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Corporate Movements – August 2023

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Sagicor Group (SJ) wishes to advise that Mr. Paul Facey, tendered his resignation from the SGJ Board, effective August 28, 2023.

The Board of Agostini’s Limited wishes to advise that Mr. Anthony Agostini will retire as Managing Director on January 31, 2024, at the conclusion of the Company’s annual general meeting. Mr. Agostini has been on the Board of Agostini’s for the past 33 years and has been the Managing Director for the past 18 years. The Board is also pleased to announce that Mr. Barry Davis will be appointed CEO Designate effective September 1, 2023 and will replace Mr. Agostini on February 1, 2024. Mr. Davis is currently the Finance Director of Agostini’s, a post he has held for the past three and a half years, and which he will continue to hold until he assumes the CEO position. Prior to this, Mr. Davis was a non-executive director of Agostini’s for twelve years, while he was the Financial Controller at Atlantic LNG.

National Flour Mills Limited (NFM) wishes to advise of the following changes to its Board of Directors effective August 18th, 2023:
(i) The reappointment of Ms. Joanne Salazar as a Director; and (ii) The appointment of Mr. Varun Maharaj and Mr. Sanjiv Anant Sookoo as Directors

Prestige Holdings Limited wishes to advise on the following changes to the Executive Team.
Ryan Deans, currently Operations Manager, KFC, has been appointed Vice President, TGI Fridays designate with an effective date of December 1, 2023.
Kerri Hosein-Khan, currently Vice President, Starbucks and TGI Fridays will cease responsibility of overseeing TGI Fridays on November 30, 2023 after the transition period ending November 30, 2023.

Business executive Phillip Armstrong has been promoted to second in command of Pan Jamaica Group, which was formed earlier this year from a merger between Jamaica Producers Group and Pan Jam Investments. Armstrong has been appointed chief operating officer (COO), effective September 1, serving under Chief Executive Officer Jeffrey Hall. Prior to his appointment as COO, Armstrong served as the group’s chief strategy officer. He is a former deputy CEO and executive director of Sagicor Investments Limited. Armstrong has also held the positions of executive vice-president of strategy and innovation, and chief technology officer of Sagicor Group Jamaica. He is a member of the board of directors of a number of prominent corporate companies in Jamaica, such as Kingston Wharves Limited, Sagicor Group Jamaica, Sagicor Investments, Sagicor Bank Jamaica, Sagicor Investments, Sagicor Life Jamaica and British Caribbean Insurance Company. Armstrong holds a BSc in avionics technology and has completed the Harvard Business School’s Advance Management Programme and the Harvard Business Analytics Programme.

iCreate Limited (ICREATE) announces the resignation of Founder Tyrone Wilson as its President & CEO, and a Director. Mr. Wilson notified the company of his resignation and the Board of Directors met and accepted, effective immediately.
Concurrently, the following interim leadership appointments have been made:
Ivan Carter will serve as Interim Chairman of the Board of Directors.
Arlene Martin will serve as Interim President & CEO.
The Board of Directors expresses sincere gratitude to Wilson for his visionary leadership and dedicated service as President & CEO, and Director. Going forward, he will be an available resource to the company. iCreate remains committed to its customers, subsidiary companies, employees, strategic partners, and other obligations and responsibilities as a publicly-traded company

The Board of Directors of The Limners and Bards Limited is pleased to announce the appointment of Kareem Tomlinson as Director effective August 15, 2023

The Limners and Bards Limited is pleased to announce that Mrs. Wendy- Ann Smith Anderson has been appointed as the Chief Financial Officer effective August 14 2023 . Mrs. Wendy- Ann Smith Anderson replaces Ms. Kimala Bennett who was the acting CFO.”

PJAM has advised that Mr. Allan Ward was appointed to the Board of Directors effective 11 August 2023.

JMMB Group Limited advise that Mr. Dereck Rajack has tendered his resignation as Group Chief Risk Officer, effective October 31, 2023. Dereck has taken the difficult decision to leave his JMMB family to pursue other opportunities.  Dereck assumed the role of Group Chief Risk Officer in April 2019, having initially joined the organisation as the Chief Risk Officer of JMMB Bank (Trinidad & Tobago) in August, 2016. We thank him for his invaluable contribution to the Group, wish him continued success, as he takes this next step in further pursuit of his dreams.

Kingston Wharves Limited (KW) has advised that at a board meeting held on August 10, 2023, its Board of Directors appointed Mr. Philip Armstrong as a Non-Executive Director of Kingston Wharves Limited, effective August 10, 2023.

The Board of Directors of tTech Limited is pleased to announce that at the Board meeting on July 27, 2023, the decision was taken to appoint Norman Chen as the Company’s Chief Executive Officer. Norman has served in several management and executive roles at tTech since joining the Company and has deep knowledge of the Company’s operations and the industry. He was appointed Acting CEO in December 2022. Since then, he has led a turnaround of the Company, with Year-to-date revenues up 27.5% over 2022 and reversing a Year-to-date loss of $12.1 million to a profit of $12.7 million. The Directors are confident that under Norman’s leadership, tTech will move into a new growth phase while continuing to deliver the excellent customer experience that the Company is known for.

Guardian Holdings Limited (“GHL”) wishes to advise that at a meeting of the Board of Directors held on 4th August, 2023, Mr. Robert Almeida was appointed Chairman of GHL’s Board of Directors effective 4th August, 2023. Mr. Almeida joined the Board in 2019 as an Investor, Business Executive and a Director. As an investor, he is a Founding Partner of Portland Private Equity, a leading manager of private equity funds focused on the Caribbean and Latin American region and a Director, Senior Vice President and Portfolio Manager at Portland Investment Counsel Inc., which is a regulated Investment Fund Manager in Canada. Mr. Almeida succeeds Mr. Patrick Hylton and the Group wishes to take this opportunity to profoundly thank the former Chairman, Mr. Hylton, for his invaluable contribution during his tenure. It is with great pleasure that we welcome Mr. Almeida as the Chairman of Guardian Holdings Limited.

 

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Businessuite News24

Corporate Movements – July 2024

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Supreme Ventures Limited (SVL) wishes to advise that Mrs. Clair-Ann Kennedy the CEO of Supreme Ventures Services Limited and Ibet SV Ghana resigned effective 30 June 2024.  Mrs Kennedy has been a valuable and respected member of the SVL Group Executive team. SVL thanks her for the hard work and commitment that she has displayed during her tenure with the Group. Mrs Kennedy will be pursuing other interests and personal projects. In the interim period, Ms. Krista-Gaye Fisher SVP Legal, Regulatory and Compliance will assume the responsibilities of CEO for SVSL.

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Broadcast Radio Is Not Dead For Jamaican And Caribbean Radio Stations If……

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The headline in last weeks business gleaner read “The Bridge Radio Station Up For Sale”.

The opening paragraph of the article told the story, “After débuting on air with much fanfare nearly three years ago, radio station The Bridge 99 FM is facing an uncertain future and is now up for sale. Two investors in The Bridge, one of the newest FM radio stations in a crowded and dwindling market, have confirmed that they are seeking buyers for the station.”

Target Market

The Bridge, the brainchild of New York-based Jamaican Robert ‘Bobby’ Clarke who heads the Irie Jam Media Group, which operated Irie Jam Radio in the Tri-State area for more than two decades, came on air in August 2021 aiming, as its name suggested, to connect Jamaicans abroad, mainly in the United States, and those at home, through a unified platform.

On-air Talent

The upstart station was able to attract a slate of well-known names to its airwaves, including disk jocks Richard ‘Ritchie B’ Burgess, Kurt Riley and Nikki Z, veteran recording artiste Tony Rebel, retired politicians Ronald Thwaites and Pearnel Charles Sr, and controversial talk show host Dr Kingsley ‘Ragashanti’ Stewart.

But The Bridge failed to attract a significant audience, with more persons turning away from traditional media sources like radio to social media for information and entertainment.

The Question that we have to ask is very clear. Is Broadcast Radio Dead!

In the article Zachary Harding, founding partner of Delta Capital Partners Jamaica, and an investor in The Bridge was asked about the future of FM radio: “There can be money in FM radio, as it is still a popular means of entertainment and getting information. Radio is not dead. However, advertisers now have more options in terms of marketing spend and there has definitely been a tremendous shift towards social media and away from traditional media. This trend will always impact smaller players in the market negatively. However, with the right strategy, you can integrate social media into your strategy to command more loyal listener base and differentiate the station, while providing greater points of distribution. This is exactly what we are doing at CaribStar Media”.

Broadcast radio is not dead, but it does face significant challenges in the current media landscape.

Here’s a comprehensive look at trends and potential directions for making broadcast radio viable in Jamaica and the Caribbean:

Convergence with Digital Platforms: One major trend is the integration of broadcasting with digital and social media platforms. Radio stations are increasingly using live streaming services like YouTube, Facebook Live, and Twitch to reach audiences seeking real-time and interactive content​​.

Local Focus and Community Engagement: Despite the shift towards digital, local advertising remains a strong point for radio. Industries such as retail, real estate, automotive, financial services, and healthcare continue to invest in local radio ads due to its strong community presence and trust factor​. Radio can leverage this by focusing on hyper-local content and community engagement, which digital platforms may not provide as effectively.

Political Advertising: Political campaigns are a significant revenue source, especially in local markets. With political spending on the rise, particularly in swing states, radio stations can capitalize on this by offering targeted advertising solutions​.

Shorter, More Engaging Ads: Long ad breaks can drive listeners away, especially when compared to the ad-skipping options available on streaming services. To combat this, radio can focus on shorter, more engaging ads, including authentic endorsements from popular hosts, which tend to resonate more with listeners​​.

Technological Advancements: The deployment of 5G networks will revolutionize content delivery, allowing for seamless streaming and improved connectivity. This can enable more interactive and immersive experiences for radio listeners, potentially attracting a larger audience​.

Diverse Revenue Streams: Beyond traditional ads, radio stations can explore additional revenue streams such as sponsored content, events, and partnerships with local businesses. This diversification can help mitigate the risks associated with declining ad revenues​.

Content Personalization and On-Demand Options: Emulating successful aspects of streaming services, radio stations can offer personalized content and on-demand listening options through podcasts and digital archives. This approach caters to the growing demand for content that fits individual schedules and preferences​​.

For Jamaican and Caribbean radio stations, adopting these strategies could help create a more sustainable business model in a rapidly evolving media environment. Emphasizing local content, leveraging digital convergence, and exploring new revenue streams are key steps towards maintaining relevance and profitability.

Source: https://jamaica-gleaner.com/article/business/20240710/bridge-radio-station-sale

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Who Is Gervase Warner, Former President and CEO of Massy Holdings?

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Early Career and Rise to Leadership
Gervase Warner, a distinguished figure in the Caribbean business landscape, has been an influential leader in the region. Before joining Massy Holdings, Warner had a thriving career in consultancy, working with McKinsey & Company. His decision to leave this high-profile consultancy role and return to Trinidad and Tobago to work with Massy was driven by a desire to reconnect with family and contribute to the Caribbean’s advancement​.

Tenure at Massy Holdings
Warner’s tenure at Massy Holdings was marked by significant growth and strategic initiatives. Under his leadership, Massy expanded its footprint across the Caribbean and into Latin America, notably increasing its retail, motor, and gas products businesses. Warner emphasized the importance of a strong corporate culture, which he believed was crucial to the company’s success​​.

He also advocated for a regional stock exchange, which he saw as essential for improving price discovery and parity across Caribbean markets. This initiative aimed to integrate stock exchanges from Barbados, Jamaica, Trinidad, Guyana, and the OECS, drawing inspiration from Africa’s Pan-African Payment and Settlement System​.

The Whistleblower Incident and Resignation
Warner’s leadership faced a significant challenge in late 2023 when Angelique Parisot-Potter, Massy’s former General Counsel and Executive Vice-President of Business Integrity, publicly disclosed concerns about a leadership training program during the company’s Annual General Meeting. Parisot-Potter alleged that the program, which involved bizarre rituals and frequent travel to Florida, was misusing company funds. This led to her being placed on administrative leave and eventually resigning​.

The incident sparked internal and public scrutiny, culminating in Warner’s resignation in early 2024, nearly a year ahead of his planned retirement. The abrupt departure raised concerns about the potential destabilization of Massy Holdings and highlighted the challenges of maintaining corporate reputation amidst internal controversies​.

Legacy and Future Directions
Despite the controversy, Warner’s legacy at Massy Holdings includes a strong emphasis on leadership development and strategic expansion. His vision for a regional stock exchange and his efforts to enhance Massy’s market presence have set a foundation for future growth.

Warner’s successor, David Affonso, a 34-year veteran of Massy, was appointed to lead the company forward. Affonso’s experience and leadership within the Integrated Retail Portfolio, which constitutes a significant portion of Massy’s revenue and profit, are expected to guide the company through this transition​.

Insights into Management Style
Warner’s management style was characterized by a deep commitment to leadership development and a belief in the power of corporate culture. He often highlighted the importance of vision, grit, and surrounding oneself with talented individuals. His approach to business emphasized long-term growth through consistent effort and strategic planning​.

Conclusion
Gervase Warner’s tenure at Massy Holdings was a period of strategic growth and expansion, albeit marked by significant challenges. His leadership style and vision for a regional economic integration have left an indelible mark on the Caribbean business landscape. As Massy Holdings moves forward under new leadership, the principles and strategies Warner championed will likely continue to influence the company’s direction and success.

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Who is Angelique Parisot-Potter, Massy Holdings’ Former General Counsel and Executive Vice-President of Business Integrity?

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Early Career and Rise in Massy Holdings
Angelique Parisot-Potter served as the Executive Vice-President of Business Integrity and Group General Counsel at Massy Holdings Ltd. Before joining Massy, she had an extensive career in law and corporate governance, holding significant roles that positioned her as a key player in the corporate legal landscape.

Whistleblower Revelations and Impact
Parisot-Potter’s tenure at Massy took a dramatic turn in December 2023 when she made allegations about questionable practices within the company’s executive training programs. At Massy’s 100th annual general meeting, she revealed that the leadership programs involved bizarre rituals, including communicating with the dead and self-healing with “white light energy,” which she claimed were a misuse of foreign exchange and resources. Her whistleblower revelations were detailed in a 13-page document submitted to the company, leading to significant media coverage and internal turmoil at Massy​​.

Resignation and Aftermath
Following her public disclosure, Parisot-Potter was placed on administrative leave. Massy Holdings initiated a disciplinary investigation, asserting that she had disclosed confidential matters. Despite the company’s denial of her claims, Parisot-Potter resigned from her position on December 27, 2023, just nine days after going public with her allegations. Her resignation came amidst a period of significant scrutiny and internal review within Massy Holdings​.

The Resignation of Gervase Warner
The fallout from Parisot-Potter’s revelations had far-reaching consequences, including the resignation of Massy’s President and CEO, Gervase Warner. Warner, who had been with Massy since 2009, announced his retirement on February 8, 2024. While his early departure was officially attributed to personal reasons, it closely followed the controversy sparked by Parisot-Potter’s claims. Warner’s leadership was notable for significant profitability and growth, with the company seeing a compound annual growth rate of 15% over the last five years of his tenure. He was succeeded by David Alfonso, a long-time executive within the company​​.

Conclusion
Angelique Parisot-Potter’s career at Massy Holdings was marked by her commitment to corporate integrity and governance. Her whistleblower actions underscore the complexities and challenges of corporate governance and the personal and professional risks involved in exposing potential misconduct. As Massy Holdings continues to navigate the aftermath of these events, Parisot-Potter’s role in bringing these issues to light remains a significant chapter in the company’s history.

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Who is Richard Pandohie, Managing Director and Chief Executive Officer (CEO) of Seprod Limited?

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Career Overview
Richard Pandohie is the Managing Director and Chief Executive Officer (CEO) of Seprod Limited, a leading Jamaican manufacturing and distribution company. His tenure at Seprod has been marked by significant growth and strategic acquisitions, positioning the company as a major player in the Caribbean’s manufacturing and distribution sectors. Before joining Seprod, Pandohie had an extensive career in the manufacturing industry, including roles at the GraceKennedy Group and Red Stripe Jamaica Ltd.

Key Deals and Acquisitions
One of Pandohie’s most notable achievements is the acquisition of A.S. Bryden & Sons Holdings in Trinidad and Tobago. This acquisition, valued at over TT$312 million (approximately US$50 million), significantly expanded Seprod’s distribution capabilities across the Caribbean. The integration of A.S. Bryden has been a strategic move to enhance Seprod’s footprint, allowing the company to tap into new markets and increase its revenue base. This acquisition is part of Pandohie’s broader strategy to push Seprod’s revenues to the US$1 billion mark within the next three years​.

Management Style and Insights
Pandohie is known for his transformative leadership and strategic vision. His management style is characterized by a focus on growth through acquisitions, operational efficiency, and expanding export markets. Under his leadership, Seprod has not only increased its revenues but also diversified its product offerings and geographic reach. Pandohie emphasizes the importance of building a robust export business to sustain long-term growth and has been pivotal in driving Seprod’s strategy to export 30% of its manufactured goods by 2025​.

Career Path and Industry Impact
Richard Pandohie is a chemical engineer by training and has held several prominent positions in Jamaica’s business community. He served as the immediate past president of the Jamaica Manufacturers & Exporters Association (JMEA) and has held directorships at the Jamaica Chamber of Commerce and the Jamaica Bureau of Standards. His contributions to the industry have been recognized through his appointment to the Board of Directors of the Bank of Jamaica, a testament to his influence and leadership in Jamaica’s economic and business sectors​.

Conclusion
Richard Pandohie’s tenure at Seprod highlights his capability to lead significant transformations and drive growth through strategic acquisitions. His focus on expanding Seprod’s export capabilities and integrating key acquisitions like A.S. Bryden demonstrates a clear vision for the company’s future. As Seprod aims for the ambitious target of US$1 billion in sales, Pandohie’s leadership will undoubtedly continue to play a crucial role in shaping the company’s path forward.

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