The company also appointed Pavlos Kanellopoulos as its new CFO. Mr Kanellopoulos will assume his position in early April 2010.

Mr Mazarakis has 20 years of experience in finance and operations positions, mostly at a senior level. He started his career in 1991 at Procter & Gamble in Greece. From 1999 to 2008 he held a number of senior positions within the Vodafone Group, namely Group CFO in Greece, interim CEO in Hungary and COO in Greece.

Mr Kanellopoulos has 15 years of experience in banking and finance positions, mostly at a senior level. He started his career in the international banking division of the Bank of Tokyo-Mitsubishi in London. Since 2003, he held CFO positions with companies in the manufacturing and TMT sectors, most recently as group CFO at Forthnet, an alternative telecom and pay-TV operator in Greece.

Gabriel Panayotides, chairman of the board, said: “We are pleased to welcome Mr Mazarakis and Mr Kanellopoulos to Excel's management team. They bring a broad base of financial experience and operational expertise to the company. I am confident that they will be an asset to our Company, helping us build long-term value for our shareholders.”

Will the new appointments benefit Excel?

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