Ex-CEO at GO plc to take over top position at Cablenet Communications Ltd in Cyprus

Yiannos Michaelides, a veteran executive with over 27 years’ international experience in successfully leading telco and media companies, is set to take over the role of CEO at Cablenet Communications Systems Ltd as of 15th June. He comes with a proven track record of solid performance, delivering exceptional shareholder value.

His position as CEO of GO p.l.c. in Malta, between 2012 and 2017 was instrumental in achieving the GO p.l.c. investment in Cablenet – GO today is majority shareholder in Cablenet Communications Systems Ltd with a 60% stake. This experience, together with his advisory role at Cablenet over the last two years, as well as his excellent relationship and cooperation with Mr Shiacolas, the current CEO at Cablenet, and the executive team at GO p.l.c. make him a natural successor and bodes well for a smooth transition.

‘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 Yiannos Michaelides.

Mr Shiacolas has decided to step down from his position as CEO, in order to dedicate more time to the other 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 Mr Shiacolas.

Mr Shiacolas, a seasoned businessman, was instrumental in transforming Cablenet from a small cable TV company, back in 2006, to a hugely successful integrated operator, offering the fastest broadband speeds and best value-for-money bundles.  Its relationship with GO p.l.c. dates back to 2014, when it successfully agreed on a cooperation for equity participation in the company in order for Cablenet to grow its market share. Cablenet’s network currently covers approximately 55% 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%, bringing the total customer base today to more than 73,000 subscribers. Most 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.

Commenting on this transition, Nikhil Patil, CEO at GO p.l.c. and Chairman at Cablenet Communications Ltd said ‘As majority shareholders, we are truly grateful to Nicolas for his commitment, dedication and vision over the years and very much look forward to welcoming Yiannos into the fold. We have full faith that he will continue to bring additional value to the company and customers alike.’

Mr. Shiacolas will be appointed non-Executive Chairman of Cablenet and will continue to support the company in its strategic direction.