CEO Vincent Ingham To Leave Ascendant

The Ascendant Group Limited confirmed today [Oct.10] that President and CEO A.L. Vincent Ingham will be leaving the company, and they will conduct a search for a new CEO.

Ascendant Group Limited is the parent Company of operating companies BELCO, Bermuda Gas & Utility Company Limited, PureNERGY, Media Release Renewables Ltd., Sigma Corporate Services Company Limited and inVenture Limited, as well as BELCO Properties Limited and BTS Limited.

The announcement read: “The Board of Directors of Ascendant Group Limited announced today that Mr. A.L. Vincent Ingham, President and Chief Executive Officer, will retire on 31 March, 2012 after more than 25 years with the Group including serving as President and Chief Executive Officer of Ascendant Group Limited and its principal subsidiary BELCO for the last four years.

Chairman of Ascendant Group Limited, Mr. J. Michael Collier stated, “Vince is largely responsible for the strategic initiatives that the Group is currently focused on to grow existing energy-related businesses and investment in utility and infrastructure companies in Bermuda, as well as expand the earning base of the Ascendant Group of Companies.”

Mr. Ingham commented, “I am proud of the direction in which the Ascendant Group is headed. I certainly look forward to the next chapter in my professional life supporting the implementation of key strategies for the Group, and the continuing development of young Bermudians within the organisation.”

Mr. Collier noted that “the Board will conduct a search for a new Chief Executive Officer and has been working with external consultants for a number of months on an orderly succession process and leadership development plans for the Group’s executive and management teams in anticipation of Mr. Ingham’s retirement.”

“The Board will be considering both internal and external candidates for the position. During the period of leadership transition, Mr. Ingham will continue to serve in his role of President and Chief Executive Officer, as well as Director and member of the Board’s Executive Committee, focusing on the Group’s succession plans, strategy and business development.”

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