New CEO appointed at JPS
Michel Gantois has been appointed the new president and CEO of JPS.
The board of directors of the Jamaica Public Service (JPS) has appointed Michel Gantois as the new president and CEO of the utility company, effective May 31, 2020.
He replaces Emanuel DaRosa, whose tenure as president and CEO ends on May 30.
In the release posted on the Jamaica Stock Exchange, the JPS board said Gantois has a track record of international experience in energy and finance, “leading companies to expand their assets and revenue, implement commercial and regulatory strategies, build partnerships and optimize their existing operations.”
Michel Gantois will take up the role of President and CEO of JPS effective May, 31, 2020.
He was previously engaged in leading the development of a hydrogen business unit for a listed mining company in Australia, it was outlined.
Prior to this, he worked a decade for ENGIE, an international energy company. He was a CEO for Australia, Peru and Pakistan; and a CFO for ENGIE in Asia and Director of Finance for ENGIE North America. He also served as Vice President for Kelson Energy, a US private power company.
The board in the release quoted Gantois as saying that he is excited to join JPS, “a company with strong roots in the community and proud history in supplying essential services to the people and the industry of Jamaica.”
“I look forward to joining the JPS team and to leading the company towards its next phase of growth, building on the excellent work performed so far by so many,” he added.
JPS, in its most recent financials, directors stated that measures implemented by the government have disrupted business operations and have resulted in increased economic uncertainty.
The company said, as a result, its business activities and financial performance may be impacted by supply chain disruption, unavailability of personnel, declines in sales, operating cash flows or the collection of outstanding receivables; however an estimate of the financial impact cannot be made at this time.
The JPS saw revenue for the company fall to US$ 881 million for the year ended December 31, 2019, down from US$908.2 million the year before.
Net profit was US$23.14 million, one third less than the US$31 million in net profit made in 2018.
The power supplier is owned by Japanese company MaruEnergy and EWP, a subsidiary of Korea Electric Power Corporation, which is incorporated in South Korea, each holding 40 per cent interest in the Company's shares, with the Government of Jamaica (GOJ) holding 19.9 per cent and private individuals 0.1 per cent.
JPS group comprises South Jamaica Energy Holdings Limited (SJEH) and Caribbean Blue Skies Energy Limited (CBSE) whose primary activities are the provision of operation and maintenance services to entities within the energy industry.