Roderick Psaila appointed Non-Executive Chairman of Malita Investments

Malita Investments has appointed Roderick Psaila to its Board of Directors, where he will serve as Non-Executive Chairman.

He will take over from Marvin Gaerty, who spent less than 10 weeks in the role. Mr Gaerty will remain on the Board as a Non-Executive Director (NED).

Mr Psaila is a banker by profession, having graduated as an Associate of the Chartered Institute of Bankers (ACIB) from the United Kingdom, and subsequently obtained a Masters in Economics from the University of Malta.

He followed an 18-year career with the Central Bank of Malta, which included a secondment to the European Central Bank, by joining Nemea Bank as Chief Operating Officer, where he led the team responsible for setting up the operations of the bank.

Mr Psaila then served as CEO at AgriBank from 2012 to 2018.

Since then, he has established Bridge Advice, a boutique advisory firm that provides specialised consultancy services in the fields of governance and controls, regulatory compliance, risk advisory, financial crime compliance, business advisory and talent management.

He currently sits on the Board of Shoreline plc.

Joining him as a new addition to Malita Investments’ Board of Directors is Carmen Ciantar, the former CEO of ARMS and the Foundation for Medical Services.

Their appointments come after the resignation of Victor Carachi and Tania Brown from Malita’s Board. The company said Mr Carachi resigned for personal reasons, while Ms Brown’s appointment as CEO of TradeMalta “precludes her from continuing to dedicate the requisite time and attention to her responsibilities” with Malita.

The reshuffle also included the Company Secretary, with Mauro Magro taking over the role from Desiree Cassar. Dr Cassar will remain on the Board as NED.

Malita Investments expressed its “sincere appreciation” for the valuable contributions of Mr Carachi, Ms Brown and Dr Cassar in their former roles.

The reshuffle at Board level follows the appointment of Marlene Attard and Stephen McCarthy as CEO and CFO, respectively.

The changes at the helm of the listed company, whose majority shareholder is the Maltese Government, come after a series of developments and allegations that have shaken investors and led to the resignation of Housing Minister Roderick Galdes.

Late last year, the Opposition and the Malta Association of Small Shareholders called for an independent investigation into the company amidst missed dividend payments, a tumbling share price, disputes with contractors over unpaid dues, and allegations of corruption.