His appointment follows the resignation of former co-chairman and CEO Julian Francis.
The announcement was made by the principals of the Grand Bahama Port Authority (GBPA), Sir Jack Hayward and Lady Henrietta St George in a press release issued on Saturday.
According to the release, Mr Babak, 45, brings with him a wealth of knowledge in international business and has a masters degree in economics and business studies from Vienna University in Austria.
He has an extensive background in business development and management, and is passionate about ensuring Freeport’s continued growth and development, it said.
Since his arrival in Grand Bahama in 1974, Mr Babak has made a number of significant investments, including Freeport Concrete, the Home Center and First Commercial Center.
“As Hannes has recognised from his personal experience, Freeport is such a wonderful place to invest, work and live,” stated Sir Jack Hayward. “We believe that he will leave no stone unturned to ensure that, with our competitive advantages, Freeport’s full potential is realised.”
Mr Babak reportedly aims to embark on an aggressive campaign to revitalise the economy, with business prospects that will have a positive impact on Freeport and the island of Grand Bahama.
Former co-chairman and CEO Julian Francis held the position for less than a year. He took up the post after resigning asgovernor of the Central Bank of the Bahamas.
Earlier this year, reports surfaced about growing tensions between Mr Francis and the Port Authority’s two main shareholders – the family of the late Edward St George and the Haywards – over Freeport’s future direction and the strategy to be employed in achieving the GBPA’s aims.
By DENISE MAYCOCK Tribune Freeport Reporter
