GEBE will put two managers in charge after Brooks’ departure

POSTED: 09/1/11 3:07 PM

St. Maarten – “GEBE has suffered yearly increasing losses during the past four and a half years, mainly due to inefficient operation and waste of financial resources caused by losses in the water and electricity distribution networks,” Chairman of the company’s supervisory board Julius Lambert stated in a press release issued yesterday..
This development was unsustainable and could not be continued, as it added an extra burden to the already increasing burden caused by the increasing fuel prices on the world market.
The five years’ agreement between GEBE and the present managing director ir. William Brooks
ends automatically on December 31.
“The decision was taken not to extend or renew this agreement,” Lambert stated. “It will take a major effort to turn this situation around and it was also decided, after acquiring the necessary professional advice, that a Managing Board will be put in place, consisting of a chief financial officer (CFO) and a chief operation officer (COO). The recruitment and selection procedure has already started, advertisements were placed in newspapers locally, in Curacao, Aruba and the Netherlands. The standard recruitment and selection procedure is being followed and the Supervisory Board is being assisted in this effort by a professional bureau with vast experience in this field. Candidates are being interviewed and the Supervisory Board will eventually be preparing a recommendation of candidates to the Shareholder (GEBE Shareholding Foundation) for appointment to the positions of CFO and COO, who will be jointly responsible for the management of the company’s business.”

The first task of the new Managing Board, Lambert stated, will be to focus on the urgent reduction of the financial losses caused by inefficiencies in the operation and waste caused by losses in the electricity and water distribution network. A five years’ business plan will be executed according to three priorities: improving the financial performance of the company, reducing the cost of electricity and water to the consumer, and improving of the service reliability.

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