Rollin Betrand out as CEO at TCL, Espinet new chairman
The new board of Trinidad Cement Limited (TCL) has removed Dr Rollin Bertrand as chief executive officer, and has installed Alejandro Ramirez as acting CEO, with immediate effect.
The move follows the forced election of a new board late Tuesday at a special compulsory meeting masterminded by a group of shareholders, whose combined ownership in the cement operation totalled 54.7 per cent.
Anthony Haynes, general manager for the Caribbean Cement Company Limited, said the Jamaican operation was unaffected for now. Haynes said the new board will make an assessment of operations within 90 days, but that it's business as usual for now.
The old TCL board made two attempts in the courts to stop the meeting, but its application was rejected at the high court and on appeal in Port-of-Spain.
On Tuesday, just ahead of the compulsory meeting, the old directors, Chairman Andy Bhajan, CEO Dr Rollin Bertrand, Brian Young, Dr Leonard Nurse, Carlos Hee Houng and Bevon Francis, tendered their resignations.
The meeting later that evening, in which more than 80 per cent of shareholders was represented, voted in Wilfred Espinet, Alison Lewis, Christopher Dehring, Michael Glenn Hamel-Smith, Francisco Aguilera, Carlos Alberto Palero and Nigel Edwards as the new directors.
The votes were said to be unanimous.
The newly elected directors have joined Alejandro Ramirez, Jean Michel Allard and Wayne Yip Choy to form the new board, said a market filing by TCL.
Espinet was selected as the new chairman, and Aguilera as deputy chair.
"The board took the decision to suspend, with immediate effect, Dr Rollin Bertrand as group chief executive officer and from all committee and executive positions within the group," said the TCL release.