Tricom (NYSE:TDR)
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Tricom Announces CFO Resignation and Board Changes
SANTO DOMINGO, Dominican Republic, Aug. 13 /PRNewswire-FirstCall/ -- Tricom,
S.A. (OTC:TRICE.OB) (BULLETIN BOARD: TRICE.OB) announced today that Ramon
Tarrago has resigned as Chief Financial Officer, to pursue other professional
interests as a consultant in matters of finance and macroeconomic policy. Mr.
Tarrago will be taking a position as consultant to the finance ministry of the
new Dominican government, and expects to work on sovereign debt issues. Mr.
Tarrago will remain as a consultant to the Company. Mr. Erwin Mendez, who has
served as the Company's Controller since November 2002, will assume
responsibility for overseeing the Company's financial operations effective
immediately.
The Company also announced that its Board of Directors has received the
resignations of Edwin ("Jack") Corrie and Marino Ginebra. Mr. Corrie and Mr.
Ginebra, members of the Company's Board of Directors since October 2001, cited
personal and other business commitments for their decision to resign from the
board. In addition, the Company has announced the appointments of Thomas
Canfield, Carlos Castillo and Rosangela Pellerano as non-executive members of
its Board of Directors.
"We have enjoyed working with Ramon and we thank him for his significant and
valuable contributions to the Company, especially on the international business
front, over these past 12 years. We wish him well in his future endeavors.
Erwin has demonstrated strong cost management and expense control skills and
has developed a solid understanding of our business in performing his
respective role in the Company's finance area. We look forward to working with
him as we continue to implement and manage our current business strategies",
said Carl Carlson, Chief Executive Officer. "I also want to extend our
appreciation to Jack and Marino for their contributions and dedication in the
service of Tricom, and at the same time, I welcome Thomas, Carlos and Rosangela
to our Board of Directors", added Carlson.
Following these changes, the Company's Board of Directors consists of the
following eleven individuals: Ricardo Valdez Albizu, Thomas Canfield, Carlos
Castillo, Hector Castro Noboa, Anibal de Castro, James Deane, Arturo Pellerano,
Rosangela Pellerano, Roberto Saladin, Adriano Tejada and Valeriano Valerio.
The Company's By-laws provide for 12 directors, two of which are independent of
the majority shareholders, GFN Corp. and Motorola, Inc. A search is currently
underway to fill a vacant independent director position.
Erwin Mendez, 43, has served as the Company's Controller since November 2002.
Before joining Tricom, he was Vice President of Finance for Centennial
Dominicana, a subsidiary of Centennial Communications Corp., for two years. Mr.
Mendez is also a former 14-year Colgate-Palmolive Company executive where he
served in key financial positions, including his last assignment as Finance
Director for the Caribbean region. Mr. Mendez graduated magna cum laude with a
BA in accounting and finance from Universidad APEC in Santo Domingo and holds
an MBA from Instituto Tecnologico de Santo Domingo, Dominican Republic.
Thomas Canfield, 48, has served as the court-appointed Chief Executive Officer
and Plan Administrator of AT&T Latin America Corp., which is currently in
Chapter 11 bankruptcy proceedings, since February 2004. Mr. Canfield
previously served as AT&T Latin America's General Counsel and Secretary from
2000 to 2004. Before joining AT&T Latin America, Mr. Canfield was counsel in
the corporate and international practice groups of the international law firm
Debevoise & Plimpton LLP. He is also a former Bankers Trust Company executive
and a private real estate developer. Mr. Canfield holds a B.A. in History from
Wesleyan University and a J.D. from Fordham University School of Law, New York.
Carlos Castillo, 49, is an independent financial advisory consultant with over
20 years of operational and transactional experience in corporate finance, debt
restructuring, investment and merchant banking services principally in Latin
America. From 1987 to 1995, and again from 1999 to 2001, Mr. Castillo was
Senior Managing Director at Bear Stearns & Co., Inc. Latin America Equity
Capital Markets and Investment Banking. Mr. Castillo previous experience also
includes executive positions at Bankers Trust Company and Continental Bank.
Mr. Castillo holds a B.S. in Economics from Universidad Nacional de Ingeneria
in Peru and an MBA from the Wharton School of Business, University of
Pennsylvania.
Rosangela Pellerano, 46, has over 16-years experience within the Dominican
commercial banking industry. Mrs. Pellerano is a former Vice President of both
the Consumer and Corporate Banking Services and International Banking Services
divisions of Bancredito, S.A. Bancredito was formerly owned by GFN Corp., the
Company's principal shareholder. Mrs. Pellerano is a graduate of Instituto
Tecnologico de Santo Domingo where she majored in business administration and
holds an MBA from Universite du Quebec in Montreal, Canada. Ms. Pellerano is
sister to Arturo Pellerano, President of GFN Corp. and member of the Company's
Board of Directors.
About TRICOM
Tricom, S.A. is a full service communications services provider in the
Dominican Republic. The Company offer local, long distance, mobile, cable
television and broadband data transmission and Internet services. Through
Tricom USA, the Company is one of the few Latin American based long distance
carriers that is licensed by the U.S. Federal Communications Commission to own
and operate switching facilities in the United States. Through its subsidiary,
TCN Dominicana, S.A., the Company is the largest cable television operator in
the Dominican Republic based on its number of subscribers and homes passed.
For more information about Tricom, please visit http://www.tricom.net/
For additional information, please visit Tricom's Investor Relations website at
http://www.tdr-investor.com/ .
DATASOURCE: Tricom, S.A.
CONTACT: Miguel Guerrero, Investor Relations of Tricom, S.A.,
+1-809-476-4044, or +1-809-476-4012,
Web site: http://www.tricom.net/
http://www.tdr-investor.com/