Tricom Announces CFO Resignation and Board Changes
14 August 2004 - 7:35AM
PR Newswire (US)
Tricom Announces CFO Resignation and Board Changes SANTO DOMINGO,
Dominican Republic, Aug. 13 /PRNewswire-FirstCall/ -- Tricom, S.A.
(OTC:TRICE.OB) (BULLETIN BOARD: TRICE.OB) announced today that
Ramon Tarrago has resigned as Chief Financial Officer, to pursue
other professional interests as a consultant in matters of finance
and macroeconomic policy. Mr. Tarrago will be taking a position as
consultant to the finance ministry of the new Dominican government,
and expects to work on sovereign debt issues. Mr. Tarrago will
remain as a consultant to the Company. Mr. Erwin Mendez, who has
served as the Company's Controller since November 2002, will assume
responsibility for overseeing the Company's financial operations
effective immediately. The Company also announced that its Board of
Directors has received the resignations of Edwin ("Jack") Corrie
and Marino Ginebra. Mr. Corrie and Mr. Ginebra, members of the
Company's Board of Directors since October 2001, cited personal and
other business commitments for their decision to resign from the
board. In addition, the Company has announced the appointments of
Thomas Canfield, Carlos Castillo and Rosangela Pellerano as
non-executive members of its Board of Directors. "We have enjoyed
working with Ramon and we thank him for his significant and
valuable contributions to the Company, especially on the
international business front, over these past 12 years. We wish him
well in his future endeavors. Erwin has demonstrated strong cost
management and expense control skills and has developed a solid
understanding of our business in performing his respective role in
the Company's finance area. We look forward to working with him as
we continue to implement and manage our current business
strategies", said Carl Carlson, Chief Executive Officer. "I also
want to extend our appreciation to Jack and Marino for their
contributions and dedication in the service of Tricom, and at the
same time, I welcome Thomas, Carlos and Rosangela to our Board of
Directors", added Carlson. Following these changes, the Company's
Board of Directors consists of the following eleven individuals:
Ricardo Valdez Albizu, Thomas Canfield, Carlos Castillo, Hector
Castro Noboa, Anibal de Castro, James Deane, Arturo Pellerano,
Rosangela Pellerano, Roberto Saladin, Adriano Tejada and Valeriano
Valerio. The Company's By-laws provide for 12 directors, two of
which are independent of the majority shareholders, GFN Corp. and
Motorola, Inc. A search is currently underway to fill a vacant
independent director position. Erwin Mendez, 43, has served as the
Company's Controller since November 2002. Before joining Tricom, he
was Vice President of Finance for Centennial Dominicana, a
subsidiary of Centennial Communications Corp., for two years. Mr.
Mendez is also a former 14-year Colgate-Palmolive Company executive
where he served in key financial positions, including his last
assignment as Finance Director for the Caribbean region. Mr. Mendez
graduated magna cum laude with a BA in accounting and finance from
Universidad APEC in Santo Domingo and holds an MBA from Instituto
Tecnologico de Santo Domingo, Dominican Republic. Thomas Canfield,
48, has served as the court-appointed Chief Executive Officer and
Plan Administrator of AT&T Latin America Corp., which is
currently in Chapter 11 bankruptcy proceedings, since February
2004. Mr. Canfield previously served as AT&T Latin America's
General Counsel and Secretary from 2000 to 2004. Before joining
AT&T Latin America, Mr. Canfield was counsel in the corporate
and international practice groups of the international law firm
Debevoise & Plimpton LLP. He is also a former Bankers Trust
Company executive and a private real estate developer. Mr. Canfield
holds a B.A. in History from Wesleyan University and a J.D. from
Fordham University School of Law, New York. Carlos Castillo, 49, is
an independent financial advisory consultant with over 20 years of
operational and transactional experience in corporate finance, debt
restructuring, investment and merchant banking services principally
in Latin America. From 1987 to 1995, and again from 1999 to 2001,
Mr. Castillo was Senior Managing Director at Bear Stearns &
Co., Inc. Latin America Equity Capital Markets and Investment
Banking. Mr. Castillo previous experience also includes executive
positions at Bankers Trust Company and Continental Bank. Mr.
Castillo holds a B.S. in Economics from Universidad Nacional de
Ingeneria in Peru and an MBA from the Wharton School of Business,
University of Pennsylvania. Rosangela Pellerano, 46, has over
16-years experience within the Dominican commercial banking
industry. Mrs. Pellerano is a former Vice President of both the
Consumer and Corporate Banking Services and International Banking
Services divisions of Bancredito, S.A. Bancredito was formerly
owned by GFN Corp., the Company's principal shareholder. Mrs.
Pellerano is a graduate of Instituto Tecnologico de Santo Domingo
where she majored in business administration and holds an MBA from
Universite du Quebec in Montreal, Canada. Ms. Pellerano is sister
to Arturo Pellerano, President of GFN Corp. and member of the
Company's Board of Directors. About TRICOM Tricom, S.A. is a full
service communications services provider in the Dominican Republic.
The Company offer local, long distance, mobile, cable television
and broadband data transmission and Internet services. Through
Tricom USA, the Company is one of the few Latin American based long
distance carriers that is licensed by the U.S. Federal
Communications Commission to own and operate switching facilities
in the United States. Through its subsidiary, TCN Dominicana, S.A.,
the Company is the largest cable television operator in the
Dominican Republic based on its number of subscribers and homes
passed. For more information about Tricom, please visit
http://www.tricom.net/ For additional information, please visit
Tricom's Investor Relations website at http://www.tdr-investor.com/
. DATASOURCE: Tricom, S.A. CONTACT: Miguel Guerrero, Investor
Relations of Tricom, S.A., +1-809-476-4044, or +1-809-476-4012, Web
site: http://www.tricom.net/ http://www.tdr-investor.com/
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