Major changes for Ascendant’s Board of Directors

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Ascendant Group Limited, parent company of BELCO and Bermuda Gas, among other entities, has announced big changes to its board of directors.

Following its annual general meeting (AGM) of shareholders on Friday, Ascendant Group announced retirements and new appointments.

After having been a board member since 1989 and chairman of the board for the last eight years, Ascendant announced J. Michael Collier will retire. He will remain a director of Ascendant Group and BELCO and a member of the executive committee of the board of directors until next year’s AGM when he plans to retire completely.

Also retiring as a director is Kathryn Siggins who has served on the board since 2004. Ms Siggins is chief operating officer of Opal Reassurance Limited.

Reginald Minors has been named chairman of the board of Ascendant. Mr Minors has been deputy chairman since 2004 and a board member since 1995. He is president & chief executive officer of Tools & Equipment Ltd.

Peter Durhager has been named deputy chairman. A director since 2003, Mr Durhager is executive vice president and chief administrative officer of RenaissanceRe Holdings Ltd.

Joining the board as a director is newly appointed Ascendance Group President and CEO, Walter M. Higgins III. Mr Higgins, a nuclear engineer, joins Ascendant Group having retired as chairman, president and CEO of Sierra Pacific Resources (now NVEnergy).

Mr Higgins, who is American, has more than 30 years experience in the utility industry. He has been a director, chairman, president and CEO of two large US energy companies including Sierra Pacific (now NVEnergy) which serves most of Nevada and parts of California and AGL Resources, the parent company of Atlanta Gas Light.

Mr Higgins served as a technical assistant at the US Nuclear Regulatory Commission and studied at the US Naval Academy.

The changes to Ascendant’s board come on the heels of the company admitting it may have to reassess the future of its loss-making renewable energy company, PureNERGY, which finished last year nearly $1.4 million in the red. PureNERGY also made a loss of $405,276 in 2012 and $239,535 in 2009. Sales last year for the company totaled $106,000 compared to $515,250 in 2010.

A spokesperson for the company told The Royal Gazette last month that the company had been affected by the economic downturn and that the new, incoming management will reassess the operation of PureNERGY.

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