The success of the Don Wehby at GraceKennedy shows how important is it for leaders, especially those who have been successful over the long haul – to judiciously and calculatedly select his or her successor to take over the mantle of leadership.

Don Wehby became Group Chief Executive Officer of GraceKennedy Limited on July 1, 2011. Prior to this appointment, Wehby was Group Chief Operating Officer, a position he took up when he rejoined the company on October 5, 2009.

The company Wehby manages in no ordinary company. GraceKennedy generates revenue from diverse operations in over 60 countries across the world. Its operations are structured as follows:

a) Grace Foods: This comprises production of various food items through manufacturing arms, the distribution of Grace owned brands internationally and domestically and the operation of retail outlets through their Hi-Lo Supermarket chain in Jamaica. The Group also manufactures and distributes third party brands internationally and domestically. Grace Foods operates in Jamaica, the Caribbean, Central America, North America, Europe and Africa, while sourcing products from these locations and Asia.

b) GraceKennedy Financial Group: This comprises general insurance, insurance brokerage, commercial banking, securities, remittance, cambio and payment services businesses. GraceKennedy Financial Group operates primarily within the English-speaking Caribbean.

c) Hardware and Lumber Limited: This is a publicly listed company on the Jamaica Stock Exchange engaged in the retail and wholesale of building materials, home improvement supplies, household items and agricultural products.

Mr. Wehby first joined GraceKennedy Ltd. in 1995 as Group Finance Manager. He was appointed Deputy Finance Director in 1997 and in that same year was appointed to the Board of Directors of GraceKennedy Ltd. The following year, he was appointed Group Chief Financial Officer and in 1999 undertook the additional role of Chief Operating Officer for the Financial Services Division. In addition, he was charged with the responsibility for leading the Group’s local and international expansion especially as this relates to banking, investments and insurance services. He has directed the listing of the company in Jamaica, Trinidad and Tobago, Barbados and the Eastern Caribbean Securities Exchange sited in St. Kitts. Under his leadership, GraceKennedy acquired 100% ownership of First Global Bank Ltd., now a wholly owned subsidiary of the Company. In December 2005, Mr. Wehby relinquished his role as Chief Operating Officer of the Financial Services Division to take on expanded responsibilities as Group Chief Financial Officer, which included heading a new Strategic Planning Unit. In 2006, following the reorganisation of GraceKennedy he was appointed Deputy Chief Executive Officer, GraceKennedy Ltd. and Chief Executive Officer, GK Investments.

In September 2007, Mr. Wehby resigned from his positions at GraceKennedy Ltd. and its Board of Directors to serve for two years as Government Senator and Minister without Portfolio in the Ministry of Finance and the Public Service. Following his two-year stint in public service, he was reappointed to the Board of Directors of GraceKennedy Ltd. on his return to GraceKennedy on October 5, 2009.

His current professional affiliations include Chairman of the Taskforce on Tourism Contribution and Linkages. He is also Vice-President of the Private Sector Organization of Jamaica (PSOJ). He previously served the PSOJ as a member of its Economic Policy Committee and Honorary Treasurer. He also served on the board of directors of his alma mater St. George’s College.

A Fellow Chartered Accountant, Mr. Wehby gained his early auditing experience at Touche-Ross Thorburn. He holds both a Bachelor of Science (Hons.) and a Master of Science degree in Accounting from The University of the West Indies and has completed an Advanced Management College certificate course at Stanford University.

Don Wehby echoed the sentiments of many of his counterparts on this list, making note of the challenges faced by his company as a result of external financial difficulties which reverberated across the world. However great leaders never use challenges as an excuse, but instead see them as one more hurdle to surmount.

Douglas Orane (left), chairman GraceKennedy Fay McIntosh (centre), former group chief financial officer and Don Wehby.

For the financial year ended December 31, 2011 the company reported net profit attributable to shareholders of $2.75 billion, an increase of 22.2% compared with the prior year. This was derived from revenue of $58.2 billion, which, compared with prior year, grew by 5.2%. Earnings per share increased by $1.50 to total $8.33. Supporting this revenue growth were assets of $100.2 billion, representing a growth of 2% for the year. Financing these assets were liabilities of $69.6 billion, which declined 1%; and capital of $30.6 billion, exhibiting growth of 10%. Capital comprises shareholders’ equity of $29.3 billion and non-controlling interest of $1.3 billion. Return on equity for 2011 was 9.8% compared to 8.9% for 2010.

The Group’s revenue growth was primarily driven by the Grace Foods division with growth of 11%. This represented the major contributor to growth in overall revenue. The Insurance and Financial Services segments saw a decline of 11% and 12% respectively. Expenses grew 4%, primarily due to staff costs, inventory costs and occupancy. The growth in staff costs was due to salary increases and higher than prior year incentive payments, which, given the performance based nature of the incentives scheme, were associated with the improved performance during the year. Non Operating (Expense)/Income comprised finance cost, finance income and share of profits in associated companies. The Group’s finance cost declined by 25% due to lower borrowings and favourable terms on existing loans. The Group’s share of profits from associates rose 48%. The Group saw improved operating margins overall and on all business lines. This was a result of better expense management and revenue growth in major markets.

In summing up 2011, Wehby said “Natural disasters and political unrest in many parts of the world created external shocks which reverberated across all markets. Through a combination of centering on customers’ needs, frugal management of expenses, and increased risk management processes, has produced creditable results for the year. We are pleased to report that all business segments showed improved performances over the prior year. This was achieved through effective leadership by your management team and the work of our committed employees.”

This year’s seventh place CEO is just as positive about the outlook for 2012 based on the confidence he has in his own management and that of his team. “We anticipate that, regardless of the challenges that may arise in 2012, your company has a competent team and the infrastructural base to successfully navigate them. We see these challenges as unique opportunities to grow to become the global consumer food group and regional financial network that we all envision.”   BM