As a result of an intensive review undertaken by an Independent Committee, Intertain has decided to shake up its management team.
Chief Executive John FitzGerald will step down as CEO, while current CFO Keith Laslop will take on an operational management position at Intertain Bahamas.
John FitzGerald has advised the Board of his belief that the core business assets for Intertain’s continued growth and prosperity are now in place. His view is that the central focus of the Chief Executive Officer should change from asset acquisition to operational excellence and that the Board should pursue a process for the recruitment of a new CEO with this skill competency.
The Board has agreed with Mr FitzGerald’s view and will be pursing the process of recruiting a new operationally-focused Chief Executive Officer. Intertain intends to include in its search suitably experienced and qualified candidates based in European cities closer to Intertain’s core operations.
John FitzGerald said: “We have assembled a terrific group of industry leading assets and I am fortunate to work with strong executives in our operating businesses. We will continue to consider appropriate M&A opportunities to further strengthen our portfolio and we continue to receive expressions of interest from third parties interested in acquiring our assets.
“But I have advised the Board for some time that the longer term focus of our CEO should be on operations and I look forward to passing the baton when the Board has identified the right person to lead us in the next stage of our growth.”
Keith Laslop is relocating to a new senior operational management position in the Bahamas. Over the coming months, Intertain also expects to recruit additional experienced personnel to join him on the management team of Intertain Bahamas.
Source: SBC News
