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.