“As somebody said to me today, who called me, a very prominent businessperson, who said to me that it is extremely unusual to have a CEO for almost 20 years in a publicly-traded company, so that in and of itself speaks for itself.”

“The fact is that sometimes we get to a point where different stakeholders may have different points of view on the direction in which a company should go, or how things should be managed or evolved, and that’s fine. And if there is a difference and you can’t come to a resolution around it, then separation is part of the resolution. We understand that. That’s part of the game. That’s part of the business that we are involved in,” Hylton told the Business Observer.

Hylton spent 20 years as the head of the NCB Group, while Cohen spent just over 19 years. Both were acknowledged for their service by the bank in a statement in which it was confirmed that they are to be replaced.

Coming out of Jamaica’s financial sector meltdown, there were not many takers for assets such as NCB, Hylton said. After negotiating for more than a year, he met alone with Lee-Chin and made a proposal that may have sealed the deal.

“’Michael, I am not here to sell you a bank. I am here to sell you a vision of a bank. I am not here to sell you this bank for what it is today. I am here to sell you this bank for what it can be in the future’,”

Hylton recalled telling the billionaire Canadian-Jamaican businessman.

“History suggests that it will take some time before companies get more value from their investments. In 1987, economist Robert Solow observed that “you can see the computer age everywhere but in the productivity statistics.” U.S. productivity didn’t accelerate until the 1990s, by which time companies had started to figure out how to harness computers. Today, companies might be experiencing something like a second “Solow Paradox” as they try to make sense of a new generation of digital technology, according to Olivia White, senior partner with McKinsey Global Institute.

It is up to CEOs to move this process forward. Productive use of technology might be regarded as a whole-of-company effort, to borrow the “whole-of-government” concept from the public sector, in which every available lever is applied to a large-scale problem. Throughout history, the entire company has been rewired with each successive generation of emerging technology, from the telegraph and telephone, through the internet, the mobile phone, and now the cloud and artificial intelligence. In a hierarchical organization with one leader at the top, only the chief has the authority and influence to drive sufficient and sustainable change.”

By Steven Rosenbush

We have bold ambitions and big dreams for the future of GK. Our 2030 vision sees GraceKennedy becoming the #1 Caribbean brand in the world with 70% of our revenues and profits earned outside of Jamaica.

In 2022 we continued pursuing our goal to list GK on an international stock exchange, as we expand the footprint of our food business internationally. We also continued expansion of our financial services business in the Caribbean. With a highly skilled and engaged team, and ESG principles infused into our core business strategy.

GK is well positioned to meet our targets.

On the heels of our centenary, we are growing and expanding our business in a sustainable way, for the benefit of all our stakeholders. GK has laid a solid foundation and we are committed to achieving our 2030 vision and improving the lives of everyone we interact with.

We remain eternally grateful for all the people who have made GK one of the most loved Caribbean brands in the world. As our story continues, I am excited for what the next chapter will bring for our Company. Notwithstanding any challenges we may face, with so many great people in our corner, I know that the future of GK is bright.

The best is yet to come.

Don Wehby, CD Group CEO

Extracted from the GraceKennedy 2022 Annual Report CEO’s
Message

“In addition to being new, marijuana is an inherently interesting market to watch. For one thing, the market has existed for years and years before formal legalization. It’s also still illegal at the federal level, meaning that each state has its own distinct structure, letting us compare and contrast different approaches to building this out. Some states require complete vertical integration (from farm to retail outlets), for instance. In some states, that’s broken up. Some states have different tax approaches. And they may have different requirements about who can open a dispensary, and how many you can own. Figuring out branding, marketing, payments, taxes, banking services, delivery, farming, and so on — it’s all something of a work in progress.”

Bloomberg’s Joe Weisenthal (Twitter @TheStalwart) and Tracy Alloway at (@tracyalloway).