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AXE FALLS HEAVILY ON TOP MANAGEMENT AT CABLE & WIRELESS JAMAICA

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Insider reports are that at his first meeting with senior managers at Cable and Wireless Jamaica, newly appointed CEO Phillip Green, announced: “Some of you will not be here in a few days and some, a few weeks; nothing is sacred, everything and everyone will be looked at”.

The room reportedly went quiet, not a whisper to be heard, as minds quickly raced to assess alternative employment opportunities and the state of saving accounts: “Will I be able to drive away, after I turn in my company car? Will I be able to maintain my monthly payments? I need to get my own cell phone and number, how will I manage? Will I be able to secure an equally well paying job in Jamaica?”

And, so said so done. Over the last four weeks the axe has come down hard on numerous executives and senior managers at the company. Most of those who faced the chop were appointments made by Rodney Davis, it would appear. Others were axed in what was described as, a paring down of the structure to make the organisation slimmer at the top. The Marketing Department was again hit hard and according to one insider, “wiped out”.

The announcement has however left a cloud of uncertainty over the company. Many managers and line staff do not know what their fate is to be, whether they will be shown the door, and if so, when. So, rather than live and work in such an environment, some have opted to leave on their own timetable.

Green, according to our source on the inside, also announced to the now shocked, stunned and worried managers assembled before him: “You will not be seeing me parading around in front of TV and press cameras; I will not be calling the media to cover my every move and pronouncement. I will be quietly going about my business without the media glare and attention.” This was an obvious dig at the paparazzi-like approach and treatment of Rodney Davis, while he was Chief.

More money needed
Phil Green is also reported to have commented that he will need a lot of money if the Jamaican market is to be salvaged, and will be going to the Board in this regard.

And so he might, as according to industry insiders, Carlos Slims who recently acquired MiPhone, and is already spending money in Jamaica, is reported to have said that he only accepts the number one position in his markets.

C&WJ Musical Chairs

Rodney Davis was the fourth CEO to leave C&WJ since 2003. His sudden departure is an ongoing spate of executive fallout going back to Errald Miller, the longest serving CEO in the last fifteen years. Over the past seven years C&WJ has had four CEO’s, three prior to Davis – Errald Miller, Gary Barrow and Jacqueline Holden – and now Green, the fifth. Jacqueline Holden stayed in the job for only 10 months, succeeding Gary Barrow, who left in 2003. Davis took over from Holden.

And in the last three years, C&WJ has lost over 25 senior managers, some either being shown the door or deciding to quit while they were ahead. These include chief financial officer Mark Thompson (now at Michael Lee Chin’s Advantage Insurance) and his deputy, who was reportedly laid off last year. Insiders say they were part of a team of close friends installed by Davis when he took over as CEO.

A number of interesting appointments and senior executive changes occurred just before Davis’ departure, which may suggest that attempts were being made to secure the top tier leadership in preparation for the new CEO. Senior Vice President for Sales Mariano Doble, believed to be a Puerto Rican, was employed some three 3 months ago, during Davis’ reign. Chief Operating Officer Jim Pitchford, a British national, took over from Shawn Bryan, and a new Chief Financial Officer is expected to replace Mark Thompson.

Senior Vice President for Mobile Service Mark Bruniel, another British national, came in two months ago, again just before Rodney Davis left.

Patrick Gillings returns
“He’s back? No, you’re joking, right? I never would have guessed!” was the shocked and surprised remark expressed by a number of marketing professionals when told of Patrick Gillings’ return to Cable and Wireless. Gillings left the Company some months ago under controversial circumstances, to set up business in partnership with Robert McCook. He has now returned, once again at the helm of Marketing. He will be joined by a senior VP of marketing, who is to be appointed. Word is that he will also be a import.

Gillings first joined C&WJ in 2004 as Senior Vice President, Marketing and Communications under then President Gary Barrow, and left the company when Rodney Davis took over as President and CEO. He had joined C&W from his position as Marketing Director for Pepsi America’s Caribbean, where he had responsibility for marketing and business development, in a very competitive arena. Prior to that, Gillings served stints with both Wray and Nephew, firstly as Brand Manager and subsequently as Marketing Manager; and at Desnoes and Geddes (D&G) as Regional Sales Manager and Category Manager for Wines and Spirits.

None of the Vice Presidents of Marketing have so far been able to keep their jobs for more than one or two years. One of Rodney’s hand picked associates, head of Marketing Stephane Lecuyer, has gone, as has his sister Towa Beer who worked alongside him in Marketing, with responsibility for events. Lecuyer took over the top marketing position late last year when the highly controversial Grant Mercer stepped down under very cloudy circumstances. Kevin Barton and Charmaine Harrison have also left in the last two weeks.

Other senior management casualties in the recent past who have either resigned or been asked to resign include Sandra Bodden, Collin Smith, Jacqueline Knight-Campbell, David Burton, Lloyd Pusey, Tamara Warden and Rowan Wade.

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John Mahfood “I Listed on the JSE to Raise Capital for My Business”

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JSE Online Trading Platform

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Grace Stockholders To Vote On 3-for-1 Stock Split Today

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Shareholders of GraceKennedy Limited will this morning meet to consider and, if thought fit, approve a recommendation for a three-for-one stock split.

If approved, shareholders will receive three stocks for each one that is currently held.

According to group CEO Don Wehby, the stock units with a market price of J$115.00 per stock unit prior to the split will now increase threefold with an initial price of J$38.33 per stock unit

He says the stock split would allow GK’s stock to be made available to more investors while further enhancing the market for the shares.

Ahead of this morning’s Extraordinary General Meeting, GK last week issued 59,360 additional GK shares.

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UK Loses S&P Triple A Rating

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The UK has lost its top AAA credit rating from ratings agency S&P following the country’s vote to leave the EU.

S&P says the referendum result could lead to “a deterioration of the UK’s economic performance, including its large financial services sector”.

Earlier the pound plunged to a 31-year low against the dollar, and UK markets closed lower for a second day. On Friday,

Moody’s cut the UK’s credit rating outlook to negative.

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Caribbean Hotels Named In Jetsetters’ 2016 Best Of The Best

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Three Caribbean hotels have been named in US-based travel and lifestyle magazine Jetsetter’s 2016 Best of the Best awards.

The list which was published recently, highlighted the world’s 20 best hotels in categories ranging from Best Over-The-Top Luxury to Best Safari Lodge.

Included in the list were Antigua and Barbuda’s Barbuda Belle Luxury Beach Hotel, Anguilla’s Zemi Beach House Resort & Spa, and St Lucia’s BodyHoliday.

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