Sep 2007 Financial News

Speculation over Rolingson’s resignation...as NFM appoints new CEO

Sep 13, 2007

Speculation is running rife in the business community about the circumstances surrounding the resignation of National Flour Mills (NFM) CEO Neil Rolingson.

Rolingson’s resignation was confirmed in passing yesterday in a two-paragraph statement issued by the company’s chairman Kamal Mankee who announced the resignations of two board members and the appointment of Anthony Joseph as acting CEO.

Joseph had in fact been carrying out the acting CEO duties since Rolingson’s departure.

NFM had earlier denied that Rolingson had left the company, insisting that he was merely on vacation. Yesterday’s statement said he resigned in August.

NFM officials declined comment yesterday and Rolingson has been unreachable since his departure from the company. Repeated calls to his home have been answered by a machine. The chairman was said to be in meetings all day yesterday and could not be reached.

The NFM release said the board of directors had appointed Joseph since the CEO’s position became vacant after Rolingson’s resignation.

It read: “Mr Joseph replaces Mr Neil Rolingson who resigned from the company in August 2007.”

No reason was offered for his departure.

Stockbrokers said some shareholders have demanded an explanation for Rolingson’s departure. Some said the management “shake-up” could affect shareholder confidence.

NFM reported a $53.7 million after-tax loss for the year ending December 31, 2007.

Analysts said a similar loss is projected for this year considering the company has been absorbing the increasing price of wheat. (See pg 27).

Rolingson had a short tenure at NFM—just one year and four months, having been appointed on April 18, 2006.

Joseph joined the board in 2006 as director of finance and holds a Masters of Business Administration Degree, the statement said.

Source:
The Trinidad Guardian, Page 26
Thursday September 13, 2007

http://www.guardian.co.tt/business6.html