Search on for new UTC boss

MINISTERS in the Ministry of Finance Conrad Enill and Christine Sahadeo yesterday denied that Ainsworth Thomas Harewood was fired as chairman of the Unit Trust Corporation. Instead, they said Harewood’s tenure was for one year, which came to an end on Saturday. They confirmed, however, that Government was looking for a new chairman and the person being considered for the position is Gervais Warner, son of Eldon Warner, a former senior public servant. Other sources, however, told Newsday that Harewood had been acting as an executive chairman and this was the reason why Government had decided not to give him another term. This is the second time in a year that the corporation is severing ties with its chairman. One year ago, Hubert Alleyne was fired as chairman and is now engaged in court action against the Government.

Enill and Sahadeo denied reports which circulated yesterday that Harewood was fired from the job. Enill told Newsday, “How could he (Hare-wood) be fired? His term of office was for one year.” Enill said he believed the year was up on October 9 (Saturday). Sources said Government believe the time has come to look for younger people and a high level source explaining the decision to consider Warner, who is in his early forties, stated: “We feel the time has come when we need to look at the next generation.” Warner has international experience, having worked with McKinsey — a management consultant firm overseas — and is a national scholarship winner with an Engineering and Compu-ter Degree and an MBA from Harvard University. He is a director at Neal and Massy Holdings and is the managing director of Neal and Massy Energy Services Limited.

Harewood is a former permanent secretary and was Central Bank Governor between 1992 and 1997. He was also awarded the Chaconia (Gold) medal for service to country in the field of Public Service. Alleyne was fired in early October 2003, following tension between himself and Central Bank Governor Ewart Williams as well as disagreements between himself (Alleyne) and the Government over a proposed merger between UTC and First Citizen’s Bank (FCB). Sources yesterday described Harewood’s tenure as a “holding operation” in the wake of Alleyne’s firing. But sources noted that the interim period was over and that Government was now seeking to regularise the position. Sahadeo stated that Government reviewed the chairmen of various state enterprises on an annual basis. “From time to time we have to review positions to determine which way we should go forward and whether to put in another person,” Sahadeo said. 

She said Unit Trust reports to the Central Bank and “in fairness to the Governor of the Central Bank,” he should be the person to signal to the public what is going. Enill said Cabinet was examining the issue of the Unit Trust chairmanship.  Cabinet has a special committee which considers the matter of board appointments. Chairman of that committee, called the “Board’s Committee,” is Prime Minister Patrick Manning. Harewood is the second chairman of a State Board to leave the job in the last month. Ken Gordon, chairman of First Citizens Bank handed in his resignation to Prime Minister Manning in mid-September, charging Government interference in the running of the bank. Gordon’s resignation was effective September 30, but no successor has yet been named.