Fri | Sep 30, 2022

IT venture capitalist Lloyd Carney new UTech chancellor, still no president

Published:Wednesday | September 21, 2022 | 8:33 PM
The businessman succeeds former Prime Minister Edward Seaga, who died in May 2019. -Contributed photo

Jamaica-born information technology engineer and US-based venture capitalist Lloyd Carney is the new chancellor of the University of Technology, Jamaica (UTech), filling one of the top two leadership positions vacant for more than two years. 

He took office on August 22 and will server for seven years. 

Carney was appointed by Education Minister Fayval Williams based on a recommendation of the University Council, UTech's highest decision-making body. 

The businessman succeeds former Prime Minister Edward Seaga, who died in May 2019. 

The chancellor is the head of the university but whose duties are largely ceremonial. Carney is expected to preside over at least one meeting of the council annually and confer degrees and other academic distinctions and awards.

UTech has started another academic year without a president, the executive head of the university. 

In February, the education minister said it was taking "too long" to settle the institution's leadership. She also said efforts were being made to appoint a permanent president by August, amid concerns from staff unions about the delays. 

Interviews have been done but it's not clear what other hurdles need to be cleared for an appointment to be made, sources say.

Wednesday's statement announcing the new chancellor did not address the vacant president position. 

Professor Colin Gyles, whose substantive post is deputy president, has been acting in the position since Professor Stephen Vasciannie stepped down in April 2020.

Carney said he was "humbled" by the appointment.

"I owe a lot to Jamaica, without the nurturing and guidance I received being raised here, before going to college abroad, I would not be the success I am today. I hope to partially repay my debt to Jamaica, with my efforts as Chancellor of UTech, Jamaica, I say partially because I will never be able to fully repay my debt to Jamaica and her citizens."

Gyles, meanwhile, said Carney's selection was influenced by his "high international profile and vast network in the technology industry, and his demonstrated leadership, philanthropy and fiscal acumen, as well as his profound commitment and vision to supporting development in Jamaica particularly through the power of technology". 

 

WHO IS LLOYD CARNEY: 

* Career in the IP (Internet Protocol) networking industry spans over 30 years.

* Founder and Chairman of USA-based Carney Technology Acquisition Corp II (CTAC II) -  a special purpose acquisition company which successfully raised $400M to focus on technology acquisitions. CTAC I raised $200M and resulted in the acquisition of Grid Dynamics, a Nasdaq listed company. Grid Dynamics has recently established an engineering centre in Kingston, Jamaica.

*Served as CEO for several entities ; Brocade Communications Systems, until its acquisition by Broadcom, Xsigo Systems, which was sold to Oracle Corporation and Micromuse, Inc., a public networking management software company that became an integral part of the IBM Tivoli framework. 

* Served as the chief operating officer at Juniper Network; former president of the core IP, wireless Internet, and the enterprise divisions at Nortel Networks.

*Holds board directorships at: VISA, Vertex and GRID Dynamics.

*Earned Bachelor of Science degree in electrical engineering technology and a Master of Science degree in applied business management from Lesley College in Cambridge, Massachusetts. Awarded an honorary doctorate from the Wentworth Institute of Technology. 

*Involved in various philanthropic efforts in Jamaica, South Africa and Haiti focusing on health care and children's needs.

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