Ascendant Group Ltd has announced a “senior management change” with the resignation of senior vice-president and chief financial officer Christopher Coelho, effective 31 August.

Ascendant said: “Mr Coelho will serve as an adviser to the company on regulatory matters until December 31, 2014.”

Walter Higgins, president and chief executive officer of the utilities group, which is publicly traded on the Bermuda Stock Exchange, said: “Chris has been a valuable member of the senior management team and an important contributor to Ascendant Group since joining the company in September 2009.

“The board of directors and senior management thank him for his leadership, dedication and expertise, and extend to him best wishes for success with future endeavours.”

The release also announced the company has initiated a search for a new chief financial officer.