job yesterday -- accepting the challenge of creating new jobs and improving Bermudians quality of life.

Bermudian Vincent Ingham has been appointed as chairman of the new Land Development Company -- set up to oversee development of the old Base lands.

However, he will share his new post with his current job as Senior Vice President of the Bermuda Electric Light Company.

Yesterday Mr. Ingham said: "I am delighted to have been chosen to serve as chairman of the Bermuda Land Development Company. I see the appointment as an opportunity to do good things for Bermuda.

"The company has been set up to manage the Base properties with a view to integrating them back into the economic and social fabric of the Island.

"In doing so, it has been committed to creating jobs and career opportunities for Bermudians.'' Mr. Ingham added: "The mission, moreover, is long-term. Legislation dedicates the company to furthering the `well-being of present and future generations of Bermudians'.

"The return of the Bases created some serious challenges for the Island.

While these challenges are understood, I want to make it clear that I see the Base lands in terms of opportunities.

"When I speak of opportunities I not only mean opportunities for jobs, new business and increased foreign earnings, but also opportunities for more space and recreation to enhance the everyday lives of Bermudians.'' It is expected the company, formed by the Base Lands Development Act, will come into being in about two weeks and will replace the Land Transition Office which kicked-off the redevelopment of the Base lands.

A list of people has been drawn up and will be whittled down to select the few who will serve on the company's board. Premier David Saul and Finance Minister Grant Gibbons will be the Government representatives.

The new company borrows from experience learned with the West End Development Corporation and draws on ideas from other countries including Canada, New Zealand and Britain.

Dr. Saul and Dr. Gibbons announced the new appointment yesterday and Dr.

Gibbons said Mr. Ingham was well qualified for the job having served on Government boards as well as the Base Transition Air Operations Committee.

He has worked at Belco since 1972 and spent five years at Conyers, Dill and Pearman managing corporate affairs for some exempt companies.

However, Dr. Gibbons recognised that Mr. Ingham had an extremely important job to do.

"It would be fair to characterise Mr. Ingham as the man who is going to administer a very valuable inheritance into which the people of Bermuda have very recently come.

"The Base lands must be managed wisely and fairly. They must not be squandered for short-term gain, but must be utilised with an eye towards the future,'' said Dr. Gibbons.

He added: "Mr. Ingham's job is to put the land to work to earn a return for all Bermudians, whether that is by way of new open space, new recreational space, new community space or new space in which to create new business opportunities and jobs in Bermuda.'' Dr. Saul said Mr. Ingham's appointment was "very significant'' and one "which is going to play a most important role in the design of the Bermuda of the future''.

He also paid tribute to the Land Development Office which he said had solved challenging problems quietly and efficiently.

The Premier also thanked Ken Stubbings, who led the office team, who is soon to retire and return to Canada.

The Premier said Government had kept two aims in sight for the Base lands -- to recoup lost foreign currency and to reintegrate the land back into Bermuda.

"We want the land to be used in a variety of ways designed to strengthen and enhance the quality of life in Bermuda,'' said Dr. Saul.