Wayne Caines announced as Ascendant president
A former Cabinet minister has been appointed to a newly created role at the helm of Belco’s parent company.
Wayne Caines will be Ascendant president from Monday.
A company spokesman said: “The new role comes following the acquisition of Ascendant by Algonquin Power & Utilities Corp.
“With the acquisition, Ascendant and its subsidiaries, including Bermuda Electric Light Company Limited, are now poised to move forward as a sustainable organisation of the future.
“The addition of an Ascendant president aligns Ascendant with Algonquin’s business model of having a local leader to ensure the business is focused on local customer needs.”
Mr Caines is a back bench Member of Parliament for Devonshire North West.
He served as Minister of National Security from July 2017 to July 2020, when he quit the post amid a barrage of criticism that surrounded an event at a restaurant where Covid-19 health regulations were breached.
The Ascendant spokesman added: “Mr Caines, a sitting Member of Parliament, was selected because of his experience and knowledge in the Bermudian business sphere.
“Mr Caines was called to the Bermuda Bar in 2001. He is currently chairman of the board of the Bermuda Tourism Authority and sits on the board of Polaris Holding Company Ltd, ILS Capital and Prospero Re.
“Most recently, he was the chief executive officer of Seniac Consulting and prior to that, he was the chief executive officer of Digicel Bermuda.
“Outside of work, Mr Caines is known for giving back to the community including supporting the Hamilton SDA General Education – GED – programme and children in need with school supplies and haircuts.”
Barclay Simmons, the chairman of Ascendant’s board of directors, said: “I am confident that Wayne Caines will be a valuable asset to Ascendant and its subsidiaries.
“With strong business acumen, a passion for community involvement, and a connection with the people of Bermuda, Wayne is uniquely placed to bring Ascendant in line with our vision for the future.”
Arun Banskota, Algonquin’s chief executive officer, added: “We are strategic in our mission to meaningfully contribute to a sustainable energy future.
“We deliver on our strategies with the help of our people, who are at the core of everything we do.
“By adding Wayne to our team, we are in a stronger position to move Bermuda into the next phase of its sustainable future.”
The Ascendant Group denied rumours last July that Mr Caines had been hired by the company.
It said then: “Ascendant Group Ltd does not typically comment on confidential employee matters.
“However, as there is speculation in the community around the hiring of a current Member of Parliament, it is incumbent on the company to state that there is no truth to these rumours.”