Caribbean Utilities Company, Ltd. (‘CUC’ or ‘the Company’) has announced that its President and Chief Executive Officer (CEO), Peter A. Thomson, will retire from the Company after 19 years of service at the Annual General Meeting (AGM) scheduled for August 25, 2005, states a press release.
CUC also announced that J.F. Richard Hew, Executive Vice President and Chief Operating Officer, will succeed Mr. Thomson as President and CEO.
Mr. Thomson was appointed President and CEO in July 1986 and has served on the Board of Directors of the Company since joining the Company. Mr. Thomson will remain on the Board of Directors and will be retained as a special consultant to the Company following his retirement.
David Ritch, CUC Chairman, commented, ‘The Board of Directors is very grateful to Peter for his many contributions to CUC throughout his tenure as CEO.
‘He has led the Company through several milestone events, including the initial public offering in 1990, our high growth during the 1990s and our strategic equity partnership formed with Fortis Inc. in 2000.
‘We wish him well in his retirement, and we are pleased that he will continue as a director and special consultant. We also look forward to entering a new era with Richard Hew at the helm and are quite certain that he will be equally as successful as CEO.’
Mr. Thomson remarked, ‘Prior to Hurricane Ivan, my plans had been to step down as President and CEO of CUC at the 2005 AGM. Following the superb reconstruction efforts of the CUC team, I have every confidence that I can continue with those plans. With Richard Hew as my successor and David Ritch as Chairman, I will be leaving CUC in very capable hands.’
Mr. Hew joined CUC in June 1988 and has served in his current position since 2001. His previous positions include Senior Vice-President and General Manager, Vice-President Transmission and Distribution (T&D), Manager T&D Planning and Operations and Protection Engineer. Mr. Hew has a Master of Business Administration degree from Wilfred Laurier University in Ontario, Canada and a Bachelor of Science (Electrical Engineering) degree from the University of Florida.