Trinidad Cement suspends CEO
TRINIDAD Cement Limited (TCL) suspended its CEO, Rollin Bertrand, less than a day after a new board was installed.
Bertrand was among six directors who resigned ahead of a special meeting called by shareholders who were seeking a board change.
“They suspended him because there were some concerns the shareholders and directors had, that they needed to do a proper and thorough analysis of,” said one of the new directors, businessman Wilfred Espinet. “We needed to make sure the proper process had been followed in giving Dr Bertrand a chance to first of all analyse whether or not there was any issue that we saw that was not in keeping with normal practices.”
The manufacturer said that Alejandro Ramirez will act as Group CEO. He worked in a number of executive positions for Cemex across the world before taking up his most recent role as country director for Cemex Puerto Rico.
Ramirez has been on TCL’s board since 2011 while Espinet joins Alison Lewis, Christopher Dehring, Michael Glen Hamel-Smith, Fracisco Anguilera, Carlos Alberto Palero and Nigel Edwards, to make up the new board.
Jean Michel Allard and Wayne Yip Choy, who were appointed to the board before the the change, will also remain as directors.
The outgoing board include Andy Bhajan, Brian Young, Leonard Nurse, Carlos Hee Houng, Bevon Francis and Bertrand.
Espinet said that Bertrand’s suspension as CEO should last no more than 30 days while a review of his performance is done.
He also said that the new board was embarking on several studies to understand the position of the company, both from a financial and operational point of view.
In the last few months, TCL shareholders had been pushing to get rid of the former board as they were unhappy with the way the company was being run.
According to its financial results for the first half of this year, TCL recorded an eight per cent increase in revenues for the period, but a 55 per cent decrease in profit after tax.
The company is heavily indebted, owing creditors and outstanding backpay to workers estimated at TT$100 million for the period 2009/2011.
— CMC and Observer
