Chairman of Caymanas Track Limited (CTL) Danville Walker has confirmed that the contract of the chief executive officer of the sole promoter of horse racing in Jamaica, Cedric Stewart has been terminated.

The termination of Stewart’s contract took place on Friday last (May 20), at the second board meeting of the new CTL board which was recently named by Minister of Finance Audley Shaw.

“Yes, I can confirm that the contract of the CEO has been terminated and Deputy Chairman Shane Dalling will now act as CEO until the divestment process of CTL is completed,” Walker said. Dalling, who is an attorney-at-law made his first public appearance as the CTL deputy chairman on Thursday of last week when he represented the company at the press launch of the Lotto Classic run for the Governor’s Cup.

Following the completion of the board meeting on Friday, board members met with the CTL management team after which there was a general meeting with staff members.

Reacting to the termination of his contract, Stewart said he had a specific mandate and he believes that that mandate has been achieved.

“My mandate was to guide CTL to the point of divestment and we are very close to that end.

“Also, I have no problems with the termination of my contract as that is what obtains when there is a change of government, especially when you head a government agency. I fully understand that process,” Stewart said.

He further stated: “I have been CEO at CTL for three years and two months, I am a racing man and I wish the industry all the best as it moves towards divestment.”

The divestment of CTL is continuing apace with former senator Arthur Williams heading a Cabinet-approved team presently negotiating with preferred bidder Supreme Ventures Limited (SVL).

Checks by the Sunday Observer reveal that while no specific date has been set for the official handover to SVL, the process has been going well with one insider claiming that the handover is but weeks not months away.