~ Approves generator purchase ~
PHILIPSBURG--The shareholder (government) of Utilities Company GEBE has suspended its decision on the appointment of a Chief Executive Officer (CEO) for the company during a general shareholders meeting held on Thursday, January 28.
The shareholder has, however, approved the purchase of a new and much needed generator for the utilities company.
A source close to the shareholder confirmed that the making of the decision had been postponed.
The shareholder received a letter dated Monday, January 25, from the GEBE Supervisory Board in which it gave a scathing report on the performance of temporary manager William Brooks, who had been one of two candidates the supervisory Board had proposed to take up the position of CEO. Based on Brooks’ performance since his appointment as temporary manager, the board is now recommending that the shareholder not appoint him as CEO (see related story).
Chairman of the Supervisory Board Rene Richardson told The Daily Herald that he had been informed that the shareholder suspended the appointment of the CEO until further notice.
Richardson said apart from Brooks and Madeline Muys, the board has not recommended any other candidate for the CEO position. Muys had worked for the Government of St. Maarten in the past and reportedly has received a high psychological and managerial evaluation report from PriceWaterHouseCoopers.
Richardson said the shareholder has the final say in the appointment of a CEO. He said there should be continuity to get the company back on track.
The Supervisory board of GEBE in early December 2015 appointed Brooks, a former Managing Director, as a temporary manager of GEBE. The board also signed a temporary management agreement with Brooks, who will remain in position temporarily until the shareholder appoints a permanent candidate to the position.
Brooks’ appointment was made in accordance with article 8.11 of GEBE’s Articles of Incorporation, which states that if there is no Managing Director in the company, the board can appoint one.
Regarding the purchase of the generator, Richardson said GEBE needs one urgently. He said while it usually takes between 18 to 24 months to obtain a generator, GEBE is expecting the brand new one from Wärtsilä Finland by September/October of this year. The new generator is being acquired at a cost of 10 to 11 million euros.
