(Barbados Nation) There has been a shake-up in management at the financially-troubled CLICO International Life Insurance (CIL).
Three senior executives – the vice president of finance, vice president of sales and senior accounting assistant – have been made redundant, while president Geoffrey Brewster’s position has been reclassified, as judicial manager Deloitte Consulting Ltd tries to cut costs significantly and prepare the company for acquisition.
And while the Barbados Investors and Policyholders Alliance (BIPA) welcomed the move, chairperson June Fowler told the SATURDAY SUN that it was also time for the judicial manager’s fees to be cut to add to the savings.
Deloitte, represented by Oliver Jordan and Patrick Toppin, announced in a statement that the redundancies and other changes took effect from yesterday, two weeks after the High Court gave it the green light to look for an investor for the company.
