**Logicom Reshuffles Top Team as Papachristoforou Takes CEO Role**
Logicom, a prominent technology group listed in Cyprus, has announced a significant restructuring of its executive team, appointing Anthoulis Papachristoforou as the new chief executive officer (CEO). This change, effective September 24, follows a board decision made the previous day and is part of a broader reorganization aimed at enhancing the company's operational efficiency and strategic focus.
Papachristoforou, who has been with Logicom since 2001, previously held the positions of deputy managing director and group chief financial officer (CFO). In his new role, he will be responsible for overseeing the day-to-day operations of Logicom and its subsidiaries in the technology and IT sectors. His appointment marks a pivotal shift in leadership as Varnavas Irinarchos transitions from CEO to executive vice-chairman, where he will concentrate on the company's overarching strategy, investments, and major projects.
The restructuring is designed to delineate the management of Logicom's core technology operations from its expanding investment portfolio. Irinarchos will now focus on strategic initiatives, including Logicom's interests in Demetra Holdings and desalination projects, which are crucial to the company’s growth trajectory.
Logicom's operations span several countries, including Cyprus, Greece, Italy, Germany, Romania, Malta, the Gulf, the Middle East, and North Africa. The group employs over 800 individuals and serves more than 8,000 customers. Its primary business activities include the distribution of technology products, integrated IT and business solutions, and managed services. Additionally, Logicom has developed a diverse investment portfolio, which includes a 38.5% stake in Demetra Holdings and involvement in desalination infrastructure, contributing significantly to Cyprus’ potable water supply.
The management changes come on the heels of a report indicating a stronger operational performance for the first half of 2026. Logicom reported an 8.8% increase in operating profit, reaching €19.61 million, compared to €18.03 million during the same period the previous year. Gross profit also saw an increase, rising to €45.12 million from €43.83 million. However, gross sales experienced a slight decline of 0.5%, totaling €578.99 million. Notably, while the distribution business saw a modest increase in gross sales, the software and integrated IT solutions segment faced a 14% decrease, attributed to weaker sales in key markets such as Cyprus and Greece.
Despite the overall positive operating performance, profit attributable to shareholders fell by 39.3% to €16.83 million, largely due to reduced other income, increased net finance costs, and a smaller contribution from negative goodwill related to acquisitions.
Looking ahead, Logicom has articulated its plans for 2026, which include expanding its presence in existing and new markets while actively pursuing emerging opportunities. A transition period of up to six months will follow the leadership changes, during which Irinarchos and Papachristoforou will collaborate to ensure a smooth transfer of responsibilities. During this time, Logicom will also initiate the search for a new group CFO, a process that will be overseen by the board’s appointments committee and is expected to conclude before the transition period ends. Until a new CFO is appointed, Papachristoforou will maintain oversight of the group’s financial management in addition to his new role as CEO.
Papachristoforou's extensive experience within Logicom, coupled with his educational background—a degree in Accounting and Finance from London South Bank University and a diploma in Commercial Studies from the Institute of Commercial Management in Bournemouth—positions him well to lead the company into its next phase of growth. He is also a member of the Association of Chartered Certified Accountants (ACCA) and the Institute of Certified Public Accountants of Cyprus. Prior to joining Logicom, he worked as an auditor at Grant Thornton Cyprus and served as corporate planning and control coordinator at Esso Cyprus.
As Logicom embarks on this new chapter under Papachristoforou's leadership, stakeholders will be keen to observe how the company navigates the challenges and opportunities ahead in the dynamic technology landscape.