Fri | Jan 19, 2018

Parris Lyew-Ayee new Caribbean Cement chairman

Published:Wednesday | October 12, 2016 | 12:00 AM
In this September 11, 2016 photo, General manager of Caribbean Cement Company, Alejandro Vares (left), and director Parris Lyew-Ayee (right) escort Prime Miniter Andrew Holness on a tour of the new Sports Club and Wellness Centre at the Jamaica Gypsum Company property. Lyew-Ayee was named chairman of Caribbean Cement on October 5, 2016.

Christopher Dehring has given up his seat and the chairmanship of Caribbean Cement Company Limited and its subsidiary companies, effective October 5. He has been replaced as chairman by Parris Lyew-Ayee, who now heads the boards of Caribbean Cement, Jamaica Gypsum and Quarries Limited, Caribbean Gypsum Company and Rockfort Mineral Bath Complex Limited.

Dehring also resigned as a director of Trinidad Cement Limited, Caribbean Cement's parent company. He first gained seats on those boards in 2014, following a takeover of the TCL board in Trinidad by disgruntled shareholders who were dissatisfied with the execution of a debt-restructuring programme negotiated with select creditors.

One of the leaders of that revolt, Wilfred Espinet, was elected chairman of TCL. The cement company implemented a different financing programme in the wake of the changes, one that resulted in Cemex of Mexico doubling its stake in TCL last year.

The current head of Caribbean Cement Company, Alejandro Vares, was subsequently pulled from among executives of Cemex to run the Jamaican plant in Kingston.

Lyew-Ayee, who is a bauxite expert employed to the state as head of the Jamaica Bauxite Institute, has served on the cement company's board since 2006.

His predecessor Dehring is a former investment banker- turned-telecoms executive, who previously chaired the Jamaican arm of Cable & Wireless and was an executive of Cable & Wireless Communication. He is currently heading up a new business, a cable service called ReadyTV, which at last report was expected to roll out by year end.