Interim administration at DEPA ahead of new leadership

The board and shareholders at DEPA, the Public Gas Corporation, have appointed an interim administration in preparation for the natural gas utility’s new leadership, announced last week.

The move to appoint an interim administration, accepted by energy minister Giorgos Stathakis, was prompted by the outgoing DEPA chief executive officer Theodoros Kitsakos’s refusal to step aside.

Nikolaos Farantouris, the firm’s legal division head, has just been named DEPA’s caretaker president, in place of Giorgos Spanoudis, while Giorgos Polyhroniou, the strategic development director, will temporarily serve as chief executive officer in place of Kitsakos.

Dimitris Tzortzis, backed by an extensive track record in private-sector enterprises involved in networks and telecommunications, as well as public administration, has been appointed DEPA’s new chief executive officer.

Velissarios Dotsis, who also hails from the private sector and, in addition, has worked at Enterprise Greece, promoting investment opportunities in Greece as well as exports, has been named the new DEPA president.

Kitsakos, the ousted chief, was at DEPA’s helm for nearly two years. He was hired in December, 2015. Spanoudis, the outgoing president, had assumed his post in 2014.

The interim administration is expected to pass on the baton to DEPA’s new leadership within the next few days, once related shareholder and ministerial procedures have been completed.

TAIPED, the state privatization fund, controls the Greek State’s 65 percent of DEPA, while ELPE, Hellenic Petroleum, holds the gas utility’s other 35 percent.

The leadership changes are expected to facilitate a bailout-related plan aiming to diminish DEPA’s dominant role in the Greek natural gas market.