Chairman of Consolidated Bakeries Jamaica, Vincent J Chang, retired from his post on November 14, 2019.
Chang has worked more than three decades in the baking industry and has led the Board of Directors since the company listed on the Jamaica Stock Exchange (JSE) in 2012.
He will pass the chairmanship reins to his brother, Anthony, who will also maintain his current roles as chief executive officer and managing director, according to the JSE in a statement yesterday.
Additionally, Consolidates Bakeries, which owns the Purity, Miss Birdie and Hearty Goodness brands, announced that two of its Board’s directors were not re-elected to their posts on November 14. The departed directors are Tom Chin and Keith Collister, who had acted as a mentor to the JSE Junior Market-listed company.
Two people have been selected to assume the now vacant posts, Marshall Ogle and Lamar Harris. Harris previously served as chief executive officer at Stocks and Securities Limited where she started as the firm’s invest bank manager and led the listing of Consolidated Bakeries on the JSE’s Junior Market.
Harris and Ogle will serve as independent, non-executive directors on the Board.
Consolidated Bakeries was created in 1957 from the merger of three bakeries; the Chang-owned Valentine Bakery, Powell’s Bakery and Huntington Bakery. The Chang family bought out the shares of the other two family-owned bakeries in 1972 and has operated the company since.
Purity recorded revenue of J$238,049,298 for the quarter ended September 30, 2019 nut saw that eaten up by cost of sales, administrative costs, selling and distribution expenses and depreciation; it ended the quarter with net loss of J$82,581.