Obiglio

Marubeni Caribbean Power Holdings Inc., soon to be new owners of Jamaica Public Service Company Limited, announced Thursday that Damian Obiglio will remain as head of the monopoly power distributor.

The Japanese-owned company said it had completed a review of the JPS management team and would retain those currently in place, except where staff now choose to leave the company.

"We wish to state that during the due diligence process involved in the sale of Mirant's Caribbean business, close examination was made of JPS' current senior management team," said the statement.

Marubeni has been urged to take a look at the team it inherits from Mirant after it emerged last week that the company had gone ahead and imposed a charge on customers linked to hurricane recovery expenditure, against the decision of regulators.

"With the exception of the voluntary retirement of some senior managers, we wish to announce there will be no immediate management changes at JPS," the company said.

Obiglio was appointed last year to the post by former owner Mirant Corporation of Atlanta.

Mirant is selling its 80 per cent stake to Marubeni, under a larger plan to divest all its foreign holdings. The Atlanta company is selling the company for more than $800 million but will net $350 million after paying down debts and transaction costs.

Obiglio, president and CEO, "will remain in place after the transaction of sale with Mirant is finalised," Marubeni said.