Plipdeco appoints new director amid ongoing leadership changes

THE Point Lisas Industrial Port Development Corporation Ltd (Plipdeco) has appointed Sheldon Baptiste as a director on its board, effective April 25.

The appointment was disclosed in a notice of material change published on the TT Stock Exchange website on April 29.

Baptiste's appointment comes during significant leadership changes at the state-owned corporation, which operates the port of Point Lisas and manages the Point Lisas Industrial Estate.

In July 2024, former president Earnest Ashley Taylor was placed on administrative leave amid concerns over contracts negotiated during his tenure, including a lease agreement with TT Iron and Steel Company for the former ArcelorMittal steel plant.

Taylor's administrative leave was officially disclosed to the TT Stock Exchange on September 11, 2024.

He subsequently retired in December 2024, with vice-president of technical services Dr Averne Pantin appointed acting president until further notice.

In October 2024, following the company's annual general meeting, chairman Daniel Dookie ceased to hold office and was replaced by Annette Wattie.

Director Ayanna Miguel resigned from the board effective February 28.

Pantin, who had been acting as president, resigned from the corporation effective February 7.

Despite these leadership changes, Plipdeco reported improved financial performance.

For the nine months ended September 30, 2024, the company posted a profit after tax of $180.4 million, compared to $48.23 million for the same period in 2023.

Revenue increased by six per cent to $285 million.

The improved profitability was attributed to increased revenue, a decline in some operating expenses and the reversal of previously recognised bad debts.