Michel Gantois has been appointed as the new President and CEO of the Jamaica Public Service Company Limited (JPS) by the company’s Board of Directors.
The appointment will take effect on May 31, 2020. Gantois replaces Emanuel DaRosa, whose tenure as President & CEO of JPS ends on May 30, 2020.
Power provide JPS is the sole distributor of electricity in Jamaica. The company is engaged in the generation, transmission and distribution of electricity, and also purchases power from a number of Independent Power Producers.
Marubeni Corporation of Japan and Korea East-West Power (EWP) jointly own 80 per cent shares in the Jamaica Public Service Company Ltd (JPS). The Government of Jamaica and a small group of minority shareholders own the remaining shares.
The company’s customer base in Jamaica is around 640,000 customers.
The Board in its notice posted on the Jamaica Stock Exchange said Gantois, until this year, was leading the development of a hydrogen business unit for a listed mining company in Australia.
Previously he worked a decade for ENGIE, an international energy company. He was a CEO for Australia, Peru and Pakistan; and a CFO for ENGIE in Asia and Director of Finance for ENGIE North America.
Michel has extensive international experience in energy and finance, leading companies to expand their assets and revenue, implement commercial and regulatory strategies, build partnerships and optimize their existing operations, the JPS board outlined.
Prior to joining ENGIE, he was Vice President for Kelson Energy, a US private power company.
Gantois was quoted in the company release as saying that he was s excited to join JPS, “a company with strong roots in the community and a proud history in supplying essential services to the people and the industry of Jamaica.”
He added, “I look forward to joining the JPS team and to leading the company towards its next phase of growth, building on the excellent work performed so far by so many.”
The Jamaica Public Service Company Limited saw revenue for the company fall to US$ 881 million for the year ended December 31, 2019, down from US$908.2 million the year before.
Net profit was US$23.14 million, one third less that the US$31 million in net profit made in 2018.
During the year ended, net finance costs for the company jumped from $35.8 million in 2018 to $55.57 million in 2019.
JPS reported cash of US$35.02 million at year end, up from US$27.2 million the year before.
The company said in notes attached to its year end results that it expects its financial results to be affected because of the spreading corona virus epidemic.
JPS group comprises South Jamaica Energy Holdings Limited (SJEH), and n Caribbean Blue Skies Energy Limited (CBSE) whose primary activities are the provision of operation and maintenance services to entities within in the energy industry.