BEL Bids Farewell to Chairman

We broke the news last week that Chairman of BEL Andrew Marshalleck has resigned effective December 31st.

He leaves the utility after 5 years at the helm and the company gave him a respectful send off today. A release refers to "visionary strategic leadership...and "unwavering support for the upliftment of the management and employees of BEL..."

The release also notes that during Marshalleck's tenure "electricity rates dropped by 2.3% despite a 19.4% general price inflation." This, we note, has left the company with arrears in the hundreds of millions - as government has been hesitant too support a rate increase - which the release says will "take effect in January of next year."