Lion Finance Group Plc (BDGSF,BGEO.L) Thursday said that Sulkhan Gvalia, the acting Chief Financial Officer or CFO of both the Group and Bank of Georgia, will step down from his executive role in March, following a 20-year tenure with the Group.
He will continue to work as a non-executive member of the supervisory boards of the Group's subsidiaries, including Ameriabank, its banking subsidiary in Armenia, the financial services holding company added.
The company said that Sulkhan will be succeeded by Giorgi Shagidze, who will be appointed Group CFO, overseeing Group finance and international growth, and Deputy Chief Executive Officer or CEO, and CFO of Bank of Georgia, subject to regulatory approvals. Shagidze's most recent role was that as CEO of Maib, which is the largest commercial bank in Moldova.
According to Lion Finance Group, Giorgi Gureshidze has also been promoted to the role of Deputy CEO, subject to regulatory approvals.
Commenting on the appointment, Archil Gachechiladze, Group and Bank of Georgia CEO, said, "I would like to thank Sulkhan for his dedicated service and invaluable contributions to our success. He has been a pivotal member of the executive team, successfully leading our finance function and helping to build our business and culture. I am delighted that he will remain with the Group in a non-executive role."
On the LSE, BGEO.L is currently trading down 0.08 percent on Thursday at 9,557.50 pence.
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