Former GO CEO Yiannos Michaelides is to become CEO at Cablenet Communications Systems Ltd, a GO subsidiary in Cyprus.
With over 27 years’ international experience in successfully leading telco and media companies, Michaelides takes over on June 15. GO is majority shareholder in Cablenet Communications Systems Ltd with a 60% stake.
Michaelides was GO CEO between 2012 and 2017 and had been instrumental in achieving the GO plc investment in Cablenet.
This experience, together with his advisory role at Cablenet over the last two years, as well as his excellent relationship and cooperation with the current CEO at Cablenet, and the executive team at GO plc make him a natural successor and bodes well for a smooth transition, GO said.
“I am honoured to be given such an opportunity to see Cablenet through its next phases of growth and to continue bringing more value to our customers and esteemed shareholders. These are certainly exciting times for Cablenet, and I am fortunate to be able to lead a great team of people in this journey,” said Michaelides.
Nicolas Shiacolas will step down from his position as CEO, in order to dedicate more time to family businesses.
“I am very proud of what Cablenet has achieved over the years. The experience for me has been immensely fulfilling, as Cablenet grew organisationally from a start-up to a mature company, whilst at the same time implementing state-of-the art technology to become the Internet provider of choice. In addition, what has been hugely gratifying is to have contributed actively in the positive impact Cablenet has had on the Cypriot society. After steering Cablenet this far, it is now time for me to invest more of my time on the other CNS Group family businesses,” said Shiacolas, who will be appointed Cablenet chairman.
Cablenet’s network currently covers approximately 55 per cent of households in Cyprus and offers super-fast broadband, multiple high definition TV channels and fixed telephony from a single connection. Coverage is being extended as part of a multi-year programme, which also includes ongoing improvements in systems and processes to retain the leading edge in the provision of converged telecom services in the market.
During 2019, Cablenet continued to increase its broadband client base by 9.1 per cent, bringing the total customer base today to more than 73,000 subscribers.
More recently, Cablenet purchased its own mobile spectrum allowing it to commence the operation of its own mobile network. The Company intends to leverage this transition to significantly enhance its market position in the mobile services market in the coming years, whilst at the same time reinforcing its position as a dominant broadband provider.