WEDNESDAY, OCTOBER 12: In a filing to the Bermuda Stock Exchange (BSX), KeyTech Limited (KEY.BH) announced on Monday the appointment of Mr Lloyd Fray as chief executive officer, effective 1 August, 2012.

The announcement read:

“Dr James King, chairman of the KeyTech board of directors, announced the following changes to the KeyTech management team.

“Effective 31, July 2012, Ms Sheila Lines will be retiring as CEO of The KeyTech Group of Companies and, effective 1 August 2012 Mr Lloyd Fray will assume the post of CEO KeyTech Group of Companies.

Dr King commended Ms Lines on her tenure; “Sheila has been with the KeyTech Group for 10 years, the last six as CEO. 

Under Sheila’s watch KeyTech is adequately prepared to face the technological growth of the future and the corresponding communications challenges.” 

On the appointment of Mr Lloyd Fray, Dr King said, “Mr. Lloyd Fray is well known within the KeyTech family, he has been CEO of Logic, M3 Wireless and most recently BTC.”

Dr King continued: “ In the Board’s quest to find a replacement for Ms Lines we instituted a very rigorous screening process and the internal candidate; Mr. Lloyd Fray; emerged as the successor.”   

“The handover period is approximately 10 months, enough time to smoothly transition Lloyd into his role as CEO KeyTech Group and to find a suitable replacement for him as CEO of The Bermuda Telephone Company Limited (BTC). 

“The search for a CEO for BTC will begin immediately.”  Dr King continued.  “On behalf of the Board I wish to extend my congratulations to Mr. Fray as we usher in a new era at the KeyTech Group of companies.”