Royal Olympic Cruises Appoints New Executives

Royal Olympic Cruise Lines (ROCL) has elected George Stathopoulos to the position of acting CEO. At the same time, Stathopoulos maintains responsibility for the Company's worldwide marketing and sales efforts. The Company also appointed George Kassapis to the position of CFO.

The appointment of George Stathopoulos to the top management post of the Company enables Dr. Stelios Kiliaris, who has served as CEO since December 1999, to fully resume his position as managing director of the major shareholder, Louis Cruise Lines Ltd. (LCL). He remains on the Board of ROCL and continues as a member of its Executive Committee.

Involved in various aspects of the cruise industry for 24 years, Stathopoulos was appointed Marketing and Sales director for Festival Cruises when that company first began operations in 1993. He joined Royal Olympic in 1998 as vice President of Marketing and Sales for Europe, and was promoted to the position of vice president of Marketing and Sales Worldwide one year later. Prior to his current appointment, he served as the company's deputy CEO.

Prior to joining Royal Olympic Cruises, newly-elected CFO, George Kassapis, held the general manager's position with an overseas branch of the Coca-Cola Co., as well as executive and financial controller positions within an International construction company and major management consultancy firms and financial services organizations worldwide.