A week af­ter CL Fi­nan­cial an­nounced that its chief ex­ec­u­tive of­fi­cer, Steve Bideshi, was de­part­ing at the end of the month, the group dis­closed yes­ter­day that its Group Fi­nan­cial Di­rec­tor, Michael Car­ballo had re­signed al­so ef­fec­tive the end of Jan­u­ary. In a state­ment is­sued af­ter the com­pa­ny's di­rec­tors held a board meet­ing, CL Fi­nan­cial an­nounced that Car­ballo would re­main on the CL Fi­nan­cial board.

The con­glom­er­ate al­so an­nounced that vet­er­an fi­nan­cial ex­ec­u­tive, Win­ston Mil­lett, had been ap­point­ed to the po­si­tion of Group Fi­nan­cial Of­fi­cer with im­me­di­ate ef­fect. Mil­lett served in se­nior fi­nance po­si­tions at sev­er­al state-con­trolled com­pa­nies in­clud­ing Plipde­co, Tel­co, TSTT and Petrotrin. He served as the chair­man of de­funct state-owned broad­cast­er NBN from 1999 to 2001 and as chair­man of the Port Au­thor­i­ty from 1996 to 1998.

While owned by over 300 share­hold­ers, the Gov­ern­ment took con­trol of CL Fi­nan­cial in June last year with the Gov­ern­ment ap­point­ing four di­rec­tors on the sev­en-mem­ber board. The Gov­ern­ment ap­pointees are: man­age­ment con­sul­tant Shafeek Sul­tan-Khan, per­ma­nent sec­re­tary in the Min­istry of Fi­nance Al­i­son Lewis, for­mer Cen­tral Bank Gov­er­nor Eu­ric Bobb as well as Bideshi. The oth­er di­rec­tors are Car­ballo, British QC An­drew Mitchell and Stephen Castagne. Once chaired by for­mer bil­lion­aire Lawrence Duprey, CL Fi­nan­cial im­plod­ed one year ago as the in­ter­na­tion­al cred­it cri­sis dried up the col­lid­ed with years of ex­ces­sive bor­row­ing.