Apr 2006 Financial News

Rolingson takes over at NFM

Apr 20, 2006

Neil Rolingson is now the chief executive officer of National Flour Mills Ltd (NFM). Rolingson officially started his three-year contract on Tuesday.

He left his job as managing director at Penta Paints Caribbean Ltd and Ansa Polymer one month shy of two years to go to NFM.

Asked yesterday why he accepted the job, Rolingson, 58, jokingly said, “Sometimes old people do foolish things.”

On a more serious note, he said, “The offer was made to me and I thought it was a good challenge to round off my working career, so I thought I’d go for it.”

“The challenge is to turn around the fortunes of the company, make it one of the leading players on the local stock market and re-establish confidence in the future of the company among shareholders,” Rolingson said.

“The pressure has moved from NFM to me now.”

Rolingson, former president of the Pt Lisas Industrial Development Company, commenting on NFM now having competition from Nutrimix Flour Mills, said, “I have worked in competitive industry for most of my working life, so this is nothing new to me.”

Rolingson will chair his first NFM board meeting on April 28.

NFM is now engaged in discussion with the Seamen and Waterfront Workers’ Trade Union (SWWTU) and the Ministry of Labour over NFM’s voluntary separation package for 154 employees.

SWWTU president Michael Annisette said yesterday that the union reported to the Ministry of Labour a breakdown in negotiations.

Annisette said the company threatened to withdraw its VSEP package if the union did not accept it by 4 pm on Tuesday.

NFM’s offer is two months’ salary for each year that an employee worked ten years or under; 2.4 months’ salary for each year for those with between ten and 19 years’ employment; and 2.75 months’ salary for each year for those who had more than 19 years’ service.

“The union is asking for 2.5 (months’ salary) across the board and 50 per cent of workers’ salary for a maximum of a year or until the worker gets a job within a year,” Annisette said.

He said while NFM agreed to provide employees with medical coverage for one year, it said no to workers continuing to receive a monthly supply of NFM’s products for one year.

Yesterday, officials from NFM, including its former acting CEO Sheldon Cyrus, and SWWTU held a meeting at the Ministry of Labour.

Rolingson declined to comment, pending the outcome of the meeting.

Sandra Chouthi
The Trinidad Guardian
Thursday, 20th April, 2006.
http://www.guardian.co.tt/business1.html