Fraport Greece Announces Executive Board Appointments for CTO and CFO Positions
Fraport Greece is pleased to announce the appointment of two executive board positions: Bill Fullerton as chief technical officer (CTO), and Vangelis Baltas as chief financial officer (CFO).
These highly-experienced professionals join Fraport Greece’s chief executive officer (CEO), Alexander Zinell, on the executive board responsible for overseeing the upcoming 14 Greek Regional Airports project.
Bill Fullerton has been selected for the new CTO position at Athens-based Fraport Regional Airports of Greece Management Company S.A. He brings over 30 years of leadership experience in the field of transportation projects, including airports, roads and bridges, rail and transit, and seaports. His airport experience includes previous assignments with Fraport and its affiliates in Peru, Russia and the Caribbean. He worked as chief operations officer at Lima Airport Partners where he was responsible for operations and development of the Jorge Chavez International Airport (LIM). This regional hub in Latin America has experience steady growth over the years and has earned international recognition by consistently winning multiple industry awards. He is a licensed professional engineer (P.Eng,) an international airport professional and a fellow of the American Society of Civil Engineers. Fullerton holds a Ph.D. in Political Science and a Masters in Civil Engineering from the University of Florida.
Vangelis Baltas has been chosen for the new CFO position at Athens-based Fraport Regional Airports of Greece Management Company S.A. Baltas began his career at the investment banking division of HSBC. Since 2007, he has been serving as the chief business development officer at Copelouzos Group – with responsiblity for the Group’s investment activities, including the acquisition of the concession for Pulkovo St. Petersburg Airport, the participation of Copelouzos Group in Athens International Airport, as well as the concessions for the 14 Greek Regional airports. Since 2011, he has been a member of the board of directors at Northern Capital Gateway, the company that owns the concession for managing and developing Pulkovo Airport. His credentials include a Bachelor of Business Administration degree from Boston University and a Masters in Finance degree from Bentley University.
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About the Greek Regional Airports Project – A Win-Win Project for Greece:
- The 14 Greek Regional Airports Project is a major private investment. It is considered to be one of the largest concession projects in Greece and presents significant benefits to the tourism sector, Greece’s economy as a whole, the people of the regions served by the regional airports, as well as to millions of international tourists visiting beautiful Greece every year.
- In the highly competitive international tourism industry, the 14 regional airports serve as vital gateways for one of the country’s most important sectors. The Greek Regional Airports include 3 mainland gateways (Thessaloniki, Aktion and Kavala) and 11 airports on Greek islands (Chania on Crete, Kerkyra on Corfu, as well as Kefalonia, Kos, Mykonos, Mytilene, Rhodes, Samos, Santorini, Skiathos and Zakynthos). The 14 airports received more than 23 million passengers in 2015 (up 6 percent year-on-year). Around 73 percent of these passengers are international travelers.
- In early 2013, Greece’s state-owned Hellenic Republic Asset Development Fund (HRADF) initiated a transparent, international bidding process for two 40-year concessions to operate, maintain and upgrade 7 regional airports under each concession (Cluster A & Cluster B). The Fraport-Copelouzos consortium participated in this tender process which attracted leading international bidders.
- HRADF selected the Fraport-Copelouzos consortium as preferred bidder in November 2014 for the 40-year operating concessions for both Clusters A and B, based on the highest bid of €1.234 billion for both clusters.
- Fraport and Copelouzos Group established their joint company Fraport Greece in 2015 in order to act as the concessionaire for the two concessions.
- On December 14, 2015, Fraport Greece signed contracts with the HRADF and the Greek state for the 40-year concessions for the two clusters. The contracts are identical to the documents included in the bid documents submitted by Fraport-Copelouzos in November 2014.
- At the time of the project closing full payment of the €1.234 billion euros upfront concession fee will be made by Fraport Greece in tandem with the takeover of operations at the airports. Along with the upfront concession payment, an annual fixed concession fee of €22.9 million, plus an annual variable concession fee will be paid.
- The Greek Regional Airports are not being sold. Ownership is retained by the Greek State.
- During the 40-year concession period, Fraport Greece will be responsible for the operation, maintenance and upgrading of the 14 Greek Regional Airports. Under the contract, around €330 million will be invested by Fraport Greece in improving the airports during the first years up to 2020. In subsequent years, further investments will be made for maintenance and repair, as well as traffic-driven capacity expansions.