis Karantzis, the Group CEO, praised Taoushanis's leadership, noting that his experience and mentorship will be missed by both the board and staff. He highlighted the director's instrumental role in the company and wished him future success.

Adonis Pegasiou

Adonis Pegasiou has also resigned from his position after more than four years of service. Initially appointed on June 17, 2022, Pegasiou's professional commitments as the Academic Director at the European Institute of Management and Finance (EIMF) have required more of his attention over time. As Xryma Plc's operations and projects grow in intricacy, he felt it necessary to step down to ensure that he wouldn't compromise on his responsibilities and contributions to the board.

Karantzis acknowledged Pegasiou's thoughtful and diligent contributions, particularly in the areas of governance, risk, and compliance, thanking him for his service and wishing him all the best in his new focus.

Xryma Plc and Its Place in the Banking Technology Landscape

Operating under the brand ISX Financial®, Xryma Plc represents a vertically integrated banktech group based in Cyprus, with operations extending to Lithuania and the UK. The company is recognized for its cross-border open banking services, international transactions, and real-time payment solutions, making it a vital player in the European banking ecosystem.

Xryma is also among the first non-bank entities to participate directly in the Eurosystem's T2 settlement system, allowing for secure and efficient transactions utilizing central bank money. This commitment to innovation and regulatory compliance positions Xryma well in the competitive banktech landscape, despite the departure of significant board members.

As Xryma Plc navigates this transition, the organization remains dedicated to meeting regulatory standards and pursuing its strategic goals, aiming to enhance its service offerings and operational efficiency in a rapidly evolving market.

Conclusion

The resignations of Christakis Taoushanis and Adonis Pegasiou mark a pivotal moment for Xryma Plc. As the company adapts to regulatory requirements and continues to evolve in the banktech sector, it is crucial for the remaining board members and management to maintain strong governance practices while striving for innovation and growth. The contributions of the departing directors set a foundation for success that the company will build upon in the future.