The new TCL board met for the first time last night following the special (compulsory) meeting at the Radisson Hotel. The board elected Wilfred Espinet—who initiated the move to change the TCL board—as its new chairman. In an exclusive interview with the T&T Guardian following the board meeting, Espinet said it was the board’s intention to suspend Bertrand as CEO, pending an assessment of his performance.
Bertrand was one of the six directors who resigned from the board yesterday, but he chose not to resign immediately as the CEO of the company. Espinet said the first order of business for the new board was to conduct a financial and operational assessment of the cement producer and develop a plan for its future. He expected that this would be done within 90 days.
On the issue of the $100 million that TCL owes its T&T employees, representing the backpay for the period 2009 to 2011, Espinet said the board would only be in a position to decide on that matter when it has a firmer grasp on the company’s financial situation. Asked about a possible restructuring of TCL’s $2 billion in debts, Espinet said: “There needs to be a plan for the company’s future before we can have a discussion with our creditors about our debts.”
He said the company would schedule an annual meeting as soon as possible. The last annual meeting of the company was held in October 2012. Last year’s annual meeting was not held as shareholders holding 5.68 per cent filed for an injunction preventing it, because of the company’s failure to place the nomination of five new directors on its management proxy circular.