Trinidad Cement appoints new board members

Shareholders of Trinidad Cement Limited held a special compulsory meeting yesterday to replace six of the company’s nine directors and replace them with seven new directors. Following the decision by the Court of Appeal to throw out the plea by attorneys representing the six directors to suspend the meeting, Chairman Andy Bhajan, CEO Rolin Bertrand, Carlos Hee Houng, Bevon Francis, Leonard Nurse and Brian Young tendered their resignations. They are replaced by Wilfred Espinet, Alison Lewis, Chris Dehring, Glenn Hamel-Smith, Nigel Edwards and Cemex executives Carlos Palero and Francisco Aguilera. Cemex owns a 20% stake in Trinidad Cement Limited and now has three representatives on the board. The new directors join Wayne Yip Choy, Alejandro Cantu and Jean Michel Allard, making up a 10-member board.

Though Bertrand resigned as a director, he has not yet left his position as CEO of the company. New chairman Wilfred Espinet reportedly told press it was the board’s intention to suspend Bertrand as CEO pending a performance review. Espinet also said that the new board will conduct a financial and operational assessment of Trinidad Cement Limited before developing a plan for its future. The company is heavily indebted, owing money to creditors and to its employees for backpay for the period 2009 – 2011.

In its 1H14 report, TCL recorded an 8% increase in revenues for the period, but a 55% decrease in profit after tax. The company is expecting a better performance in the second half, when figures will not be impacted by plant maintenance works.

Edited from various sources by Katherine Guenioui

Sources:

• Trinidad & Tobago Guardian Online
• Trinidad & Tobago Guardian Online
• Trinidad Express Newspapers
• Trinidad Cement Limited

Read the article online at: https://www.worldcement.com/the-americas/20082014/trinidad-cement-appoints-new-board-members-328/