NINE months after CEO Genevieve Jodhan resigned, amid concerns over a controversial board decision, Angostura Holdings Ltd has appointed a new CEO, Peter Sandstrom.
In a newspaper announcement, on Tuesday, Angostura said the board approved Sandstrom's appointment on January 8 which took effect on Monday.
In April 2019, Jodhan resigned after signing an agreement for an estimated $4 million settlement which also allowed her to receive her pension entitlement when she reaches the retirement age of 60.
Part of her agreement was that both parties do not communicate, correspond or otherwise disclose, make or publish any adverse or negative comment, or reflection on each other, concerning or related to Jodhan’s employment. Prior to her resignation, she was on administrative leave pending the outcome of an internal investigation surrounding the award of contracts collectively valued at $2.2 million.
In November 2018, the matter became the subject of an audit when the head of the company’s audit department called in accounting firm, PriceWaterhouseCoopers, to investigate contracts to four companies – three of which were engaged in security and the fourth in construction. The contracts were authorised by Jodhan while she was out of office completing a six-week, company-paid course at Harvard University.
The three security companies are owned by Sgt Mark Hernandez, 42, a member of the Special Operations Response Team (SORT). The companies are – MH Tactical Response Group (MHT), New Order Security Services (NOSS) and Corporate Asset Protection (CAP), all registered at Eastern Main Road, St Augustine.
Angostura was acquired by the State after the 2009 bailout of the CL Financial Group. It is a publicly-traded company and the makers of the world-renowned Angostura Aromatic Bitters and a host of premium rums.