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Corporate Movements

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JPS President & CEO, Emanuel DaRosa, has announced the appointment of Vernon Douglas to the position of Chief Financial Officer (CFO), effective April 30, 2018. Vernon Douglas is a Chartered Accountant (FCCA) by profession, with over fifteen (15) years’ experience in financial leadership, business development, process and systems improvement, in countries across the Caribbean, Central America and Europe. He was most recently with the Digicel Group as CFO of Mergers and Acquisitions (Caribbean and Central America).

Berger Paints Jamaica Limited (BRG) has advised that at their annual meeting of the Company, held on May 10, 2018, resolutions were passed:
Elect the following directors:
Mr. Ray A. Samairsingh
Mr. Aneal Maharaj
Mr. Andy Mahadeo
Mr. Adam Sabga
Chairman:
Mr. Ray A. Samairsingh, retired as Chairman
Mr. Adam Sabga, appointed Chairman
Reappointments:
Mr. Warren McDonald, the Hon. Michael Fennel and Mr. Milton Samuda submitted their resignations but were reappointed as directors under Article 102 of Schedule A of the Articles of Incorporation of the Company.

Cable Bahamas Limited (CAB) has advised of the retirement of their Chief Executive Officer (CEO), Mr. Anthony Butler, effective June 30, 2018, and that Mr. Frankly Butler II has been appointed as the new CEO, effective July 1, 2018.

Caribbean Producers Jamaica Limited (CPJ) has advised that Mr. Wayne “Troy” Soltau, Director of Supply Chain resigned , effective May 15, 2018. Mr. Hugh Logan, Director of Institutional Sales has been appointed to the position with immediate effect, CPJ advised.

Sagicor Bank Jamaica Limited has advised that Mr. Sean Parris, Vice President Operations will be separated from the Bank effective May 18, 2018. SBJ further advised that Mr. Parris’ departure is as a result of a redundancy exercise being undertaken by the Bank as part of the Bank’s program to improve efficiency. Miss Annette Osborne, Assistant Vice President Operations will assume full responsibility for the Bank’s Operations Team.

Scotia Group Jamaica Limited (SGJ) has advised that the following Directors have been appointed to the Board of Directors of Scotia Group Jamaica Limited and The Bank of Nova Scotia Jamaica Limited effective May 4, 2018:
• Mrs. Angela Fowler
• Mr. William D. McConnell
• Ms. Leslie Reid
• Ms. Audrey Richards

Supreme Ventures Limited (SVL)has advised of the retirement of Mr. Wayne Boodasingh, Vice President, Facilities & Maintenance effective May 4, 2018. SVL has also advised of the appointment of Mr. Perry Crawford as Vice President, Customer Experience and Retail Business effective May 7, 2018. Mr. Crawford will have direct responsibility for the Field, Retail Centres and Customer Support & Applications Teams.

SVL further advised that at a Board of Directors’ meeting convened on Tuesday, May 2, 2018, the following resolution was unanimously passed:
“Be it resolved that as at May 2, 2018, the Supreme Ventures Limited Board Charter be amended to state that the Retirement Age for Directors will be increased to Seventy-Five (75) years from Seventy-Three (73) years.”

Supreme Ventures Limited (SVL) has advised of the appointment of Mr. Perry Crawford as Vice President, Customer Experience and Retail Business Development, effective May 7, 2018.
“Mr. Crawford has over 11 years of strong retail experience, including the beverage industry and holds a Bachelor’s of Science Degree (B.Sc.) in Management Studies and Accounting from the University of the West Indies. Mr. Crawford will have direct responsibility for the Field, Retail Centre and Customer Support & Applications Teams,” SVL further stated.

Supreme Ventures Limited (SVL) has advised of the resignation of Mr. Brandon Hayden, Chief Operating Officer, Supreme Ventures Racing & Entertainment Limited (SVREL), effective May 11, 2018. The Chairman of SVREL, Mr. Michael Bernard, will assume operational responsibilities for SVREL until further notice, SVL further advised.
“The Board of Directors and Senior Management wish to thank Mr. Hayden for his contribution to SVREL over the last year and a half, and extend best regards in his future endeavour,” stated SVL.

Dolphin Cove Limited (DCOVE) has advised that Mr. William McConnell resigned from the Board of Directors on February 27, 2018. DCOVE further advised that Messrs Richard Dower and John Bailey were appointed to the Board of Directors effective April 23, 2018.
DCOVE also advised that their Board now consists of:
Mr. Eduardo Albor Villanueva
Mr. John Bailey
Mr. Travis Burke
Mr. Stafford Burrowes
Mr. Lorenzo Camara
Mr. Richard Downer
Mr. Noel Levy
Mr. Alejandro Raygoza

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GCT Exemption Threshold for MSMEs Increased to JA$15 Million

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The Government of Jamaica has announced an increase in the General Consumption Tax (GCT) exemption threshold from $10 million to $15 million for micro, small and medium-sized enterprises (MSMEs).

Minister of Finance and the Public Service, Hon. Fayval Williams, in opening the 2025/26 Budget Debate in the House of Representatives on March 11, said the change is aimed at supporting the growth and development of small businesses.

Mrs. Williams said the latest figures from the Small Business Association of Jamaica (SBAJ) show that there are an estimated 422,000 registered small businesses in Jamaica, generating 80 per cent of the jobs in the Jamaican economy.

“This means 1,136,240 persons in our workforce are employed by MSMEs,” the Finance Minister noted.

In addition, the Minister said the Government has allocated $2 billion to support MSMEs.

“[The sum of] $2 billion is in the Budget for the Development Bank of Jamaica (DBJ) to allow them to continue to facilitate sustainable growth of start-ups and MSMEs, and to continue to support women-led initiatives, entrepreneurship training, including digital skills bootcamp,” she outlined.

The DBJ is a public body in the Ministry of Economic Growth and Job Creation that channels financing to MSMEs, as well as large projects, to facilitate economic growth and development.

“It will continue to pursue innovative means of mobilising funding and leveraging private-sector investment and expertise through its venture capital programme, as well as public-private partnerships and privatisation transactions,” Mrs. Williams said.

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JA$2 Billion in Support to Jamaican MSMES

“Small business owners have said to me that opening a bank account for their business is difficult. They feel there’s no difference between the requirements for them as MSMEs, as opposed to a very large institution,” she noted.

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The Development Bank of Jamaica (DBJ) has been allocated $2 billion in the 2025/26 Estimates of Expenditure to support funding to the micro, small and medium-sized enterprise (MSME) sector.

Minister of Finance and the Public Service, Hon. Fayval Williams, made the disclosure while delivering the opening presentation in the 2025/26 Budget Debate in the House of Representatives on Tuesday (March 11).

“It (the DBJ) will continue to pursue innovative means of mobilising funding and leveraging private-sector investment and expertise through its venture capital programme, as well as public-private partnerships and privatisation transactions,” she informed.

Mrs. Williams noted the Government’s commitment to the MSME sector, which includes an estimated 422,000 registered small businesses, generating 80 per cent of the jobs in the economy.

Approximately 1,136,240 persons are employed by MSMEs.

The Minister acknowledged that there are several issues facing the sector, including lack of equitable access to financing, high interest rates and cumbersome requirements for opening bank accounts.

“Small business owners have said to me that opening a bank account for their business is difficult. They feel there’s no difference between the requirements for them as MSMEs, as opposed to a very large institution,” she noted.

She pledged to work with Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, to reduce the requirements for the entities to open bank accounts.

The Finance Minister noted, further, that Government will be increasing the General Consumption Tax (GCT) exemption for small businesses from $10 million to $15 million.

By: Donique Weston JIS

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Jamaica Open For High-Value Agricultural Investments – Minister Green

“Now is the time for high-value agricultural investment, right here in Jamaica. Things that we produce in Jamaica are sought after all over the world. As such, we do believe there are significant opportunities now in agro processing,” Mr. Green said.

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Jamaica is being touted as a prime destination for high-value agricultural investments.

Minister of Agriculture, Fisheries and Mining, Hon. Floyd Green, highlighted that the country is at a pivotal stage in its transformation, pointing out that the Ministry’s key objectives are to drive investment, expand trade, and strengthen food security.

“To achieve this objective, the nation must collaborate with its international partners,” he told members of the Diplomatic Corps on Wednesday (March 12).

Minister Green said Jamaica, having seen a declining debt-to-GDP ratio and myriad other positive economic outcomes in recent years, is well positioned to take advantage of global opportunities.

He was speaking during a Ministerial Briefing at the Ministry of Foreign Affairs and Foreign Trade in downtown Kingston, which formed part of activities marking Diplomatic Week 2025.

Mr. Green said while Jamaica currently benefits from several trade arrangements with its regional partners, the Government wants to expand the global footprint in trade and investment.

“What we want to see from my Ministry’s perspective [is] how we can leverage these arrangements to do much more. As such, we want to work with you (the diplomatic corps) to drive trade expansion, to reduce market barriers and to facilitate direct connections with importers and distributors so that we can expand our exports,” the Minister outlined.

He added that there are significant investment opportunities and win-win proposals for Jamaica and its partners.

“Now is the time for high-value agricultural investment, right here in Jamaica. Things that we produce in Jamaica are sought after all over the world. As such, we do believe there are significant opportunities now in agro processing,” Mr. Green said.

The Minister emphasised that one area now ripe for investments is orchard crop farming.

“We do have land available for investment in orchard crops. In fact, we’ve developed our first ever mango orchard, or mango agro park, where we invite private-sector investors to come in and establish 50-acre blocks of mango farms. That is going well. In fact, we’ve already established about 200 acres. We want to establish another 300 acres in this financial year,” the Minister outlined.

Mr. Green also touted opportunities in livestock farming and the dairy industry, noting that Jamaica is looking to leverage partnerships in this area.

“We want to facilitate greater bilateral discussions between you and your home countries with Jamaica’s agricultural sector around investment… around connecting investors with local projects that can accelerate economic growth,” he told the diplomats.

Mr. Green pointed out that Jamaica’s collaboration with its international partners has been instrumental in advancing the nation’s economic agenda.

By: Donique Weston, JIS

Photo: Yhomo Hutchinson

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Powering the Future: How Tech and Policy Are Driving Explosive Growth in Energy Storage, Renewables, and EVs

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The energy storage, renewable energy, and electric vehicle (EV) industries are experiencing significant growth, driven by technological advancements and policy support.

Energy Storage Sector

The global energy storage market is projected to expand from USD 416.02 billion in 2025 to USD 841.19 billion by 2033, reflecting a compound annual growth rate (CAGR) of 9.2% (Straits Research, 2024). This growth is primarily attributed to the increasing integration of renewable energy sources and the need for grid stability. In the United States, battery energy storage capacity is expected to nearly double by 2024, reaching over 30 gigawatts (U.S. Energy Information Administration, 2023).Mission-Critical Energy Storage Battery Pack Sector.

Mission-Critical Energy Storage Battery Pack Sector

The demand for mission-critical energy storage solutions is intensifying, particularly in sectors requiring an uninterrupted power supply, such as data centres and healthcare facilities. The U.S. battery energy storage system market is anticipated to witness a CAGR of 30.5% from 2024 to 2030, reaching USD 4.4 billion by 2030 (Grand View Research, 2023). This surge is driven by the need for reliable backup power and the integration of renewable energy sources into critical infrastructure.

Renewable Energy Industry

The renewable energy sector is undergoing rapid expansion. In 2024, the United States added 48.2 gigawatts of solar, wind, and battery storage capacity, a 47% increase from the previous year (The Guardian, 2025). Declining costs and supportive policies like the Inflation Reduction Act 2022 propel this growth. Globally, China has made significant strides, adding clean energy generation in the first half of 2024, equivalent to the entire electricity output of the United Kingdom for the previous year (The Guardian, 2024).

Electric Vehicle Industry

The EV market is expanding swiftly. In 2023, electric cars accounted for approximately 18% of all vehicles sold globally, up from 14% in 2022 (International Energy Agency, 2024). Projections indicate that by 2024, 25% of all new passenger car registrations will be electric, surpassing 17 million units in sales worldwide (GreenMatch, 2024). This trend is supported by technological advancements, increased consumer acceptance, and policy incentives to reduce carbon emissions. These industries are experiencing robust growth, driven by technological innovation, policy support, and a global shift towards sustainable energy solutions.

Extracted from Alexander Melville Chief Executive Officer Tropical Battery Company Limited (TROPICAL) – Interim Financial Statements For The First Quarter Ended December 31, 2024

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Corporate Movements: Margaret Campbell Appointed CEO of GKMS Group; Lee-Anne Bruce Named COO

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GraceKennedy Limited (GK) is pleased to announce leadership changes at GraceKennedy Money Services (GKMS) as part of its ongoing succession plan and strategic talent development and deployment.

Effective April 1, 2025, Margaret Campbell will assume the role of Chief Executive Officer (CEO) of the GKMS Group. Campbell, who has worked with GKMS for over 25 years, has served as its Chief Operating Officer (COO) since 2020. She joined GKMS in 1996 and has held several leadership roles during her tenure including, Financial Controller, Chief Financial Officer (CFO), and Country Manager for GKMS Jamaica. A Fellow Certified Chartered Accountant, Campbell also holds an MBA in Finance from the University of Manchester and serves on several GK subsidiary boards. She is also the current President of the Jamaica Money Remitters Association.

Frank James, Group CEO of GraceKennedy, expressed confidence in Campbell’s leadership, stating, “Margaret has demonstrated strong leadership and an unwavering commitment to providing exceptional value and convenience to our customers across Jamaica and the wider Caribbean, in keeping with our vision of being the number one Caribbean brand in the world. I have no doubt she will continue to drive GKMS forward.”

Grace Burnett, CEO of GKFG, added, “Margaret’s industry expertise and strategic approach make her the ideal person to lead GKMS into the future. Her experience and passion for operational excellence will be instrumental as GKFG continues to grow and evolve.” The announcement of Campbell’s appointment comes as Burnett, who has led GKMS since 2019, prepares to retire from GraceKennedy later this year.

Lee-Anne Bruce

Additionally, GraceKennedy has named Lee-Anne Bruce as the new COO of the GKMS Group, also effective April 1, 2025. Bruce holds a bachelor’s degree from the Frank G. Zarb School of Business at Hofstra University and is a Certified Anti-Money Laundering Specialist. With over a decade in senior leadership roles at GK, she has served as Group Chief Compliance Officer, Chief Risk Officer, and most recently, Chief Audit Executive. She began her career at GK in 2003, when she played a key role in GKMS’ expansion into the Eastern Caribbean.

Margaret Campbell, incoming GKMS CEO, welcomed Bruce’s appointment, stating, “Lee-Anne is no stranger to GKMS and her extensive experience and understanding of our business will undoubtedly be invaluable in her new role.”

In light of the leadership changes at GKMS, Judith Chung, Group Chief Compliance Officer & Senior Legal Counsel, will act as Chief Audit Executive of GraceKennedy Limited, while Jason Bailey, Head of Risk, will temporarily assume responsibility for the Compliance portfolio.

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