In the midst of favourable projects being announced by the Grand Bahama Port Authority to enhance the island’s economy, word has now surfaced that GBPA Executive Vice President Barry Malcolm is reportedly no longer with the company.
Reliable sources state that major changes are reportedly on the way at the company with those changes coming in top managerial positions.
However, the GBPA has not issued a denial or confirmation that Malcolm has left the company.
When The Freeport News contacted the GBPA, a top executive promised that the company will release an official statement on the matter today.
Malcolm joined the GBPA in February 2001. Prior to taking up his position there, he was CEO & executive director of the Bahamas Financial Services Board (BFSB); an executive director at the Inter-American Development Bank (IDB), based in Washington, D.C., from July 1994 through June 1998; and held various executive management positions with the Bahamas Oil Refining Co. Ltd. (BORCO); served in the Senate of The Bahamas and as Parliamen-tary Secretary in the Office of the Prime Minister. Prior to his service in Government, over a period of 17 years, Malcolm held various executive management positions with the Bahamas Oil Refining Co. Ltd. (BORCO).
A few days ago, executives of the GBPA revealed plans to change the state of Freeport’s economy as quickly as possible via the announcement of two major investments coming on stream.
One is for development of the new $15 million Bahamian Brewery and Beverage Company, which is expected to be a first-class, state-of-the-art, European-style facility.
The other, which was announced just two days ago, is for the creation of a grocery distribution centre on the 741-acre site of the sea-air business centre between the airport, container port and harbour.
The project is being handled by Associated Grocers of Florida, who signed the $8 million deal for a 100,000 square foot warehouse called International Distributors of Grand Bahama Limited.
The GBPA came under scrutiny last week when certain members of the business community questioned the company’s decision to appoint businessman Hannes Babak as the new chairman, following the abrupt resignation of then co-chairman and CEO Julian Francis.
Francis, a veteran in the banking industry for more than 30 years, was appointed co-chairman and CEO on June 1, 2005 after the passing of former Chairman Edward St. George in December 2004.
Appointed as the new CEO two days after Babak took up his new post, Sir Albert Miller addressed the matter with the media last week stating that while there might be some truth in recent negative comments, the GBPA intends to alter the naysayers’ perception.
Sir Albert maintained that with him as the new CEO and businessman Hannes Babak as the new chairman, the state of economy will shift in short order.
By: LISA S. KING, Freeport News Asst. Editor
