Mar 2015 Financial News

GKC - Group CEO Announces Structural Changes to the Company Effective April 1, 2015

Mar 19, 2015

GraceKennedy Group CEO Don Wehby has announced a number of organizational changes within the Group effective April 1, 2015 in keeping with the company’s strategic goals and its vision to become a Global Consumer Group.

“Our ultimate aim is to optimise the structure of the GraceKennedy Group in keeping with best practices, making the company more efficient, nimble and productive. The changes will ensure that our senior leadership is strategically placed within our businesses as we poise ourselves to compete effectively on a global scale,” Mr Wehby said.

To that end, the Group CEO further noted that there are duplication of efforts and costs across the corporate offices within the Group. Accordingly, effective April 1, 2015, neither the Foods or Financial Services divisional offices, nor the titles of Divisional CEOs will exist. Functions which formally existed within these offices will be reassigned.

As it regards the GraceKennedy Financial Group (GKFG), Courtney Campbell will be appointed Chief Executive Officer of First Global Bank Limited, effective April 4, 2015. Mr Campbell comes with over 25 years of experience in retail, corporate and investment banking. He will also retain the role of Chief Executive Officer for GraceKennedy Financial Group Limited (“GKFG”), and in this capacity, will continue to have responsibility for GraceKennedy Money Services (“GKMS”). CEO of GKMS, Ms Michelle Allen, will continue to report to him.

Mr. Wehby also announced that Maureen Hayden-Cater, current President of First Global Bank, has tendered her resignation effective April 3, 2015. “I really want to thank Maureen for her years of committed service to First Global Bank and the Group and I wish her all the best in her future endeavours,” he said.

GKFG Executive Director and GraceKennedy Group CFO, Frank James, will have responsibility for the Insurance segment, led by Grace Burnett, also Managing Director of Jamaica International Insurance Company Limited. Within the GKFG structure, GKFG’s Risk and Compliance function will report directly to the GKFG Board Risk & Capital Management Committee, and administratively to the GKFG CEO.

Finally, with regard to changes within GKFG, Steven Whittingham, Managing Director of GK Capital Management Limited, will report to Don Wehby, Chairman of that entity’s Board.

For GK Foods, with the recent acquisition of the La Fe Foods Business in the USA, and its importance to the Group’s strategic objectives, Michael Ranglin has been seconded to the USA as CEO of GraceKennedy Foods – North America and CEO /President of GraceKennedy Foods (USA) LLC. Ryan Mack will be appointed CEO of GraceKennedy Foods – Jamaica (Domestic), Caribbean and International East. All Senior General Managers in Jamaica – Gilroy Graham (in charge of Grace Foods and Services), Andrea Coy (head of the Global Category Management Unit) and Andrew Ho (in charge of manufacturing) will report to Ryan Mack who will in turn report directly to Group CEO, Don Wehby.

The GK Foods & Services Limited Board will welcome two new additions – Andrea Coy and Cassida Jones, Group Chief HR Officer.

“I am very confident that these changes will allow us to implement our Group strategy towards regional and international expansion,” Mr Wehby said. “2015 is a very important year for us in that regard, and we have identified increased focus on our customers, as well as increased levels of productivity as the keys to our success. We are working hard to achieve our objectives, and I believe firmly that our new appointees will do an excellent job in helping us achieve our targets in a timely and efficient manner,” said the Group CEO.

Contact: Simone Clarke-Cooper
Group Chief Corporate Communication Manager
809-1121 (cell)
932-3174 (straight line)

Source:
The Trinidad and Tobago Stock Exchange Limited
Thursday March 19, 2015