Dec 2010 Financial News

Major change at GraceKennedy. Wehby to replace Orane as CEO.

Dec 15, 2010

Don Wehby will next year replace Douglas Orane as group chief executive officer of GraceKennedy, the conglomerate announced yesterday.

The firm said that the change was agreed to by its board of directors at a meeting last Thursday.

Orane, who currently holds the position of Grace chairman and group CEO, will assume the position of executive chairman when the change is made effective on July 1 2011.

Orane, as executive chairman and CEO of Grace, has led its transformation from a lumbering merchandise-led conglomerate, into a very profitable financial-oriented group. He was named Jamaica Observer Business Leader in 1998.

"The company has a robust succession planning system designed to ensure the continuous grooming of persons within the group who can succeed to other posititions," said Orane in a statement.

"GraceKennedy has carefully prepared the next generation for leadership of the group well into the 21st century. We have a strong, vibrant and entrepreneurial team, ready to build on our past successed and chart a new course in our company's history. I am looking forward to continuing to work with Don, a talented and motivated leader, during this period of transition," he added.

Wehby first joined Grace in 1995 and has held several senior positions, including chief financial officer from 1998 to 2006. He spearheaded the start-up of First Global Bank, First Global Financial Services and the acquisition of the Dyoll portfolio. Under his stewardship, the financial services division saw a 400 per cent increase in profitability over a three-year period. He also served for two years as government senator and minister without portfolio in the Ministry of Finance and the Public Service and is vice-president of the Privte Sector Organisation of Jamaica.

"I am honoured and humbled to be selected to be the next group CEO of GraceKennedy," said Wehby.

"It shows that with hard work and dedication, anyone can work their way to the top. I am looking forward to the challenges and would like to thankthe chairman and board of directors for their confidence," added Wehby.

Meanwhile, Grace also announced that CEO of GK Foods Irwin Burton will retire on February 28, 2011 and will be replaced by Michael Ranglin. Ranglin is currently the CEO of Grace Foods UK.


Source:
Jamaica Observer
Wednesday December 15, 2010

http://www.jamaicaobserver.com/business/Major-change-at-GraceKennedy_8234752#ixzz18CrNTOkj