On April 19th 2012 Mr. Romelio (Ronny) Maduro and Mr. Ivan Salomon signed the Managing Service Agreements with GEBE. The Interim Director of GEBE Mr. Paul Marshall signed on behalf of GEBE. The following is a copy of an Internal Notice, informing the personnel of GEBE of the appointment of the two new Managing Directors, who will be taking office effective June 1st 2012.
After a lengthy recruitment by the Supervisory Board of GEBE a recommendation of candidates for two new Managing Directors, a Chief Financial Officer (CFO) and a Chief Operations Officer (COO) was made to the Shareholder (Shareholder Foundation) of GEBE. Based on this recommendation the Shareholder of GEBE in its General Meeting of November 29th 2011 approved the appointment of Mr. Romelio Maduro as COO and Mr. Ivan Salomon as CFO. On March 27th 2012 the Shareholder approved the Managing Service Agreements, including the terms and conditions, which were negotiated by the Supervisory Board with the new Managing Directors. On April 17th 2012 the Supervisory Board authorized Mr. Paul Marshall, Interim Director of GEBE to sign the Managing Service Agreements on behalf of GEBE and on April 19th 2012 the signing ceremony of the Managing Service Agreements finally took place. Both Mr. Maduro and Mr. Salomon are scheduled to start their new function on June 1st 2012.
Both gentlemen are no strangers to GEBE. Mr. Maduro is a Technical University graduated electrical engineer, who worked earlier at GEBE at the GEBE power production plant at Cay Bay and distribution system from 1994 thru 2003 before taking up a new challenge at the utility company in Curacao. Mr. Ivan Salomon a university trained professional in business economics and finance worked for many years in the banking and accounting field before starting at GEBE in 1994, where he presently heads the internal audit of GEBE, with focus on monitoring and reporting on efficiency and effectiveness of the organization, risk management and management control issues in general. We wish both Managing Directors much success and a productive working relationship together with the personnel of GEBE.
Additionally, we inform you that the Shareholder (Foundation) has amended the articles of incorporation of the company to facilitate the appointment of a third Managing Director. The articles of incorporation provide that the Supervisory Board of Directors must designate one of the Managing Directors as Chief Executive Officer (CEO) or President of the company.
The GEBE operation during the previous 5 years was characterized by increasing unaccounted for water and electricity losses, decreasing efficiency of the operation and deteriorating controls. From monitoring of the monthly Key Performance Indicators report of the company’s operation during the last few months that Mr. Marshall has been functioning as Interim Director there is a noticeable reduction in the unaccounted for electricity and water losses and an improvement in the overall efficiency of the operation, resulting in savings in costs. As Supervisory Board we congratulate Mr. Marshall for his hard work, recognition and motivation of the personnel, thereby restoring employees’ morale and creating a sense of pride and self-esteem among the personnel, which is vital for any successful organization.
Regards,
ir. Julius A. lambert
Chairman Supervisory Board of Directors GEBE