How many CEOs can successfully, over time, manage a diverse portfolio of entities that include, investment, insurance, banking, property management – development and rental of commercial property, retail hardware, coffee production and foods. This is what makes this year’s number three ranked CEO, Stephen Facey so special.  Facey was ranked number 8 on the 2009 listing. Facey makes a stellar return to the list at number 3.

Mr. Stephen Facey is President and Chief Executive Officer of Pan-Jamaica Investment Trust Limited. Pan-Jamaican Investment Trust Limited (Pan Jam) is a multi-faceted holding corporation that owns and operates businesses across a range of industries. Pan Jam ranks among the largest publicly listed companies in the Caribbean. Through their subsidiaries and associated companies, they engage in property development and management, banking, manufacturing, retail, trade, financial services and investment.

A graduate of Rice University and University of Pennsylvania, Mr. Facey brings over 30 years experience to his current position. He is a Director of Sagicor Life Jamaica Limited, Hardware and Lumber Limited, Panacea Insurance Company Limited, New Kingston Civic Association and Kingston Restoration Company Limited. An Architect by training, he is also a Director of the Jamaica Developers Association and a member of the Jamaican Institute of Architects.

Pan Jamaican Investment Trust reported that for the year ended December 31, 2011, net profit attributable to equity holders was $1,759 million, compared to $1,244 million in the previous year, a 41% increase, while basic earnings per stock unit of $9.37 for 2011 compared to the 2010 level of $7.27.  Pan Jamaican Investment Trust’s balance sheet was also quite strong, with total assets amounting to $15.9 billion, up 5% on the $15.2 billion at December 31 2010.   Stockholders’ equity increased by 38% to $14.6 billion (2010: $10.6 billion), which equates to a book value per stock unit $68.68 as at December 31, 2011 (2010: $61.98).

For 2011, Pan Jam properties enjoyed overall occupancy levels averaging 98% for the year. Property income increased $121 million, 10%, to $1,370 million, which more than offset the 22% increase in property operating costs experienced. This was attributable to increases in energy costs as world oil prices continued to escalate, as well as inflationary increases in other expense categories. Facey believes that holding the majority of its investment securities in foreign currency continues to be the most effective medium and long-term value-maximizing strategy for its stockholders.

PanJam holds 24.81% shareholding in Sagicor Life Jamaica Limited (SLJ). SLJ once again performed above Pan Jam’s own expectations, growing profits for the tenth consecutive year, despite the challenging environment in which it operates. SLJ’s net profit attributable to shareholders amounted to $5.52 billion, an increase of 18% over the previous year, representing a 21% return on average Stockholders’ Equity, while basic earnings per stock unit were $1.47 up from $1.24 for the same period in 2010. These good results were driven, in the main, by strong insurance and annuities new business; improved conservation of business in-force; insurance benefit experience which has been generally favorable; controlled operating costs and some expenses not recurring at the same level as in 2010. In addition SLJ’s 85% ownership of Pan Caribbean Financial Services Limited (PCFS), generated after tax profits of $1.72 billion, an increase of 13% above the prior year, despite the lower interest rate environment. Shareholders’ equity as at December 31, 2011, was $28.29 billion, compared to $25.20 billion as at December 31, 2010 (12% increase). During the year, the SLJ Board of Directors declared interim dividend distributions of $2.44 billion to stockholders or dividends per stock unit of 65 cents.

Pan Jam’s share of profits from the operations of the new Walkerswood Group was $12 million in 2011. The group continues to build new and existing markets while attempting to satisfy customer demand.

In the 4th quarter of 2011, Facey and his company made a shrewd business move by partnering with Jamaica Producers Group in the acquisition of The Mavis Bank Coffee Factory Limited along with its Jablum brand. Ma
vis Bank is the country’s premier processor and seller of Jamaica Blue Mountain coffee. Of the move, the CEO says “we are confident that together we can be successful in building on the world class status of Jamaica Blue Mountain coffee.”

In his outlook, Facey made a pledge to his stakeholders and shareholders that if kept, and based on the type of wisdom that the #3 placed CEO has showed over the years, we are likely to see him back on this list next year, “We will continue to manage our risks prudently, and keep operating expenses in line with revenues. We continue to believe that, regardless of the challenges, opportunities will be prevalent both in Jamaica and overseas. We will be focused on taking advantage of these opportunities as appropriate when they present themselves.” BM