Olympic Airlines Administration Shuffle

Transport and Communications Minister Costis Hatzidakis recently rearranged the administration of Olympic Airlines, Olympic Airways-Services and Pantheon Airways.

Pyrros Papadimitriou undertakes the position of chairman and managing director of Olympic Airlines. Until now, Mr. Papadimitriou held the position of chairman and managing director of Olympic Airways-Services.

The new chairman and managing director of Olympic Airways-Services is Yiannis Chalkidis who until now was chairman of Pantheon Airways.

Finally, Yiannos Benopoulos becomes chairman and managing director of Pantheon Airways. Until now, Mr. Benopoulos was chairman and managing director of Olympic Airlines.

According to the transport ministry the purpose of the administration shuffle of the three companies is aimed towards the government’s strategy for the transformation of Olympic Airlines into a strong company without the debts and problems of the past.

The ministry says that the ultimate goal is to find a viable solution for Olympic Airlines by the end of 2008, one that would follow European legislation and have the profile of an attractive investment in order to secure the company’s prospects.

According to press reports, the administration shuffle of the three companies in the midst of the summer season by Mr. Hatzidakis has the market at a loss. Sources suggest that the transport ministry is launching the “Pantheon” solution for Olympic Airlines with an aim to open the way for the transition of the company’s new form, which is expected to take place by the end of the year.

Pantheon Airways was established in November 2005, through an amendment in parliament, with the purpose to become the successor of Olympic Airlines.

Pantheon was to receive the route schedule and trademark of Olympic Airways, as well as the assets (aircraft) with a view for the “new Olympic Airlines” to obtain airline operation approval.

The company was to begin operation on 26 October 2006 with 33 aircraft, covering 92 destinations and employing 2,162 workers. Thus far, 20 are employed and its offices are located in Syntagma square.