On 6 May 1992, a Synod took place at the Monastery in which three members of the Athonite community – the Abbot of the Exarchia Monstery, a representative from each of the Committee for the Sanctity of Communal Life and the Pantakratoras Council of the Elders – participated. There, they jointly decided to restore the Monastery, which was the last of the Athonite monasteries to function in an idiorhythmic state, to the system of cenobitic life.
Moreover, the Council of Elders unanimously decided to reorganize the Monastery under the guidance of a 13-member group of monks from the Zenofontos Monastery. The first Prior of the new Pantokratoros community was the hieromonk Bessarion (Makrygiannis) from Zenofontos Monastery, who was enthroned by the Sacred Community on 8 June 1992, the Sunday on which the feast of All Saints is celebrated. According to tradition, he received the ecumenical sceptre from the highest ranked representative of the five-member Committee for Holy Communal Life: The Elder Bartholomew, a monk from the Great Lavra Monastery, who held the position as heir to Athanasios the Athonite, the founder of the first cenobitic monastery on Mt Athos.
In the short time (6/19 May 1992-2/15 July 2001) that Bessarion was Abbott, the Monastery was reorganized, and renovation of a large number of buildings was undertaken. Because of this, he was awarded the title of new founder of the Monastery. Unfortunately, his successful work was unexpectedly ended by a serious illness which led him to resign his position as Abbott on 2 July 2001. A few months later, on 20 September, he died.
