Dr. Rollin Bertrand, Chief Executive Officer of Trinidad Cement Limited (TCL) the parent company for Jamaica’s Caribbean Cement, has been sacked. A notice from TCL confirmed that Dr Bertrand, who was suspended by the new Board, had been fired.
Dr. Bertrand, TCL Chairman Andy Bhajan, and four other directors, tendered their resignations minutes before a group of shareholders met to have them removed at a August 19 special meeting. Although he resigned as director at that meeting, Dr. Bertrand retained his position as Chief Executive Officer.
In the notice, TCL said Dr. Bertrand had been dismissed, following a review of his performance by the Board.The decision was made when the Board met on September 18 and communicated in a September 23 letter to Dr. Bertrand.
Meanwhile, following an assessment of TCL by PricewaterhouseCoopers, the company has decided to put a hold on all payments due under the restructured loan agreement. It has proposed a standstill.
The decision to propose a standstill came after TCL met with its lenders on Monday to update them on the present state of the company.
TCL said a comprehensive restructuring plan will be submitted by October 31, which will include actions to preserve the operations of the company, and ensure its long-term viability.
View the original article here
Dr. Rollin Bertrand fired by TCL
