BEL will have a new Chairman in the new year. Andrew Marshalleck - who has held the post from 2020 today confirmed that he has already submitted his resignation which takes effect December 31st.
Who's going to replace him? It will be former CEO and BEL veteran, Lyn Young. Young, who was most recently named as the interim chairman of the Board for Hydro Belize will now be named the Executive Chairman of BEL.
It's part of a plan to rescue BEL - which has negative equity after its debt has ballooned to half a billion dollars due to the high cost of power. The company has recently asked for a rate increase to offset that.
There are also reports that there will be a new CEO, but, according to Marshalleck, the present one, John Mencias is on a contract which runs at least until March of next year. We'll keep following it.
