Appointment of a New Chief Executive Officer

Universal Life announces that its Board of Directors has decided to appoint Mr. Evan Gavas as the new Chief Executive Officer of the Company.  

The Chairman of the Board, Mr. Photos Photiades in welcoming Mr. Gavas stated that “the selection process was a difficult one as we had to choose from a long list of very high caliber candidates. We are convinced that Evan’s long professional expertise and his very successful career in the local and international financial services sector, combined with his personality, make him an  ideal person to lead the Company into the future and further its development and success.” 

Mr. Gavas, who is officially assuming his role on July 1st, began his professional career in 1998 when he created his own business in South Africa.  In 2001 he joined Nedbank in South Africa and worked closely with the upper management in order to develop the private banking division.  After completing his MBA at Harvard he joined AT Kearney in London as a strategy consultant.  In 2007 he was recruited by Barclays Bank as Chief of Staff in their Corporate Banking Division and went on to several senior management roles across the bank, including Strategy Director for the Corporate Bank in Europe, Country Director of Barclays Cyprus and Head of Offshore & Local Markets.  In 2015 he returned to Cyprus and started Coveline Ltd providing consultancy services to local and international clients, whilst serving on the Board of Directors of Ancoria Bank in Cyprus and Safecharge in London. 

In his statement, Mr. Gavas thanked the Board of Directors of Universal Life for entrusting him with the position. He stated that “it’s a great honor to have the opportunity to take the helm of the country’s most historical insurance company and I am thrilled with the prospect of contributing to the Company’s successful track record. I commit myself to working hard and collaborating closely both with the Board of Directors and the Company’s personnel, so that we turn challenges into opportunities and lead the Company to an even higher level in the future.” 

The appointment is subject to the Authorities’ approval.