The top 10 highest earning CEOs of listed companies

The CEOs of Bank of Cyprus and Hellenic Bank were the highest earners of the 10 biggest companies listed on the Cyprus Stock Exchange in 2022, according to their annual reports for the year.

More details below:

Bank of Cyprus

Panicos Nicolaou (CEO): €952,000 (2021: €813,000)

In detail:

Salaries and other short-term benefits: €761,000 (2021: €715,000)

Employer contributions: €38,000 (2021: €37,000)

Charge for retirement benefits: €60,000 (2021: €61,000)

Share-based benefits: €93,000 (2021: €0)

Hellenic Bank

Oliver Gatzke (CEO): €771,161 (2021: €336,031 in total remuneration and benefits)

In detail:

Fees for services: €755,000

Estimated value of benefits considered as remuneration: €16,161

The percentage change in Gatzke's salary compared to 2021 is 129%.

However, it is clarified that Gatzke was appointed as Executive Director/Senior Executive Director of Hellenic Bank on 23 July, 2021, with the result that his remuneration for 2021 will be given in proportion to the months in which he performed these duties.

Minerva Insurance Company Public Ltd

Marios Koutsokoumnis (Executive Chairman): €308,358 (2021: €308,291)

Logicom Public Ltd

Varnavas Irinarchos (CEO): €175,900

In detail:

Salary: €150,000

Performance Expenses: €25,900

Demetra Holdings Plc

Nearchos Ioannou (CEO until 16 September, 2022):

Gross salary: €126,361 (2021: €139,180)

Other employer contributions: €11,103 (2021: €13,167)

Kleanthis (Athos) Handriotis (First Executive Director from September 16, 2022):

Gross wages and salaries: €46,817 (2021: €0)

Other employer contributions: €5,342 (2021: €0)

Petrolina (Holdings) Public Ltd

Dinos Lefkaritis (Executive Managing Director/CEO)

Executive services: €250,000 (2021: €200,000)

As a member of the Board of Directors: €2,000 (2021: €2,000)

KEO Plc

Charalambos Panayiotou (CEO): Salary: €296,000 (2021: €262,000)

Variable remuneration component: €75,000 (2021: €50,000)

Provident Fund: €21,000 (2021: €18,000)

Costas Koutsos (Executive President):

Salary: €256,000 (2021: €225,000)

Variable remuneration component: €75,000 (2021: €50,000)

Provident Fund: €9,000 (2021: €7,000)

Alkis H. Hadjikyriacos (Frou-Frou Biscuits) Public Ltd

Alkis H. Hadjikyriacos (Executive Chairman): €190,240 (2021: €190,240)

In detail:

As executives: €182,000 (2021: €182,000)

Atlantic Insurance Company Public Ltd

Emilios Pyrishis (Managing Director & Chairman of the Board of Directors): €120,000 (2021: €117,000)

In detail:

Salaries, performance expenses and contributions: €103,000

Fees: €1,000

Social Insurance and other contributions: €11,000, Provident Fund Contributions €5,000

Top Kinisis Travel Public Ltd

Constantinos Kakkouras (CEO): €58,600 (2021: €49,822)

Akis Kelepeshis (Executive Chairman): €58,600 (2021: €49,822)