Another historic milestone for MYTILINEOS is set today with the announcement of the new transformation of the Company.
MYTILINEOS presented its new strategy for value creation and continuous growth. Chairman & CEO Ev. Mytilineos, welcomed all to a new era for MYTILINEOS, based on the global trends of energy transition and digital transformation and focused on sustainable development and circular economy.
With this new transformation “MYTILINEOS –Energy & Metals” is being created. An even more dynamic and flexible company, ready to face current and future challenges. Moreover, today’s announcement follows the successful transformation made by the Company in 2017, managing to create a large Greek industrial and energy multinational company, which more than doubled its size, expanded its activities in all five continents and improved its credit rating.
Through this new transformation, the Company seeks to create:
- A new organizational structure adapted to this current environment and the new scale of the Company, supporting in that way its further development while providing the investment community with a direct understanding of MYTILINEOS’ activities.
- A functional model that further favors i) internal synergies, ii) effective decision-making and iii) effective internal communication, for a progressive decentralization of management decisions.
- Acknowledgement and further increase of its actual market capitalization, while targeting investment grade rating for its lending.
- Focus on the development of Human Resources, for meritocratic advancement, with a clear value proposition.
- Further development in activities where opportunities arise (e.g., Infrastructure & Concessions in Greece, new technologies, new international markets).
The new corporate transformation upgrades MYTILINEOS’ position in the field of infrastructure with the creation of two new subsidiaries that will be strategically positioned to properly exploit opportunities both in Greece and internationally. Specifically, the following companies are created:
- ΜΕΤΚΑ ΑΤΕ specializing in the field of construction (general contracting) led by: President - Ev. Chrysafis και CEO – D. Benroubi
- Μ Concessions which will be the investment arm in concessions and PPPs projects in Greece and abroad., led by: President - El. Karaindros και CEΟ – P. Gardelinos
MYTILINEOS’ new corporate structure covers two business Sectors
- Energy Sector, led by: I. Kalafatas - Chief Executive Director, Energy.
- Metallurgy Sector, led by: D. Stefanidis - Chief Executive Director, Metallurgy.
With these changes, MYTILINEOS is strategically placed at the forefront of the energy transition as a leading and integrated green utility, with an international presence, while establishing itself as a reference point of “green” metallurgy in the European landscape.
MYTILINEOS’ structural transformation aims at the Company’s growth and the improvement of the competitiveness of all its activities at an international level. At the same time, it facilitates the achievement of the targets set regarding Net Zero, for 2030 and 2050, through actions to reduce energy consumption, increase the supply of energy from RES, as well as increase recycling and utilization of residues of the production process, in the context of the circular economy.
Alongside the changes in the organizational structure, this transformation also modernizes the Corporate Governance at executive level, so as the Company’s objectives are achieved more effectively.
- Today’s Executive Committee is being replaced with the Cabinet of the CEO. This body aims at the Company’s optimal management and governance at the highest level of leadership with the aim of rapid and effective decision-making.
Under the chairmanship of the CEO, the following will systematically participate in the Cabinet of the CEO:
- Ev. Chrysafis as Vice Chairman of the BoD and Executive Director for Regulatory and Corporate Strategic Issues related to Energy and Infrastructure activities
- Ι. Kalafatas as Chief Executive Director, Energy
- D. Stefanidis as Chief Executive Director, Metallurgy
- Chr. Gavalas as Chief Treasury & IR Officer and soon to be an Executive Member of the Board of Directors
- El. Karaindros as Chief Strategy and M&A Officer
- El. Kontogianni as Chief Financial Officer
- V. Bouzali as Chief Corporate Affairs & Communication Officer
- S. Fideli as Chief People Officer
- D. Benroubi as CEO of METKA ΑΤΕ
Cabinet of the CEO will be complemented by the systematic participation of the Chief of Staff with main mission, the operation of the organization for a smooth and progressive decentralization of decision-making.
At the same time, the new Chief of Staff will supervise selected central functions, such as:
- Legal, Contracts & Compliance led by P. Selekos – Executive Director, Legal, Contracts & Compliance
- Corporate Governance & Sustainable Development led by D. Papadopoulos – Executive Director, Sustainability & Corporate Governance
- European Affairs & Regulatory Advocacy led by N. Keramidas – Director, European Affairs & Regulatory Advocacy
- ΙT & Digital led by K. Fatolas – Director, IT & Digital
- Environment & Permitting led by Ev. Baltas – Director
Finally, the Administration & CEO’s Office position is being created, undertaken by F. Spyrakos – Chief Administration Officer, CEO’s Office, referring to the CEO.
IR, led by D. Katralis - Head of IR, will now be subordinate to the Treasury & IR directorate.
In addition to the Cabinet of the CEO, a new management innovation is introduced; the Leadership Council of 35 senior executives, whose goal is to disseminate information, knowledge, and experience at all levels of the hierarchy, hoping to be an incubator of executives from which the future leadership team of the Company will emerge.
The new organization will start to be implemented at the beginning of the new year and its implementation will be completed, after the new companies will be fully and legally licensed.
