Jan 2012 Financial News

Management changes in GraceKennedy group

Jan 30, 2012

GraceKennedy Group CEO, Don Wehby, has announced a number of management changes within the Group.

Simon Roberts will be appointed to a senior management position within GraceKennedy Foods. Consequently, Roberts has resigned as CEO of Hardware and Lumber, as well as in his capacity as a Director of the H& L Board.

Erwin Burton has been appointed Acting CEO of H&L from February 1 to March 31.

Burton will also continue as Chairman of the H&L Board.

Andrea Coy, who is currently General Manager of the World Brands Services division of GraceKennedy, has been appointed the new CEO of H&L, a position which she will take up on April 1, 2012.

Coy was recently appointed a Director of the H&L Board, and has been credited with improving the profitability of Hi-Lo Food Stores, another member of the GraceKennedy Group. Andrea Coy holds both Bachelors of Science and Masters of Science Degrees in Accounting, and is a Fellow of the Institute of Chartered Accountants. She also holds a certificate in Turnaround Management Strategies from Harvard Business School.

The changes within H&L are being made with a view to ensuring continued growth and profitability within the company, which has seen consistent improvement in the last two years.

In the third quarter results from 2011, H&L saw a nine per cent increase in revenues over the previous year. “H&L is planning to invest J$47.7M this year in upgrading our stores to ensure that the customer experience is much better”, said Group CEO, Don Wehby. Wehby is confident that the changes being made will ensure improved operational efficiency and profitability and give shareholders a better return on their investments.

Wehby has also announced that the H&L Board is considering the appointment of two independent Directors, to strengthen the governance structure of the company. An announcement of these appointments will be made at a later date.

“Hardware and Lumber continues in its mission to improve people’s lives by providing agricultural, building and lifestyle solutions, by delivering quality choice and convenience” Wehby said.


Source:
Jamaica Gleaner
Monday January 30, 2012

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