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Businessuite 2017 Top JAMAICA CEO Main Market – Jeffrey McG. Hall Group Managing Director Jamaica Producers Group

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7 years ago

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Jeffrey McG. Hall, BA, MPP, JD was appointed Group Managing Director of Jamaica Producers Group in 2007 after joining the Board in 2004 and the Group in 2002. He serves on the Board’s Executive Committee. Mr. Hall is Chairman of Kingston Wharves Limited, Scotia Group Jamaica Limited, the Bank of Nova Scotia Jamaica Limited and Scotia Investments Jamaica Limited, and is a director of Blue Power Group Limited, the National Housing Trust and the Shipping Association of Jamaica Property Limited. He previously served as a director of the Bank of Jamaica and the Jamaica Stock Exchange. Mr. Hall received his Bachelor of Arts degree (with honours) in Economics from Washington University, his Masters degree in Public Policy from Harvard University and his Juris Doctorate (with honours) from Harvard Law School. He has practised law as a member of the New York Bar.

The Group and Strategy
The Group has been consistent in its strategy to deliver shareholder returns through:
i. Pursuing business prospects in all aspects of specialty food and drink, ranging from agricultural production to food processing, marketing, distribution and specialty retail.
ii. Participating in select opportunities to develop and provide world-class logistics services and infrastructure for the Caribbean.

Our strategy is predicated on the achievement of three key objectives. Firstly, all our businesses should be leaders in their market segment. Secondly, we should always be open to a wide range of strategic opportunities for growth and for the realisation of shareholder returns. Thirdly, our businesses must always operate in a practical context that emphasizes strong financial returns and integrity in our business dealings.

2016 represented a milestone year for the Group as we realised significant shareholder gains in both components of our strategy. These gains represent the outcome of a series of initiatives that were executed over multiple years at both strategic and operational levels in the business.

At the same time, the underlying businesses made further progress in a variety of commercial and operational initiatives that resulted in JP, at the end of the financial
year, having a better invested capital base, a stronger commercial outlook and a more robust organisational structure.

Our financial and operating reporting is aligned to our high level strategy, with our segmental reporting split into the major lines of business in which we are engaged, specifically (a) JP Food & Drink – an international diversified specialty foods business, and (b) JP Logistics & Infrastructure – a portfolio of international businesses centred around logistics and infrastructure for the Caribbean.

During 2016, JP generated total revenues of $12.1 billion, an increase of 39% relative to 2015. A substantial part of this revenue increase arose from the move to consolidate KW from the mid-year, with underlying like-for-like business revenues growing by 9%.

A significant majority of the Group’s revenues are denominated in currencies other than the Jamaican dollar, particularly the euro, the US dollar and the British pound sterling. When making adjustments for exchange differences arising on translation of subsidiaries’ financial statements the Group experienced a 6% underlying revenue growth in the predominantly hard-currencies in which our subsidiaries do business.

The experience of the Group has been marked by a relatively consistent long-term depreciation of the Jamaican dollar relative to major reserve currencies and, as such, the Group has adopted a long-held strategy of ensuring that a core part of our earnings is generated in those hard currencies, either through direct ownership of overseas subsidiaries or through increasing the exports of our Jamaican produced specialty foods and logistics services into hard currency markets. During 2016 overseas revenues from both these sources continued to grow.

2016 saw gross margins improve from 23% to 29%. Again, this was driven partly by the consolidation of KW, which operates in an industry with structurally higher gross margins than those normally seen in the food and drink industry. The margins of the Food & Drink division were affected by several restructuring and commercial start-up costs that constrained earnings in 2016.

The growth in revenues in our Food & Drink division was driven in part by an expansion of our marketing and distribution budgets both in Europe and the Caribbean. We continue to focus on redirecting expenditure from general administrative costs to more commercially driven marketing initiatives. As a result, our like-for-like businesses (i.e. excluding KW as a subsidiary) saw administrative costs remain flat year on year, whilst our marketing and distribution costs grew above inflation.

Operating profits grew largely from the inclusion of KW, however, this was offset in part by a reduction in earnings from associates. Following the change to recognise KW as a subsidiary and the sale of MBCF, earnings from associates will be lower going forward, with the Group’s 30% investment in Shipping Association of Jamaica Property Limited (“SAJPL”) being the primary contributor to associate earnings.

Extracted from Jamaica Producers Group Limited 2017 Annual Report
To view full report click HERE

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Businessuite News24

Who is Don Wehby, Group CEO of GraceKennedy?

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1 day ago

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November 16, 2024

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A Legacy of Leadership at GraceKennedy
Don Wehby has been a transformative leader at GraceKennedy, one of Jamaica’s largest and most diversified conglomerates. Since becoming Group CEO in 2011, he has driven the company’s growth through a clear strategic focus on international expansion and innovation. Under his stewardship, GraceKennedy has expanded significantly in the global food and financial services sectors, achieving a balance of organic growth and strategic acquisitions.

Wehby first joined GraceKennedy in 1995 as Group Finance Manager. His leadership has been pivotal in major milestones, including the acquisition of Catherine’s Peak, La Fe Foods in the U.S., and Consumer Brands Limited. Notably, his efforts helped grow revenues and solidify GraceKennedy’s footprint in key international markets such as North America and the United Kingdom​

Visionary Management and Style
Wehby is recognized for his focus on creating a dynamic management team and cultivating Caribbean talent. Drawing inspiration from leaders like Jack Welch, Wehby emphasizes mentorship and succession planning. He actively recruits and develops high-potential executives, fostering a leadership pipeline that positions the company for sustained success. He is also known for his decisive yet collaborative approach, empowering his team to take ownership of key initiatives​

Challenges and Triumphs
Navigating Jamaica’s challenging economic landscape, Wehby has championed GraceKennedy’s resilience. From navigating geopolitical complexities to modernizing operations, he has consistently delivered strong results. His strategic decisions to relocate GraceKennedy’s headquarters to downtown Kingston and focus on foreign markets reflect his bold vision for the company’s future​

Beyond Business
Wehby has made significant contributions outside the corporate world. As a senator and honorary consul for New Zealand, he has advocated for economic reform and strengthened Jamaica’s global ties. His passion for sports is evident in GraceKennedy’s sponsorship of events like the Boys’ and Girls’ Championships, reinforcing the company’s commitment to community development​

Looking Ahead
As GraceKennedy continues its ambitious growth trajectory, Don Wehby remains a cornerstone of its strategy to become a global powerhouse. His focus on leveraging international markets while fostering local talent ensures the company is well-positioned for future success. With his leadership legacy firmly established, the company looks forward to realizing its global ambitions while staying true to its Jamaican roots.

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Artificial Intelligence

Guardsman Metaverse Elevating Security with AI Solutions

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2 days ago

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November 16, 2024

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Guardsman Metaverse, in collaboration with Jamaican artificial intelligence company Crimsontide AI, is revolutionizing security across Jamaica with cutting-edge, customizable solutions. This partnership brings together Guardsman’s expertise in virtual security and Crimsontide’s advanced AI technology, delivering a suite of intelligent security offerings tailored to meet the unique needs of Jamaican businesses and institutions.

Through this strategic collaboration, Guardsman Metaverse is positioned at the forefront of the country’s security landscape, offering systems that leverage both immersive digital technology and sophisticated artificial intelligence.

The partnership underscores the importance of local innovation in addressing the security challenges faced by Jamaica today, providing clients with tailor-made solutions that ensure effective protection.

Guardsman Metaverse is committed to offering security solutions that go beyond traditional models, emphasizing customization and flexibility to meet the specific requirements of each client. From large commercial operations to smaller enterprises, the platform delivers a personalized approach that ensures maximum efficiency and peace of mind.

This flexibility is what sets Guardsman Metaverse apart—adapting to each environment’s unique security demands and offering a more responsive, intelligent way to safeguard people and assets.

With AI-driven features that allow for real-time monitoring and proactive threat detection, Guardsman Metaverse empowers businesses and institutions to stay ahead of potential security breaches. Each system can be fully customized to fit the environment it protects, delivering advanced functionality across a wide range of settings.

Advanced Features for Comprehensive Protection

  • Facial Recognition: Guardsman Metaverse enhances access control through secure, real-time identification of authorized personnel, ensuring that only those with clearance can enter critical areas.
  • License Plate Detection: For commercial properties, this feature allows for real-time monitoring of vehicle activity, helping to identify unauthorized or suspicious vehicles and notify security personnel immediately.
  • Personnel Counting and Crowd Management: Especially important for businesses, this feature tracks occupancy and manages crowd flow, helping to ensure safety, meet regulatory requirements, and optimize operational efficiency.
  • Firearm Detection: Using AI-powered analysis, Guardsman Metaverse detects the presence of firearms, providing instant alerts to security teams to ensure a rapid and effective response to any threat.
  • Customizable Behavioural AI: Tailored to each client’s specific needs, Guardsman Metaverse’s behavioural AI can be trained to detect and respond to specific actions or patterns that are unique to the environment it monitors.
  • Infrared Drone Surveillance: Equipped with infrared technology, Guardsman Metaverse drones provide round-the-clock aerial surveillance, ideal for large properties, high-security areas, and search-and-rescue missions, offering comprehensive monitoring that goes beyond traditional methods.

These advanced security features are fully customizable, ensuring that businesses receive a solution designed specifically for their needs. Whether it’s safeguarding large commercial complexes, healthcare facilities or educational institutions, Guardsman Metaverse offers tailored protection that provides complete peace of mind.

The partnership with Crimsontide AI, a rapidly emerging Jamaican company specializing in state-of-the-art patent-pending artificial intelligence software, ensures that Guardsman Metaverse’s solutions are not only technologically advanced but also locally relevant.

Crimsontide AI Limited is at the forefront of technological innovation, and its expertise allows the system to be fine-tuned to the specific security challenges that businesses in Jamaica face.

Through this collaboration, a diverse offering of services is available to various customers and industries, including theft detection at banks, supermarkets, and retail stores, intruder detection and breach prevention at hotels and resorts, as well as risk mitigation and compliance solutions.

Crimsontide’s AI technology also enables businesses to recognize trends in data, detect outliers, and summarize data sets, all aimed at informing better business decisions.

This partnership ensures that Jamaicans are at the forefront of solving their own security issues, with solutions designed by Jamaicans, for Jamaicans. At Crimsontide AI, the commitment to rebuilding a safer Jamaica is at the heart of every innovation, working toward a future where local technology empowers local security.

However, beyond responding to security threats as they happen, Guardsman Metaverse is designed to predict and prevent potential issues before they escalate. By leveraging AI to analyse behaviours and patterns, the system can foresee risks, giving clients the ability to take proactive steps. This predictive approach ensures that businesses and homeowners are always ahead of security challenges, helping to mitigate risks before they become serious threats.

With Guardsman Metaverse, clients are empowered to protect their environments not just reactively but pre-emptively. This next-level security capability, combined with fully customizable features, ensures a comprehensive approach that adapts to the ever-evolving nature of security threats in today’s society.

 

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Business Insights

Beyond Repeated Failure: Defining a Strategy Triad

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2 days ago

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November 16, 2024

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Studies consistently show that most strategic plans fall short.

The reasons are varied, but a common mistake stands out: teams often assume they understand “strategic” planning, only to end up misguided, compromising their organizations’ success. Often, what they call a “strategic plan” lacks real strategic thought.

How Missteps Occur

If you’ve ever reviewed a company’s strategic plan, you’ve likely seen a list of ambitious goals. They may be grouped in catchy ways, but as you read through, doubts surface. Why?

You sense the organization may lack the resources or focus to achieve all these objectives simultaneously. The longer the list, the more you suspect it may be abandoned when daily issues arise, with lofty goals slipping out of view.

Redefining “Strategic”

One way to prevent this common pitfall is to rethink how we use the term “strategic.” Today, the label “strategic” is often used casually to signal importance, so much so that it’s lost its impact, and audiences tune it out.

This isn’t just a communication issue. When teams invest time in a strategic retreat, they expect the final plan to be truly strategic, yet often that’s not the case.

Typical brainstorming sessions encourage a mix of ideas and positive intentions without much structure. The result is often an extensive report of hopeful outcomes, which can look similar to other plans within the industry—ultimately, another reason for failure.

Enter the Strategy Triad

Peter Compo’s book *The Emergent Strategy* introduces a helpful redefinition of “strategic” by proposing a triad approach:

1. Aspiration: A meaningful, challenging goal that requires effort and won’t happen automatically.

2. Bottleneck: The main obstacle preventing the organization from achieving its aspiration(s).

3. Guiding Principle: A decision-making rule to help navigate actions that address the bottleneck.

Consider a store aiming to increase profits. If the biggest bottleneck is low brand recognition, the guiding principle could be to improve brand awareness through multiple channels—online, in-store, and through partnerships.

Applying the Strategy Triad

At a recent strategic planning retreat, a leadership team was challenged to apply the triad. Initially, it was difficult; identifying bottlenecks from new perspectives required collaboration and creativity, especially without cross-functional data, which led them to rely on firsthand experiences. Yet, they successfully defined bottlenecks and guiding principles that empowered employees to align their daily choices with the strategic plan. This alignment is what leaders want but is often rare.

Why Alignment is Rare

Leadership teams often avoid the challenging, healthy conflict required to build a robust strategy triad. They may take the easier path, creating lists of goals rather than diving into critical strategic planning. Alternatively, when discussions become too heated, leaders may intervene prematurely, cutting off debate and limiting essential buy-in.

To achieve meaningful alignment, it’s important to work through differing viewpoints until agreement is reached. Though challenging, this process builds the intellectual and emotional commitment needed for successful execution. By persevering through difficult conversations, leaders can significantly improve their strategic plans’ success and longevity.

Found this topic interesting? You may want to delve into my long-form content in my JumpLeap Strategic Planning Newsletter/Podcast.

Francis Wade
JumpLeap NewsletterPodcast

Framework Consulting
http://blog.fwconsulting.com : http://fwconsulting.com

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Businessuite News24

Elevate Underperforming Boards: Prioritizing Board Self-Examination

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2 days ago

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November 16, 2024

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Imagine you’ve joined a board, only to discover it’s deeply mediocre. This is your third meeting, and it’s becoming clear that the issues you sensed in the first two weren’t incidental—they’re ongoing. How do you address this underperformance?

Luckily, you aren’t the only one who’s noticed. Some members recognize that long-standing issues have held the board back for years, and while they’ve tried initiating change, nothing has stuck. These are complex, systemic challenges that won’t be resolved by casual discussions, pep talks, or a thoughtful email. Swift, strategic action is needed. But how?

I recently encountered insights from consultant A. Cecile Watson that shed light on why boards need their own strategic approach. Her perspective inspires these key reasons for why your board must implement a self-care plan.

Why Boards Should Prioritize Self-Examination

Boards are often envisioned as serving the organization’s needs. If all members align with this vision, things should function smoothly. Small differences can be ironed out, much like in the “Form-Storm-Norm-Perform” teamwork model, which illustrates the stages groups move through to achieve high performance.

However, boards today face a high-pressure environment, dealing with complex VUCA (Volatile, Uncertain, Complex, and Ambiguous) issues from the outset. While they might receive briefings, individual and group development often gets overlooked in the rush to deliver.

This traditional expectation—that boards serve swiftly, even if under-informed—faces scrutiny in Watson’s latest article. She argues that boards must practice self-reflection and strategy if they’re to excel. Smart people on a board don’t guarantee a high group IQ or EQ; in fact, group performance can suffer if proactive measures aren’t in place.

What does your board need? A new level of self-care. Watson suggests that boards operate as a kind of strategic unit, managing their performance preemptively. Failing to do so only perpetuates mediocrity.

The Case for Board Self-Strategy

Typically, boards focus on “strategic planning” for their organization’s future. Watson’s approach takes this one step further: boards must also strategize for themselves. As a unit, they need the space to address their own evolution.

This doesn’t mean ignoring corporate planning. In fact, I’ve previously recommended that board members actively engage in their organization’s strategic retreats, where they contribute to shaping long-term goals.

Yet, once these retreats end, some boards must adapt as well. For instance, one board I worked with chose to refresh its membership, reducing both the average age and tenure of its members to bring new perspectives aligned with the strategic plan.

In another case, a board had grown complacent. Members showed up sporadically, often unprepared. This lack of accountability permeated the organization, undermining its standards and culture.

Unfortunately, board evaluations alone rarely spark transformation. Instead, Watson advocates for a written Board Strategy, a guiding document that steers the board’s actions.

Creating a Strategy for the Board

Watson advises boards to define a vision for themselves and set measurable milestones to ensure the plan stays on course. While this may sound overwhelming for already busy board members, it’s ultimately about cultivating the right mindset, not rigidly following a checklist.

Adopting these principles can help your board become resilient, better equipped to navigate future challenges, and able to avoid the slow slide into mediocrity that affects many corporate teams.

Enjoyed these ideas? Consider checking out the JumpLeap Newsletter and Podcast with my best longform content.

 

Francis Wade
JumpLeap NewsletterPodcast

Framework Consulting
http://blog.fwconsulting.com : http://fwconsulting.com

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Businessuite News24

Corporate Movements – November 2024

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1 week ago

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November 10, 2024

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Productive Business Solutions Limited (“PBS”) wishes to advise of the resignation of Mr. Andres Ibanes as Chief Financial Officer of the Company effective November 1, 2024. Mr. Jose Misrahi, current Director of PBS and Chief Financial Officer of Facey Group Limited, has been appointed interim Chief Financial Officer of PBS.

Elite Diagnostic Limited (“Elite”) today announced that Mr. Harvey Levers has resigned from his role as Chief Executive Officer, effective November 30, 2024. Mrs. Marjorie Miller, who has served as the General Manager, since October 1, 2014, will assume leadership of Elite until the company appoints a successor. Mrs. Miller will attend and benefit from the on- going collaboration with the Executive Committee of the Board of Directors.

Sagicor Group Jamaica Limited (Sagicor) announced today that Mark Thompson, CEO of Advantage General Insurance Company (AGIC) has resigned, effective October 31, 2024. Mr. Thompson has also stepped down from all Sagicor affiliated boards. In the interim, AGIC’s Deputy CEO Dave Morrison will assume the role of Acting CEO, managing day-to-day operations. Mr. Morrison, who is a chartered accountant with more than twenty years’ experience, rejoined the AGIC team in 2019 and was appointed Deputy CEO at AGIC in September 2023. He has spent more than ten years combined at AGIC.

Mr. Hiram Murillo has been appointed as a Director of the Board of Carreras Limited effective Wednesday, November 13, 2024.

Paramount Trading (Jamaica) Limited (“Paramount”) pleased to advise the Jamaica Stock Exchange (“JSE”) that Mr. Everton Younger has been appointed as Chief Operating Officer (“COO”) effective Janaury 9, 2024. Mr. Younger is an accomplished Supply Chain & Operations Management professional, with well over twenty (20) years of experience in the manufacturing industry. He has held various senior leadership positions at GraceKennedy, Diageo (Red Stripe), Rotoflex Jamaica Limited, Seprod & Liberty Latin America (FLOW) during which time he has overseen the successful implementation of many mission critical initiatives in these entities. He has a strong belief in the abilities and potential of the Jamaican people once they are adequately equipped with the requisite tools, inspired leadership and an empowering work environment. He also shares the view that “there is nothing wrong with Jamaica that cannot be fixed by what is right with Jamaica.” He holds a Bachelor of Science Degree (BSc.) in Pure & Applied Chemistry, a Post-Graduate Diploma in Management Studies, and a Master of Science (M.Sc.) in Food Science & Technology from the University of the West Indies. In addition to his technical qualifications, he has served as an Adjunct Lecturer in the Department of Chemistry at the University of the West Indies for the past ten (10) years.

Berger Paints Jamaica Limited (BRG) wishes to advise that at the Board Meeting held on 13th November 2024, the following appointments were made:

Christian Llanos was appointed to the position of Chairman of the Board. Mr. Llanos is the Sector Head for the Construction Sector of the ANSA McAL Group of Companies and has been a director of BRG since August 2023. Mr. Llanos is a seasoned professional with over three decades experience in management, finance and supply chain, having spent almost twenty years working for a large, multinational corporation before joining the ANSA McAL Group in 2018.

Nicholas Camacho was appointed to the Board as a Director and to the Audit Committee of the Board. Mr. Camacho is the Chief Financial Officer for the Construction Sector of the ANSA McAL Group of Companies. He brings a wealth of financial expertise to the Board. Prior to joining the ANSA McAL Group in 2021, Mr. Camacho built his technical capability in the financial arena at one of the world’s leading accounting firms where he served in senior and management roles for over a decade. Mr. Camacho has also been appointed to serve as member of the Audit Committee.

Nicholas Mac Lean was appointed to the Board as a Director. Mr. Mac Lean is the Managing Director of the Coatings business of the ANSA McAL Group of Companies and oversees the operations of Berger Paints Jamaica Limited, Berger Paints Barbados Limited, ANSA Coatings Limited in Trinidad and Tobago and ANSA Coatings Grenada Limited. He built his extensive experience working for multinational corporations, largely based in the United Kingdom, before joining the ANSA McAL Group in 2017.

Radio Jamaica Limited (RJR), the holding company for RJRGLEANER Communications Group, hereby announce that Mrs. Karla Stephens-Hall assumed duties as Chief Financial Officer of the Group, effective Friday, November 1, 2024.

The Board of Directors One on One Educational Services Ltd advise you of the resignation of Ms. Nicole Foga as Company Secretary of the Board, effective August 31, 2024. Additionally, we are pleased to announce that Mrs. Donnisha Brooks has been appointed as the new Company Secretary effective August 31, 2024.

TransJamaican Highway Limited announces the appointment of Directors John Bell and Steven Gooden to the Corporate Governance Committee, effective November 7, 2024.

Carreras Limited (CAR) wishes to advise of the resignation of Mr. Raoul Glynn from the Board of Carreras Limited effective Friday, November 1, 2024.

We wish to formally notify you of the resignation of Mr. Chadwick Bennett as Chief Financial Officer (CFO) of iCreate Limited, effective September 30, 2024. During his time with us, Mr. Bennett played a pivotal role in helping the business navigate through some of its toughest times. His dedication and expertise were invaluable, and we are beyond grateful for his support. We wish him all the best in his future endeavors. We are also pleased to announce the appointment of Mr. Andrew Wildish as the new CFO of iCreate Limited, soon to be Kintyre Holdings (JA) Limited, effective October 2, 2024. Mr. Wildish brings a wealth of experience in corporate finance, accounting, commercial banking, and investment management, having worked across the United States, Panama, and Jamaica.

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