Over-extended reach ultimately hobbled Ascent


city_scope_logo-cmykWith the departure Wednesday of former Ascent CEO Ron Osborne, board chairman John Laverty takes over the helm on a temporary basis. It will be his responsibility to guide the process that will result in the hiring of an individual tasked with winching the utility out of the financial quagmire in which it finds itself to the tune of $14 million in losses and money owing to the city last year.
Not to mention its long-term debt of what, another $6 million or so?
We caught up with John this week and what many may not realize is the St. Thomas resident was a former public utilities commissioner who has been “kicking around the utility industry on the governance side since 1991.”
He advised the process of hiring a new CEO started almost immediately.
“We decide as a board whether we’re going to use a headhunter or not.” Continue reading

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