GraceKennedy Limited (GK) has announced key leadership changes set to take effect in 2025 as part of the Company’s succession plan.

Effective February 14, 2025, Andrea Coy will assume the role of CEO of GraceKennedy Foods, a move which will see the integration of the domestic and international segments of GK’s food division under a single leadership structure.

Since joining GraceKennedy in 2005 as Hi-Lo’s Financial Controller, Coy has held several key leadership roles within GK, including General Manager of Hi-Lo Food Stores and World Brands Services, CEO of Hardware & Lumber, Senior General Manager of the GK Foods Global Category Management Unit, and CEO of GK Foods Domestic. She has led GK’s international food operations since 2018 and is a member of the GK Executive Committee. Under her leadership, both GK’s domestic and international food businesses recorded significant growth in revenues and profitability. Coy holds degrees in Accounting from the University of the West Indies and is a member of the Institute of Chartered Accountants of Jamaica. She specializes in Turnaround Management and has completed advanced studies in the field at Harvard Business School. She serves on the Board of the Bank of Jamaica.

Later this year, following a distinguished 25-year career at GK, Grace Burnett will retire as CEO of the GraceKennedy Financial Group (GKFG), effective August 14, 2025. Upon her retirement, Steven Whittingham, the current Deputy CEO of GKFG, will step into the role of CEO, ensuring a seamless transition in leadership.

Grace Burnett

Burnett joined GK in 2000 and has held several key leadership roles within the Group. She previously served as Managing Director of GK General Insurance and Allied Insurance Brokers, where she led strategic operations for GK’s insurance business. From 2014 to 2019, she was the CEO of GK’s Insurance Segment, driving growth and innovation in the sector. An attorney-at-law, she has been the CEO of GKFG since 2016 and holds the position of the President & CEO of GraceKennedy Money Services. She is also a member of the GK Executive Committee. Well-known for her expertise in customer service, operations, and talent development, Burnett has earned accolades both within GK and externally. Her outstanding contributions to the insurance industry and exemplary leadership were formally recognised in 2024 when she received the prestigious Insurance Association of Jamaica Leadership Excellence Award.

Steven Whittingham

Whittingham joined GK in 2013 and has been Deputy CEO of GKFG since 2022, overseeing the Group’s Insurance Segment, merchant banking, and investment portfolios. He is a member of the GK Executive Committee and leads GK’s digital transformation. He has held various leadership roles within GK, including Chief Investment Officer of GraceKennedy Limited, Chief Operating Officer of GKFG, President of First Global Financial Services and Managing Director of GK Capital Management. During his tenure he has been instrumental in driving GK’s expansion through strategic mergers, acquisitions, and greenfield startups, consistently delivering impressive growth across portfolios. Whittingham holds dual degrees in Systems Engineering and Economics from the University of Pennsylvania and an MBA from Harvard Business School. In 2024 he was appointed Chairman of the Jamaica Stock Exchange, and he has served on several public and private sector boards.

These announcements come as GK prepares for another major leadership transition later this week. Last month, the Company confirmed that Group CEO, the Honourable Don Wehby, CD, OJ, will retire on February 14, 2025, stepping down from the Board of Directors after a distinguished tenure.

He will be succeeded by Frank James, current CEO of GK Foods Domestic and former Group CFO. GraceKennedy remains steadfast in its commitment to executing its strategy and ensuring excellence across all its operations.

These leadership changes align with the Company’s commitment to fostering a performance-driven culture while promoting innovation and consumer centricity. As the GK team strives to achieve its vision of becoming the number one Caribbean brand in the world, these appointments will provide continuity and strategically position GraceKennedy for sustained growth and innovation in the years ahead.

The corporate landscape in the Caribbean is experiencing a transformative shift as more women assume leadership roles, enhancing company performance and fostering diverse, inclusive work cultures. This trend is not only contributing to breaking the corporate glass ceiling but is also producing measurable business success. Studies reveal that female-led companies tend to outperform their male-led counterparts, benefiting from unique perspectives and leadership approaches that drive innovation and resilience.

One such example is Audrey Tugwell Henry, President and CEO of Scotia Group Jamaica Limited, who has championed initiatives supporting women-led businesses through programs like the Scotiabank Women Initiative in Jamaica. This initiative aids women entrepreneurs and business owners with access to financial resources, networking, and mentorship, crucial for enabling their businesses to thrive. Under Henry’s leadership, Scotiabank has established the Caribbean Inclusion Council, focusing on fostering diversity and supporting the advancement of female professionals across the region. Henry’s involvement in the Scotiabank Caribbean Network’s Mentorship Program also highlights her commitment to nurturing future leaders, reinforcing a culture where female professionals are equipped to break through barriers in corporate leadership.

Melanie Subratie, Chairman and CEO of Stanley Motta Limited, has also made strides by assembling the Caribbean’s first all-female board of directors, a move that exemplifies female empowerment in the region. This leadership model helps to combat stereotypes and serve as a beacon for other companies.

A recent S&P Global study corroborates the advantages of female leadership, finding that companies led by women experience greater stock price appreciation and improved profitability. This impact is not isolated to the Caribbean; internationally, firms with gender-diverse boards and executives often see benefits like better financial returns and more robust decision-making, attributed to the inclusive perspectives women bring.

The broader Caribbean is seeing more female executives shaping policies that foster inclusivity and drive long-term business success. For example, across the Caribbean, there has been an increase in programs and policies that promote gender equality on boards, a trend aligned with research by the World Economic Forum indicating that companies with a greater share of female leaders tend to outperform their peers in productivity and innovation. As these leaders pave the way for upcoming generations, they provide valuable mentorship, reinforcing a sustainable talent pipeline that will likely benefit the Caribbean’s economic and social development.

With the region’s growing emphasis on female representation, Caribbean businesses are well-positioned to leverage the diverse insights women leaders bring. This shift holds promise for not only driving business growth but also creating a legacy of equality and opportunity in the region’s corporate framework.

Businessuite Highlights A Few Of These Female Business Leaders Driving Business Success And Breaking Barriers

Melanie Subratie: Visionary Leadership at Stanley Motta Limited

As the Chairman and CEO of Stanley Motta Limited, Melanie Subratie has driven a unique transformation in commercial real estate, spearheading growth that emphasizes technological advancement and sustainable infrastructure. Melanie’s leadership portfolio spans various sectors, holding high-level roles across numerous companies, including Musson (Jamaica) Limited, Seprod Limited, and PBS Group. Her guidance has established Stanley Motta as a key player in business process outsourcing (BPO) with 58 HWT, one of the Caribbean’s largest technology parks.

Stanley Motta’s recent performance reflects her strategic vision: the company reported a 95.8% increase in Net Operating Income, reaching J$1.86 billion, and total comprehensive income rose by 111.2% to J$1.77 billion. Shareholder equity grew 26% to J$7.66 billion, and the market capitalization stood strong at J$4.08 billion at the end of 2023. This robust financial position signals the company’s ongoing success and its potential for further expansion under Subratie’s direction. Moreover, with an all-female board that includes experts like Blondell Walker and Sandra Glasgow, Stanley Motta is a trailblazer in championing gender diversity in corporate leadership.

Anya Schnoor and Audrey Tugwell Henry: Strengthening Scotia Group Jamaica Limited

Anya Schnoor, Chair of the Board of Directors, and Audrey Tugwell Henry, President and CEO, are redefining leadership at Scotia Group Jamaica Limited (SGJL). With over three decades in the financial sector, Schnoor’s strategic vision has been essential in aligning SGJL with global standards, positioning it as a premier financial institution in the Caribbean. Tugwell Henry, with a strong focus on empowering women, spearheaded the Scotiabank Women Initiative, providing crucial support for women-led businesses.

Under their leadership, SGJL’s financial results for the year ending October 31, 2023, are impressive. Net income rose by 67% to J$17.2 billion, a testament to their operational efficiency and risk management. SGJL continues to invest in digital innovations, with initiatives such as the improved Online Banking platform and Q-Flow automated queuing system, enhancing customer experience. With a productivity ratio of 49.81% and a Return on Equity of 15.15%, SGJL’s commitment to shareholder value and operational excellence is evident. The recent launch of Scotia Protect, a digital-first insurance subsidiary, marks a new chapter for SGJL, aligning with the bank’s strategy to diversify services and deepen its market reach.

Daniela Bucaro and Ginelle Lambie: Navigating Growth at Unilever Caribbean

Daniela Bucaro

At Unilever Caribbean, Daniela Bucaro, Chair, and Ginelle Lambie, Managing Director (Ag.), are leading an ambitious shift towards profitable growth amidst challenging market conditions. Bucaro, a marketing expert, and Lambie, a seasoned finance professional, bring a balanced leadership approach that addresses both consumer insights and financial resilience. Under their stewardship, Unilever Caribbean has focused on expanding its Beauty and Personal Care line, which now accounts for 52.6% of total revenue—a significant increase from 39.8% in the previous year.

Ginelle Lambie:

Despite a 20.1% decline in revenue due to economic pressures, Unilever Caribbean achieved a 393.5% increase in Profit Before Tax, reaching $26.5 million. Cost optimization measures improved operating margins to 12.4%, underscoring the team’s commitment to sustainable, profitable growth. Unilever Caribbean’s dedication to delivering shareholder value is evident, with total dividends reaching $0.56 per share, supported by a robust cash reserve and favorable retained earnings.

Transforming the JSE into a Global Benchmark
Dr. Marlene J. Street Forrest, CD, JP, has been a transformative figure at the Jamaica Stock Exchange (JSE), serving as its Managing Director for nearly 20 years. She is credited with steering the Exchange into a modern era characterized by transparency, technological innovation, and diversified offerings. Under her leadership, the JSE has seen major milestones, including the demutualization of the organization and the establishment of the Junior Market and the US Dollar Denominated Market. These initiatives have significantly increased capital accessibility for businesses and bolstered the Exchange’s regional and global profile​

A Career Defined by Leadership and Vision
Dr. Street Forrest’s journey in financial services and leadership spans multiple sectors, both in Jamaica and internationally. She earned her Bachelor of Science in Management Studies from the University of the West Indies and an MBA from Barry University in Florida. Her academic grounding paved the way for a career marked by strategic vision and operational excellence. Recognized as a Certified Business Consultant, she has brought expertise in enterprise risk management, cybersecurity, and governance to her work at the JSE​

Celebrated Achievements and Global Recognition
Her contributions have garnered numerous accolades, including the Order of Distinction (Commander Rank) in 2016 and the Afroglobal Excellence Award for Global Impact the same year. She has also been recognized as a Business Leader of the Decade and honored with an honorary Doctorate in Public Policy by the University of the Commonwealth Caribbean in 2021. Her authored works, such as On Leadership: Discipline, Discretion, and Daring, offer insights into her philosophy and strategies for effective leadership​.

Facing Challenges in a Male-Dominated Industry
As a female leader in a male-dominated industry, Dr. Street Forrest overcame significant challenges through a combination of resilience, strategic networking, and an unwavering commitment to excellence. Her success reflects her ability to lead with integrity while navigating the complexities of the financial sector.

Looking Ahead: The Next Chapter for the JSE
With Dr. Street Forrest set to retire, her successor will need to embody characteristics of innovation, foresight, and adaptability to sustain and surpass her achievements. The incoming leader will face the challenge of continuing digital transformation, expanding market reach, and maintaining the JSE’s reputation as a global benchmark in financial services.

The legacy of Dr. Marlene J. Street Forrest will undoubtedly serve as a guiding beacon for the next era of leadership at the Jamaica Stock Exchange.

Trailblazing Leadership
Hon. Fayval Williams recently made history as Jamaica’s first female Minister of Finance and Public Service, appointed on November 1, 2024, following Dr. Nigel Clarke’s transition to his new role as Deputy Managing Director at the International Monetary Fund. This appointment marks a pivotal moment in Jamaica’s governmental landscape, reflecting a strong commitment to gender representation at the highest levels of public service leadership. Prime Minister Andrew Holness highlighted this move as part of a broader strategy to shift towards aggressive economic growth policies​

A Career Marked by Excellence
Before her groundbreaking role as Finance Minister, Williams served as Jamaica’s Minister of Education, Youth, and Information, where she tackled critical reforms in education policy and skills development. She has also held positions in the private sector, including as a Senior Vice President at Cable & Wireless Jamaica and as Chief Financial Officer at Air Jamaica. Her extensive financial expertise, underscored by a strong academic background—including an MBA from The Wharton School and a bachelor’s degree in Economics from Harvard University—has prepared her for the intricacies of managing public finances​

Vision for Jamaica’s Future
As Finance Minister, Williams is expected to focus on accelerating Jamaica’s economic growth while maintaining fiscal discipline, a hallmark of her predecessor’s tenure. She inherits a robust financial portfolio, but her challenge lies in building on Jamaica’s economic stability to drive transformative development initiatives. With a senior advisor in financial strategy, Alok Jain, supporting her, Williams is positioned to engage with private sector stakeholders to create impactful partnerships​

Looking Ahead
Williams’s leadership underscores her ability to break barriers, adapt to complex challenges, and inspire through innovation. As she embarks on this historic journey, her tenure promises to reshape Jamaica’s fiscal policies and growth trajectory, setting a new benchmark for inclusive leadership in the region.

Business leaders in Jamaica are expressing confidence in the ability of newly appointed Minister of Finance and the Public Service, Hon. Fayval Williams, to manage Jamaica’s macroeconomic affairs.

Stakeholders from the Private Sector Organisation of Jamaica (PSOJ), Jamaica Manufacturers and Exporters Association (JMEA), and the Micro, Small and Medium-Sized Enterprise (MSME) Alliance concur that Minister Williams has the requisite qualifications and experience to build on the sound economic management platform laid by her predecessor, Dr. the Hon. Nigel Clarke.

PSOJ President, Metry Seaga, pointed out that, “whilst she has big shoes to fill, Minister Williams has the credentials and the experience to do a fine job”.

“We encourage her to maintain the policies that have brought us to a solid fiscal place internationally. We also encourage her to look forward to developing growth in the economy,” he added.

Mr. Seaga maintained that growth must be paramount in the new Minister’s plan, pointing out that, “we have done the hard work as a country; it is time now for the people to reap those benefits”.

JCC Chief Executive Officer, Larry Watson, is also of the view that, “Minister Williams is well qualified for the post”, adding that “we have full confidence that she will do well.

“She follows on the heels of Jamaica’s most successful Minister of Finance and the Public Service, so she has big shoes to fill. Her success will, in part, be measured on the extent to which Jamaica can achieve substantial and sustained economic growth. We wish her all the best in her new role,” Mr. Watson stated.

Meanwhile, the MSME Alliance pointed out that a majority of its members, “view the appointment in a favourable light”.

The Alliance further stated that 83.3 per cent of its membership believes that there was no better option for appointment by Prime Minister, Dr. the Most Hon. Andrew Holness, than Mrs. Williams.

Meanwhile, the JMEA, in a release, also expressed confidence, “in Minister Williams’ leadership and commitment to advancing Jamaica’s economic landscape”.

The Association added that it, “looks forward to working together to foster a more competitive and resilient business environment”.

“The JMEA looks forward to continued engagement with the Ministry and the private sector, in pursuit of Jamaica’s macroeconomic stability. We believe strongly in the need to address red tape and bureaucracy that hinder private-sector growth and development,” the organisation further stated.

The entity indicated that it would continue to lobby for the promulgation of laws that will simplify the process for doing business in Jamaica.

“We urge the timely implementation of regulations under the Pioneer Industry Act and the Large-scale Industry Act, part of the OMNIBUS Incentive Act that has been pending since 2014, to create an environment that encourages investment and growth,” the JMEA release outlined.

Mrs. Williams was appointed Minister of Finance and the Public Service on Wednesday (October 30) by Prime Minister Holness, who made the announcement during a post-Cabinet press briefing at Jamaica House.

A Chartered Financial Analyst (CFA), Mrs. Williams holds a Master’s in Business Administration (MBA) with concentration in Finance from the Wharton Business School and a Bachelor of Arts (cum laude) in Economics from Harvard University in the United States.

Mrs. Williams, who is Member of Parliament for St. Andrew Eastern, is the first female to be appointed Portfolio Minister in the Finance Ministry.

By: Andrew Laidley JIS