This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.
BELCO Holdings Directors Announce Plan For BELCO Executive Management Transition
Hamilton, Bermuda, October 5, 2006 - In an announcement made to the Bermuda Stock Exchange (BSX) The Chairman of the Board of Directors of BELCO Holdings Limited (BELCO.BH), parent company of Bermuda Electric Light Company Limited (BELCO), announced today that BELCO President & Chief Executive Officer Garry A. Madeiros, JP, FCA will be retiring, as planned, from the BELCO Holdings Group in 15 months, on December 31, 2007. BELCO Executive Vice President & Chief Operating Officer A.L. Vincent Ingham, JP, P.Eng has been appointed to succeed him.
In making the announcement, Chairman of BELCO Holdings Limited J. Michael Collier said that Mr. Ingham will become President & CEO of BELCO on July 1, 2007, and President & CEO of BELCO Holdings Limited on January 1, 2008. The transition should prove to be seamless, as Mr. Ingham and Mr. Madeiros have served as the Executive in partnership for the last 14 years.
"I am very pleased that Mr. Ingham has agreed to serve as BELCO's next President & Chief Executive Officer. I know that he will provide tremendous leadership to the company," Mr. Collier said.
Mr. Ingham, also a Director of BELCO Holdings, has spent the bulk of his career at BELCO. He joined the company in 1972, leaving in 1980 to join Conyers Dill & Pearman as Corporate Manager, then returning to BELCO in 1986 as Senior Mechanical Engineer. He was promoted to Manager of the Engineering & Planning Department and named Executive Assistant in 1991, then promoted to Vice President, Engineering & Operations in 1993. In January 1994, he was appointed to Senior Vice President, then Executive Vice President on April 1, 1997, and was named to his current post on December 1, 2001.
Mr. Madeiros has been at BELCO since 1985, becoming its President & CEO in 1994. He also became President & CEO of BELCO Holdings Limited in 1995 when it was established and a Director of it in 1997.
"Mr. Madeiros has made a significant contribution to the success of our organization," said Mr. Collier. "Through his leadership and vision, BELCO has clearly demonstrated that it is a responsive, proactive, committed and responsible company. We are clearly appreciative of his dedication to the company's mission."