City Networks, a supplier to the treasury, securities and derivatives markets, today announced the appointment of Costa Christodoulou as Chief Executive Officer.
Christodolou will be taking full responsibility for all global operating units and will report to the main board. Prior to this appointment to CEO, he was the Business Development Director at City Networks, having joined the company at the beginning of this year. Christodoulou has over 19 years experience in the financial services IT industry and previous positions held have included Director of European Operations ACT Financial Systems (Misys Group). He has also held management roles within ALLTEL and Unysis.
“The prospect of becoming CEO of City Networks when we have just achieved a further 20% growth in profit on the year is an exciting one, particularly with the pre-SIBOS launch of several new products to kick-off the new financial year,” says Christodoulou.
Founder and former CEO, Richard Hill, has been appointed President of City Networks and will remain on the Group’s board.
“Having worked with Costa over the last six months in his previous role as Business Development Director, I have the greatest confidence in him and his ability to take the company on to even greater achievements,” adds Hill.
The new appointment follows the recent acquisition by City Networks of Future State Technology Ltd. This enabled City Networks to extend its existing banking and securities reconciliation product offerings to include a number of enhancements, including generic message formatting and multiple system-to-system reconciliation.