First-of-Its-Kind Reward Program Recognizes Employee Commitment to Caribbean Company's Success and Growth
KINGSTON, JAMAICA--(MARKET WIRE)--Sep 8, 2006 -- Digicel, the Caribbean's fastest-growing mobile telecommunications operator, today announced that it is granting share options to more than 2,000 employees across its existing network of 20 operations, as part of a new, first-of-its-kind employee reward program designed to thank and reward Digicel employees for their outstanding contributions to the company's tremendous growth and business success in the last five years.
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The grant will involve the issuance of options for close to one million shares to employees. With more than 2.6 million subscribers in 20 markets, Digicel is committed to further expanding its Pan Caribbean network.
Mr. Denis O'Brien, founder and chairman of Digicel Group, announced the share option plan to staff in Digicel's flagship operation in Jamaica during his recent visit to the country.
"It is fitting that we should make this announcement on the fifth anniversary of Digicel's inaugural launch in Jamaica. Our colleagues across the region have contributed greatly to our success and their commitment is at the cornerstone of Digicel's speed to new markets and unmatched level of service that we provide to our customers," said Mr. O'Brien. "We want to thank them for helping to ensure that Digicel is a leading player in the Caribbean mobile market and give them the opportunity to share further in the success of the business."
Digicel's employee share plan is similar to the incentive program Mr. O'Brien and his management team introduced to staff at Esat Telecom, the highly successful operation which introduced competition in mobile telecommunications in Ireland.
According to the Hon. Dr. Omar Davies, Minister of Finance and Planning for Jamaica, "Digicel once again has demonstrated its commitment to the people of the Caribbean and the responsibility it takes in rewarding those whom drive its success. We commend the company for delivering such an inclusive reward program and are confident that it will encourage other corporations in the region to follow its example."
Digicel continues to experience dynamic internal growth and strategic business acquisitions. In the last year, Digicel completed the acquisition of Cingular Wireless assets in the Caribbean and Bermuda as well as Bouygues Telecom Caraibe, which quickly accelerated the expansion of its operations into several new markets. Overwhelming responses to Digicel's recent launch in Haiti, Trinidad & Tobago, Bonaire and Turks & Caicos are further strengthening the company's performance.
"As we continue to deliver on our vision of a seamless pan-Caribbean network, we are committed to continually challenging ourselves to be a leading company in all areas of our business from technology innovation to customer service and community participation. We have major growth plans for Digicel and with this latest initiative our employees will benefit further from our ongoing success," added Colm Delves, Digicel Group CEO.
With an overall investment of more than US$1.2 billion in the region, Digicel is also breaking new ground with the anticipated launch of new services such as its WiMAX wireless broadband technology.
Digicel is a significant employer in the region with more than 90 percent of it 2,000 staff members from the Caribbean and Bermuda. The company receives an average 400 resumes and inquires for employment each day according to its human resources department. The company's ongoing commitment to the professional development of staff has paid off significantly in high employee retention rates and many employees have been with Digicel since its launch in 2001.
ABOUT DIGICEL
Since its launch in 2001, Digicel has become the fastest-growing wireless telecommunications operator in the Caribbean. After five years, Digicel is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services, and state-of-the-art handsets. It is the largest GSM operator in the region.
By offering innovative wireless services and community support, Digicel has become a leading brand in the Caribbean and has placed the region at the cutting edge of wireless communications.
Digicel is incorporated in Bermuda and has operations in twenty markets including Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda, Bonaire, Curaçao, The Cayman Islands, Dominica, French Guiana, Grenada, Guadeloupe, Haiti, Jamaica, Martinique, St. Kitts & Nevis, St. Lucia, St. Vincent and the Grenadines, Trinidad & Tobago & Turks & Caicos. Digicel also has coverage in St. Martin and St. Barths and expects further significant growth.
The company is the lead sponsor of Caribbean sports teams including the West Indies Cricket Team, Special Olympics teams across the Caribbean and is title sponsor of the Digicel Caribbean Football Union Cup, which involves over 30 Caribbean countries and is an important qualifier towards the CONCACAF Gold Cup.
