Durrant Pate/ Contributor

Renewable energy company Wigton Energy is advising that the recently appointed head of the Financial Investigation Division (FID), Dennis Chung, has stepped down as its chairman and a director of the board.

Chung, who took up duties at the FID on Monday amid a backlash from the Opposition People’s National Party (PNP), and some interest groups, has resigned from Wigton’s Board of Directors, effective June 1. Another director, Wayne McKenzie, also resigned, effective June 3.

The board of directors, management and staff of Wigton have expressed sincere gratitude to Messrs. Chung and McKenzie for their service and wish them every success in their future endeavours. 

In light of Chung’s resignation, the board at its last meeting on May 31, elected Dan Theoc to succeed him as chairman of the board effective June 25. The board also resolved that the following changes be made to the named board sub-committees:

• Dan Theoc be removed from the Audit and Risk Committee and the Corporate Governance Committee;
• Omar Azan be removed from the Audit and Risk Committee and appointed to the Finance and Investment Committee;
• Allison Philbert and Joseph Issa be removed from the Finance and Investment Committee and both appointed to the Audit and Risk Committee; and
• Allison Philbert be appointed the Chairperson of the Audit and Risk Committee.

The alternative energy company is declaring that the changes to the above named board sub-committees “were solely due to the election of Theoc as the chairman of the board and, specifically in relation to the Audit and Risk Committee, are unrelated to any disagreement in respect of accounting principles or practices, financial statements disclosure or any other associated issue”.