In spite of a few shareholders voting against founder Pouroulis, Petra will continue to have him asits chairman. The company in its statement said that the time was not appropriate to appoint a chairman.

After a consideration of 22.12% vote against the chairman's re-election by the board, the company has decided against it in the context of a 3-year succession plan.

The company said that the chairman "demonstrate the independence of thought and challenge required for his role, notwithstanding the number of years he has served as a director."