The Commonwealth Utilities Corp. has hired Greg Cruz, a former Guam Waterworks Authority’s chief financial officer, as CUC’s new CFO.
CUC executive director Gary P. Camacho disclosed yesterday that Cruz started work Monday as CUC’s CFO, a position that has been vacant since October 2018.
CUC reportedly did not renew Antonio Castro’s contract as CFO. Corina Magofna served as acting CFO after Castro’s term.
Camacho cited Cruz’s extensive utility background at Guam Waterworks Authority as CFO, saying they are happy to have him on board.
“We talked for quite some time and we feel that he’s a good fit for the program and understand our financial side, what we need to do,” Camacho said.
The executive director said Cruz was vetted by U.S. Environmental Protection Agency, which approved his selection for the position.
Cruz was one of 10 persons who applied for the position.
Camacho said it is very important that they get someone like Cruz, who has a utility financial background.
He said that CUC believes that, with Cruz, they can do better with forecasting their funding requirements over the next five years and understanding rate structures a bit more.
He said they have had several candidates since the previous CFO vacated the position. “However, we believe that [Cruz] is the best fit to the job,” said Camacho, adding that they should now be able to get things moving forward. “We’re very excited to have him.”