The CEO of the Bank of Cyprus Panicos Nicolaou has recieved a significant distinction, being ranked second on the Koubaras list of top Greek CEOs.
Koubaras is a consulting value boutique based in Greece, and which undertook the CEO of the Year initiative aimed at compiling an annual ranking of the top leaders of Greek publicly traded companies. As noted by the company, the evaluation is based on the rigorous, objective, and evidence-based methodology of the Harvard Business Review, 'The Best-Performing CEOs in the World'.
The evaluation is based on three main pillars:
-
Financial performance, based on growth, profitability, and value creation for shareholders.
-
Sustainability and ESG criteria, reflecting commitment to long-term strategy and responsible corporate governance.
-
Leadership skills and vision, contributing to strategic growth and adaptation to modern challenges.
In the context of the 2025 ranking, the CEO of Bank of Cyprus ranked second, recognised as one of the top CEOs based on objective, data-driven criteria.
This distinction reflects the combination of strong financial performance, emphasis on sustainable development and effective leadership in a demanding and changing environment.
According to the institution's philosophy, this recognition is not attributed to isolated moments, but to consistent, long-term value created for the company, shareholders and society, an element that was a determining factor in Panicos Nicolaou's distinction.
It is also worth mentioning that the first place was honourably dedicated to "all those who adapted and steered their ships through the narrow straits of our difficult and turbulent times."
More specefically, according to Koubaras, "In a year filled with uncertainty, all CEOs of publicly traded companies demonstrated what true leadership means: resilience, adaptability, and a clear vision. To rank the nine finalists, we strictly followed the methodology of “The Best-Performing CEOs in the World,” ensuring that the results remain objective and well-documented. However, as a tribute, we dedicate the top spot to all those who adapted and steered their ships through the narrow straits of our difficult and turbulent times. Congratulations to all who kept entrepreneurship alive and drove it forward."
The final list of the top Greek CEOs:
How the list was compiled
To compile the list of the Greek best-performing CEOs, the methodology followed a structured, data-driven approach:
1. Selection of CEOs
-
Companies included were from the Athens General Index (total of 148 companies) and limited to those with a market capitalization above €200 million.
-
CEOs were identified as of December 31, 2025.
-
Excluded: CEOs with less than two years in the role or those with criminal records.
-
The final list included 53 companies.
2. Financial Performance Evaluation
-
Daily financial data was collected from Refinitve Eikon.
-
Three key financial metrics were calculated for each CEO’s tenure:
-
Adjusted total shareholder return (offsets stock market trends).
-
Industry-adjusted total shareholder return (adjusts for industry-wide performance).
-
Change in market capitalization (adjusted for dividends, share issues, and repurchases).
-
-
Each CEO was ranked based on these metrics, and their average ranking determined the overall financial rank.
3. ESG Performance Assessment
-
Refinitive Eikon, provided environmental, social, and governance (ESG) scores on a 0–100 scale.
(Source: InBusinessNews)
