Ian Fair has resigned as director and chairman of the Grand Bahama Port Authority, suggesting the role requires a "more hands on" approach than he can provide given a multitude of other commitments.
Fair, who took on the role 18 months ago under a two year contract, said he felt confident he had carried out the mandate he had been hired to achieve.
"I've given my all", he said, admitting however, that he "may have bit off more than he could chew."
His resignation became effective yesterday, also seeing him step down from his role as director and chairman of the Port Group Limited. There are no immediate plans to replace him.
In an interview with Guardian Business, Fair said he had "very mixed feelings" about leaving the post, saying he was "extremely proud" of what had been achieved over the past 18 months.
"I've pretty much met the original remit, which was to bring a level of stability, to get the marketing and promotion going, which was one of the biggest areas of criticism, and to get some corporate governance and modernize the board. We've achieved all of those."
"As time has gone on it's become pretty clear along the way that the way it operates requires a lot of hands on by me, and I just don't have the time."
Some of Fair's other ongoing commitments include being chairman of the Bahamas First Insurance Group and chairman of Butterfield Trust (Bahamas), as well as a number of other board appointments and charitable involvements.
He noted his responsibility to a number of major private clients stretching back "20 to 40 years", which he must provide attention to.
Taken together, these responsibilities had ensured that Fair "slept in (his) own bed only three nights in the first three months of this year," he told Guardian Business yesterday, as he described the circumstances which led to his departure.
"Frankly, I miss my family," he said, admitting that taking a more hands-on approach to the GBPA would have required him to move to Freeport, which neither he or his family were willing to do.
Fair said he remains optimistic about Freeport, suggesting that it has the potential to move into a higher phase of development under the right conditions.
"I would challenge anyone to say Freeport is in any way shape or form a failure."
"Freeport is alive and well; it took off from a fishing village in the '50s to become an internationally vibrant city then it plateaued, and it lacked the vision for a while, and became somewhat of a ship adrift.
"It needs to go to the next level. The thing that amazes me about Freeport is that it will cost virtually nothing to do that, because the infrastructure is already there."
His comments come at a time when many in the Freeport business community are expressing exasperation at business conditions in light of increased customs fees and levies imposed by central government in the wake of the 2013/2014 budget.
Fair's departure is likely to create some concern among the Freeport business community, many of whom had been hoping that the GBPA would assist them in their battle to have the central government change course over plans to continue to impose new fees on the city's businesses.
Given that his exit will leave a vacancy in the leadership of the authority, some may view this as hollowing the authority at a time when it is needed most.
In a statement released announcing his resignation, Sarah St. George, vice chairman of The Grand Bahama Port Authority, thanked Fair for "18 months of dedication and hard work", adding that the organization "wishes him well in his future endeavours".
"During his tenure as chairman of the companies, Mr. Fair brought with him a vast pool of knowledge and experience which has set the path for the companies to a brighter future. I am now confident that both The Grand Bahama Port Authority and Port Group Limited are now ready to take full advantage of the signs of recovery."
Sir Jack Hayward, Honorary chairman of The Grand Bahama Port Authority, added: "Mr. Fair has done a tremendous job in both companies and he leaves us in a stronger position than he found us. Thanks to his corporate governance and business expertise he now departs a group better prepared to take on the challenges that lie ahead. We thank him for his commitment."
As for the future of the GBPA now that Fair has departed, Guardian Business understands from Freeport sources that there is significant interest from outside parties in potentially purchasing some part, or all, of the GBPA.
Some observers have suggested that a deep-pocketed buyer who would obtain majority ownership of the organization and come in with a new vision for the city is what is needed to move the city's economy forward.

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