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Corporate Movements February 2019

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Sagicor Group Jamaica Limited (SJ) has announced a number of Senior Management Changes, in what the company is describing as a move in keeping with its strategy to transform its immediate business objectives.
As such SJ will be making changes to its operating structure, which will see two senior officer, Mrs. Simone Walker, Vice President – Group Marketing and Mr. Philip Armstrong Executive Vice President – Strategy and Innovation and Chief Technology Officer, demitting office on February 28, 2019 and May 24,2019, respectively.
Simone Walker according to her LinkedIn profile had joined the Sagicor Group in April of 2018, coming from The Brand House Agency as a Marketing Consultant and Scotiabank Jamaica, where she held the position of Director, Marketing Programmes.
Philip Armstrong had previously held the position of Deputy CEO & Director for Sagicor Bank Jamaica, before taking on the role of Executive Vice President – Strategy and Innovation and Chief Technology Officer
Mrs. Alysia Moulton White will head the Group Marketing Department in the capacity of Assistant Vice President Group Marketing.
It was not clear if this was a promotion for Moulton-White as her LinkedIn profile indicated that she has been Assistant Vice President since Jan 2018.
A new role – Chief Information Officer – has been established to drive the digitization strategy of the Group. The Company is in the process of recruiting a new candidate to fill this position.

Supreme Ventures Limited (SVL) has advised of the appointment of Mr. Nicholas Browne as the Senior Vice President – Group Operations, effective March 4, 2019. Mr. Browne will be responsible for Business Architecture and Process, Group Security & Surveillance, Group Facilities and Maintenance, as well as Technical Field Services.“Prior to joining SVL, Mr. Browne worked with IGT, formerly GTECH, as the Latin America and Caribbean Regional Senior Support Engineer/Manager. He has extensive gaming industry knowledge and experience across all segments of the gaming. He has been an integral part of the rollout of lottery operations in the Caribbean and Latin American regions. He served in several capacities during his tenure at IGT including Corporate Engineer, Operations Manager, Project Manager, Technical Trainer and Technical Services Manager. Mr. Browne holds his degrees in both Mechanical and Electrical Engineering, and also holds certifications in Project Management, Facilities Management, Maintenance and Repairs, Industrial Mechanics and is also GLI certified,” states SVL.

Express Catering Limited (ECL) has advised that Mr. Harriat Maragh was appointed a Director of the Company on February 25, 2019.

SSL Venture Capital Jamaica Limited (SSLVC) has advised of the appointment of Mr. Mark Croskery as CEO SSL Venture Capital Jamaica Limited, effective March 1, 2019. SSLVC further advised that Mr. Croskery is also SSLVC’s Chairman.

tTech Limited (TTECH) has advised of the appointment of Ms. Tracey-Ann Spence as an Independent Non-Executive Director of the Company. TTech further advised that the appointment was made, with immediate effect, at a Board Meeting held on February 19, 2019.
“Ms. Spence is the Vice-President of Investments at NCB Capital Markets Limited, apposition she has held since 2017. She is an accomplished professional with an outstanding record in the financial services industry for over 15 years. “A Wolmerian, Ms. Spence holds degrees from York University and the University of the West Indies, as well as professional certification from the Project Management Institute. She is also a graduate of the Jamaica Stock Exchange/PSOJ professional development programme, A Director’s Guide to Corporate Governance and Leadership, and an adjunct lecturer in financial management at The Mona School of Business & Management Master of Business Administration program,” states TTECH.

Lamar Harris moves on from SSL
After seven years at Stocks & Securities Limited, CEO Lamar Harris, has decided to leave the post to pursue personal initiatives. A lawyer by profession, Harris, made the bold decision after careful consideration and has given the company a month’s notice to find a suitable replacement.She started her SSL journey as their Invest Bank Manager listing Caribbean Cream (Kremi), Consolidated Bakeries (Purity) on the Junior Market of the Jamaica Stock Exchange. From there Harris was promoted to VP sales and then General Manager of the Business. For the last year she has acted in the capacity of CEO where she proudly spearheaded a series of advancements and changes including cost control, compliance and policies and procedures, all with the mandate of creating a company versed in financial technology. The company’s revenue position was also strengthened under her watch. As a growth strategist, Harris was responsible for pulling together a dynamic team passionate about their work. She oversaw Development Strategy, Product Development,Business Development and Monitoring of budgetary expenditure.

Sagicor Group Jamaica Limited (SJ) has advised that the Company has restructured its Enterprise Risk Management & Compliance Department (ERMC) in keeping with its strategy to improve its business. SJ further advised that effective March 22, 2019, Miss Hope Wint, Vice President, Enterprise Risk Management & Compliance will demit office and Mrs. Danielle Davidson will join the Group to head the Unit with effect from March 25, 2019. Mrs. Davidson will operate as Chief Risk Officer and Compliance Officer.“Mrs Davidson who was selected by a special search committee has over ten (10) years experience in management positions in the areas of Compliance and Risk Management,” SJ stated.

138 Student Living Jamaica Limited (138SL) has advised that at its Board Meeting on February 11, 2019, the Board of Directors approved the appointment of the Mr. Ian Parsard as director of the company effective February 11, 2019.

Caribbean Producers Jamaica Limited (CPJ) has advised that Mr. Frank O’Dowd was appointed a Director of the Board in a resolution passed at the Board Meeting held on February 11, 2019.
CPJ further advised that Mr. Robert Hooker, having served as a Director since June 2011, has given the Board of Directors notice of his intention to retire from his role as a Director, effective February 11, 2019.

SSL Ventures Capital Jamaica Limited (SSL VC) has advised of the resignation of Mr. Drew Gray, CEO SSL Venture Capital Jamaica Limited, with effect on February 28, 2019. SSL VC further advised that Mr. Gray is leaving SSL Venture Capital Jamaica Limited to pursue other personal interests and that Mr. Gray will continue to serve on the Board of Directors and the Audit and Remuneration Committees of SSL Venture Capital Jamaica Limited.

Caribbean Producers Jamaica Limited (CPJ) has advised that Mr. Frank O’Dowd was appointed a director of the Board in a resolution passed at the Board Meeting held on February 11, 2019.,

Cable Bahamas Limited (CAB) has advised of the following appointments:
1. Mr. Ross McDonald was appointed as Chairman effective January 25, 2019.
2. Mr. Michael J. Maura Jr. has been appointed a Director effective January 15, 2019.
The full complement of CAB’s Board is as follows:
Ross McDonald, Chairman/Director
Franklyn Butler II, Executive Vice President
Gary Kain, Director
Michele Merrell, Director
Rev. Ranford Patterson, Director
Elma Campbell, Director
Michael J. Maura Jr., Director

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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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Businessuite News24

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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