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An aerial view of New Kingston, Jamaica. (Photo: wikicommons)

The C-Suite gets shaken up in corporate Jamaica

An aerial view of New Kingston, Jamaica. (Photo: wikicommons)

In the corporate world of movers and shakers, the week that was opened with the departure of Marcus Steele from cigarette manufacturer, Carreras. However, the Jamaica Stock Exchange has reported quite a number of arrivals and departures into the corporate suite. With 22 years under his belt Steele advised that he will be stepping down from his role as the Managing Director of the Company, to pursue other interests, effective January 31, 2020.

Marcus Steele, outgoing Carreras chief executive officer

Carreras’s Board of Directors has further advised that following the departure of Steele, it has appointed Raoul Glynn as Managing Director-designate and a Director on the Board of Directors , effective February 1, 2020.

Glynn, a Trinidadian national, currently holds the role of Country Manager for Carisma Marketing Services, a British American Tobacco subsidiary located in Trinidad, with responsibility for its operations across the English, French and Dutch Caribbean.

“NCB Financial Group President and CEO, Patrick Hylton has been named chairman of the board of National Commercial Bank Jamaica (NCBJ). He replaces Michael Lee-Chin.”

Up next, Berger Paints Jamaica Limited has advised that Aneal Maharaj resigned from the Board of Directors effective November 29, 2019.

The other news making the rounds is shifts in the National Commercial Bank Jamaica (NCBJ) board. The effect of the shift made three board seats open on the NCBJ board with added changes to its parent group, the NCB Financial Group (NCBFG).

Michael Lee-Chin remains as chairman of the NCB Financial Group but passes on chairmanship of the Bank to CEO Patrick Hylton. (Photo: blackwallet.org)

As reported to the JSE, “NCB Financial Group President and CEO, Patrick Hylton has been named chairman of the board of National Commercial Bank Jamaica (NCBJ). He replaces Michael Lee-Chin. Lee-Chin remains as a director of the bank and continues to serve as chairman of the board of NCB Financial Group.” Further, Thalia Lyn resigned as a director of NCBJ but remains a director of NCBFG and Chair of the NCB Foundation. Additionally, Oliver Mitchell Jr resigned as a director of NCBJ but remains a director of NCBFG.

Speculation in the financial sector is that the changes to NCBJ is to make space for board members coming from the newly acquired subsidiary, Guardian Life.

Dr David Lowe has resigned as Chief executive officer of Caribbean Producers Jamaica. (Photo: Caribbean Producers Jamaica )

Moving from financial to consumer goods, Caribbean Producers Jamaica Limited (CPJ) has advised that the Company’s Chief Executive Officer, Dr David Lowe, has submitted his resignation with notice to demit office effective January 31, 2020. Executive Chairman Mark Hart will act as interim CEO as approved by the Board of Directors until a replacement CEO has been recruited.

Dr David Lowe is the son of Dr Henry Lowe, who is expected to list his medical marijuana company, Medicanja, on the JSE in 2020 once legislation allows for the cannabis company to open local bank accounts.

The CEO of Kingston Wharves, Grantley Stephenson, has resigned but retains his role as Deputy Chairman.

Another change to the C-Suite was from Key Insurance Company Limited (KEY) that advised that the nomination of Kerry-Ann Heaves as alternate Director for Kala Abrahams was approved by their Board of Directors on December 2, 2019.

In shipping news, Kingston Wharves Limited announced Grantley Stephenson as Deputy Chairman of the company, as he retires from duties as Chief Executive Officer. Incumbent Chief Operating Officer Mark Williams has been appointed to the role of Chief Executive Officer, both appointments taking effect January 6, 2020.