Businessuite Magazine Special Digital Issue November 2014 2 by Blackslate Media Group (BMG)

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

THE BUSINESSUITE TOP 100 CARIBBEAN CEO’S

CONTENTS

BOTTOM 50 28 CARIBBEAN CEO'S

EDITORIAL The Caribbean Top 100 Is About Staying Power Year After Year.

The Businessuite Ranking Methodology

MANAGEMENT Do CEO’s Require Emotional Intelligence?

LEADERSHIP CONVERSATIONS Before We Get Too Critical Of Indecisiveness Among Our Business Leaders

13 14

LEADERSHIP So What Type Of Leader Are You…. Really?

COVER STORY FEATURE:

THE CHOSEN FEW Fourteen (14) Women Running Caribbean Corporations

The Women Running the Boards of Businessuite Caribbean Top 100 Companies The Sacrifices and The Stressors Faced To Earn A Leadership Position,

Quo Doing What They Can To Generate Real Growth And Substantive Shareholder Values.

TOP 40-11 CARIBBEAN CEO'S

Why Are Caribbean CEOs Looking For Growth Beyond Caricom Shores?

SPECIAL REPORT

INTERNATIONAL BUSINESS IS Lenovo’s Chief Executive, Yang Yuanqing Swinging His 1 2 3 Punch To The Very Top?

CEOs Are Rejecting The Status

What’s The Best Way To Fire The CEO?

American Apparel Moves To Block Dov Charney From Retaking Control

The Termination of Wayne Yip Choy, Former CEO and Managing Director Angostura Holdings Ltd

Four Major Reasons For Replacing The CEO

The 2001 Firing Of Seeram Ken Maharaj, Chief Executive Officer Trinidad Aggregate Products Ltd (TAP).

24 26

Barbados

Jamaica

BUSINESSUITE TOP BARBADOS CEO FOR 2014 “Never In Our Proud History Has Our Business Faced Such Significant Change.”

PETER WILLIAMS

Managing Director Light & Power Holdings Ltd

BUSINESSUITE TOP JAMAICAN CEO FOR 2014 Going For Sustained Growth And Continued Innovation

Managing Director Carreras Limited Jamaica

Trinidad

Guyana

BUSINESSUITE TOP GUYANA CEO FOR 2014

BUSINESSUITE TOP TRINIDAD CEO FOR 2014

MR. PRAVINCHANDRA S. DAVE

ERNEST ASHLEY TAYLOR

A Year Of Sustained Growth And Development

#1 MARCUS STEELE,

The Best Results In Over A Decade.

Chief Executive Officer Demerara Bank Limited

President Point Lisas Industrial Port Development Corporation Limited (PLIPDECO)

COVER STORY -

The Businessuite Top 10 - Who Are They And What Did They Do To Make This Exclusive List? 51

#10 61

#8 65

#7 67

#6 69

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

E D I TO R I A L

The Caribbean Top 100 Is About Staying Power Year After Year.

W As the only Caribbean magazine with this kind of digitally published corporate and financial information, our reach and exposure is substantially extended beyond the Caribbean

ell after two years of planning and preparation we finally stepped up the game and evaluated the CEOs of Caribbean publicly listed companies using a Caribbean wide method of ranking and peer evaluation. As indicated in our ranking method below the aim is to ensure that the rankings are not predictable, nor will become mundane after a while. Disruption is what we are aiming for. The Businessuite News Centre (BNC) through its premier digital, print and online publications, Businessuite Magazine, Businessuite Magazine Digital and the www. businessuiteonline.com has been publishing the hugely popular and widely read annual Top 10 Jamaican CEOs since 2005 and most recently the annual 50 Most Powerful Women In Jamaican

Businesses. BNC has now expanded its coverage and rankings across the Caribbean and has published the 2014 premier editions of The Caribbean’s Top 100 Public Companies last month and now The Caribbean’s Top 100 CEOs. As the only Caribbean magazine with this kind of digitally published corporate and financial information, our reach and exposure is substantially extended beyond the Caribbean. Both of the Businessuite Caribbean’s Top 100’s are available online to hundreds of thousands of investors and business executives looking to the Caribbean for investment opportunities and business partners. An undertaking of this magnitude would not have been possible without the support

Barry Blenman, Operations Supervisor, Business Development, Barbados Stock Exchange Inc. George Edwards, General Manager, Guyana Stock Exchange Mrs. Marlene Street Forrest, General Manager, Jamaica Stock Exchange and her marketing team of Michael Johnson and Neville Ellis Trinidad and Tobago Stock Exchange – Information Department Sushil Jain, Financial Analyst and Consultant Avril King – Virtual Assistant Services Businessuite News Centre (BNC) and Blackslate Media Group team members Your collective efforts and contribution has made this publication possible.

The Top 100 Presentation Our main Cover Story is broken down into different segments for ease of use and presentation.

We then present The Businessuite Top 10 CEOs by Country: The Top 10 - Barbados The Top 10 -Guyana The Top 10 - Jamaica The Top 10 - Trinidad and Tobago For The Businessuite Top 10 Caribbean CEOs, we take a more in-depth look at each CEO, who are they and what they did to make this exclusive list. We have included a special COVER STORY Feature entitled “The Chosen Few - The Women At The Helm Of Caribbean Corporations” which takes a closer look at The Fourteen (14) Women CEOs Running Caribbean Corporations on the Businessuite Top 100 List. Our Special Report “What’s The Best Way To Fire The CEO?” also makes for very interesting reading. We really would like to hear from you as your feedback is the key to how we improve and continue to present information and intelligence that is meaningful and useful to you.BM

The Businessuite Bottom 50 Caribbean CEOs is presented first in a list format. This is followed by The Businessuite Top 40 Caribbean CEOs also in a The Publishers Businessuite News Centre (BNC) list format businessuitemagzine@gmail.com

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

For The Businessuite Top 10 Caribbean CEOs, we take a more in-depth look at each CEO, who are they and what they did to make this exclusive list.

of the following people and organisations.

E D I TO R I A L

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

E D I TO R I A L

The Businessuite Ranking Methodology

Special commendations go to The Top 10 for making the arduous climb to join an elite group of leaders in your field. We salute you all. “Success is not a singular act but a habit. “

he ranking method employed ensures that each year the list will be disrupted by outstanding performers. The aim is to ensure that the rankings are not predictable, nor will become mundane after a while.

CEOs by their percentage change in Profit After Tax for 2013 over 2012. Only 37 made the cut. 30 CEO’s generated negative growth year over year thus eliminating them from consideration.

A unique and often controversial feature of this methodology is that a one off transaction or To be even considered for The activity can generate a significant Businessuite Top 100 CEO jump in profit and propel the List, the CEOs first had to CEO to the top of the list in a meet the Qualifying Mark of US$500,000.00 in profit after tax particular year. each year. For our 2014 List, only But the 2014 List of CEOs and all 67 CEO’s met this bench mark. future lists will largely be about who does what and how well To further qualify the top they are doing it, consistently, performers we then ranked the year after year. To stay on The

E D I TO R I A L

We salute this first group of Top 100 CEOs for their high performance and for providing an example of how to lead large, complex, dynamic organizations.

Success is not a singular act but a habit. We are what we do repeatedly. It is therefore fair to anticipate your presence in successive years. Every effort has been made to ensure the accuracy of the information presented. We however accept that we will make errors and omissions in this our maiden effort. Your assistance in helping to improve the creditability and reliability of the information by pointing out such errors and omissions, in addition to suggestions for improvement, will be greatly appreciated.BM

CREDITS Publisher and Editor Businessuite News Centre (BNC) businessuitemagazine@gmail.com Marketing & New Business Development Aldo Antonio aldo@blackslateholdings.com Advertising Sales businessuitemagazine@gmail.com Social Media CLICK Digital Agency http://theclickdigitalagency.com/ Graphic Design & Layout Miguel A. Rowe of MD Studio mdstudio09@gmail.com Photo Credits Sourced From The Annual Reports, Company Websites, Internet And Contributed.

BNC - Businessuite News Centre is a division of the Blackslate Media Group.

Businessuite is your source for information, news and tools on starting, running and growing your business. We know your time is valuable and scarce, so we take the time to find, create and present all the information that will be relevant to the success of your business. Businessuite Magazine, Businessuite Online, Businessuite Digital, Businessuite Today, Businessuite Minute and Businessuite News Channel are owned and operated by Blackslate Media a division of the Blackslate (Media) Group Limited “Silicon Mountain” Mandeville Jamaica Kingston & Mandeville Offices 876-280-9192 (Mobile) CORPORATE INFORMATION: Blackslate Holdings “Silicon Mountain” Mandeville Jamaica Kingston & Mandeville Offices 876-280-9192 (Mobile) To learn more about Blackslate go to www.blackslatehldings.com

We may envy the hugely attractive salary and fringe benefits, but being a CEO is, for the most part, a meritocracy fraught with as much pressure as there are perks. These professionals have gotten to where they are today by virtue of insight, sheer knowledge, extensive experience and hard work and therein lies the success stories. These are simply put, people who know their job and do it very well.

Special commendations go to The Top 10 for making the arduous climb to join an elite group of leaders in your field. We salute you all. BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

List, is the true test of excellence and sustained performance.

BUSINESSUITE TOP 100 CARIBBEAN CEOâ&#x20AC;&#x2122;S I NOVEMBER 2014

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BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

MANAGEMENT

DO CEO’S REQUIRE EMOTIONAL INTELLIGENCE? The ability to express and control our own emotions is important, but so is our ability to understand, interpret, and respond to the emotions of others. Imagine a world where you can’t understand when a friend is feeling sad or when a co-worker is angry. Psychologists refer to this ability as emotional intelligence, and some experts even suggest that it can be more important than IQ. In this article, you will learn more about exactly what emotional intelligence is, how it works, and how it is measured. What is Emotional Intelligence? Emotional intelligence (EI) refers to the ability to perceive, control and evaluate emotions. Some researchers suggest that emotional intelligence can be learned and strengthened, while others claim it is an inborn characteristic. Since 1990, Peter Salovey and John D. Mayer have emerged as the leading researchers on EI. In their influential article “Emotional Intelligence,” they defined EI as, “the subset of social intelligence that involves the ability to monitor one’s own and others’ feelings and emotions, to discriminate among them and to use this information to guide one’s thinking and actions” (1990). Four Characteristics of Emotional Intelligence: Salovey and Mayer proposed a model that identified four characteristics of emotional intelligence: the perception of emotions, the ability to reason using emotions, the ability to understand emotions and the ability to manage emotions. Perceiving Emotions: The first step in understanding emotions is to accurately perceive them. In many cases, this might involve understanding nonverbal signals such as body language and facial expressions.

Reasoning with Emotions: The next step involves using emotions to promote thinking and cognitive activity. Emotions help prioritize what we pay attention and react to; we respond emotionally to things that capture our attention. Understanding Emotions: The emotions that we perceive can carry a wide variety of meanings. If someone is expressing angry emotions, the observer must interpret the cause of their anger and what it might mean. For example, if your boss is acting angry, it might mean that he is dissatisfied with your work; or it could be because he got a speeding ticket on his way to work that morning or that he’s been fighting with his wife. Managing Emotions: The ability to manage emotions effectively is a key part of emotional intelligence. Regulating emotions, responding appropriately and responding to the emotions of others are all important aspect of emotional management. According to Salovey and Mayer, the four branches of their model are, “arranged from more basic psychological processes to higher, more psychologically integrated processes. For example, the lowest branch concerns the (relatively) simple abilities of perceiving and expressing emotions. In contrast, the highest branch concerns the conscious, reflective regulation of emotion” (1997). Source: www.psychology.about.com

f you were to follow the typical Jamaican executive through his work life, you would discover that he is quite unlike what managers are paid to be … decision makers. While this is not unique to Jamaican managers, the overwhelming evidence of this tendency in Jamaica makes the phenomenon worthy of specific attention. Before we get too critical of indecisiveness among our managers, I must point out that not to make a decision, is itself a decision. It has been demonstrated with convincing regularity however that this approach to decision making can have devastating consequences for the organization. At a minimum, management indecisiveness is known to negatively impact individual and team morale and could lead to organizational paralysis. The guilty indecisive Jamaican executive knows exactly what he is doing by waiting, deferring and not providing an answer. The main excuse is that he needs multiple inputs and opinions as he seeks to mitigate all risks associated with the decision. He knows that as he waits, circumstances are likely to overtake the decision process. At that point, there is no longer a decision to be made as the opportunity is lost or an employee becomes frustrated and resigns. In short, not making a decision is actually committing to a certain path of action and doing so in the worse possible way. In effect, indecision is like making the decision to leave the field while the game is still being played. In so doing you have surrendered your ability to affect the outcome. When this is done repeatedly it leads to randomness and organizational disorder. At a minimum, good people will leave the organization to join one that has more decisive leadership. What is it about Jamaica or Jamaican companies that predispose managers to being indecisive? There is clear evidence that the culture in many Jamaican companies

actually promotes indecision. Those who make wrong decisions are lambasted and severely penalized. Managers therefore, in an attempt to avoid being evaluated in relation to the decisions they make, hide behind their indecision. Good decisive managers know that difficult situations don’t disappear. They just get worse. If you have a bad employee causing problems, delaying the hard decision to give him the boot just increases the chances of him affecting those around him. If your website is losing you money, delaying the decision to pull the pin will just cost you even more. Decide early and act swiftly. So what’s the worst that can happen if you make the wrong decision? The fact that you acted at the time, means it was the right decision given the information that you had. Your decision only became a bad decision when unknowns surfaced, or when something changed. When that happens, you simply make a new decision. This may mean that you alter what you were doing slightly or it may be that you scrap it in favour of a new path. Either way, by making a decision you forced an outcome. If you hadn’t acted, those unknowns would still be unknowns.BM Ronnie Sutherland is a proven visionary and strategic thinker that successfully formulates and executes business strategies that yield targeted growth in market share and profits. An expert in enhancing profitability; developing employees’ motivational initiatives, and leading the development of new market segments. Very knowledgeable about broadcasting regulations, manufacturing processes, distribution logistics and marketing operation. Dedicated to maintaining a reputation built on quality, service, and uncompromising ethics.

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

BEFORE WE GET TOO CRITICAL OF INDECISIVENESS AMONG OUR BUSINESS LEADERS

L E A D E R S H I P C O N V E R S AT I O N S

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

I N T E R N AT I O N A L

IS Lenovo’s Chief Executive, Yang Yuanqing Swinging His 1 2 3 Punch To The Very Top? Yang Yuanqing, Chief Executive Officer of Lenovo is by no means your everyday run off the mill CEO. According to the 2013 Hurun Report - China Rich List, he has an estimated fortune of around US$620 million and is the 533rd richest person in China. Born in 1964 to parents both educated as surgeons, he grew up poor as his parents were paid the same salaries as manual laborers. Little did Yang know that a newspaper advertisement he spotted for jobs at Lenovo while in Beijing undertaking research for his master’s degree, that he would be in the position he is today. For Yang, his future was at a university somewhere as a professor. But as fate would have it, he applied for one of the jobs, took what would be the first of many risky moves and accepted a sales position with Lenovo. So in 1989, Yang joined Legend, as Lenovo was then known, at the age of 25 and was paid the equivalent of US$30 per month. For the fiscal year ending March 2012, Yang earned $14 million, including $5.2 million in bonuses.

Yang quickly stood out as being a quiet, deep thinker, qualities that caught the attention of Liu Chuanzhi, then CEO at Lenovo. Liu promoted Yang to head Lenovo’s personal computer business at just 29 years old. Yang was again handpicked for CEO of the whole company when Liu retired in 2001. Liu, describing Yang as “A man who moves forward, takes risks and aims to innovate. I had been observing Yang a long time before I appointed him to take over the PC business. He had clear goals, was broad-minded and straightforward. We trusted him.” Yang Yuanqing or “YY” as he is often referred to as by his colleagues at Lenovo, was also chairman of Lenovo’s board from 2004 to 2008. In February 2009, Yang gave up his position as chairman and again became CEO.

they can attract investors in the capital markets, which is not a healthy model. We don’t do business that way. We will balance growth and profitability. China is still one of the most important markets for Lenovo, but actually we have more potential opportunity outside of China,” Yang said. He cited recent sales growth rates of 300 percent and 500 percent in Southeast Asia and Eastern Europe, respectively. In 2005, YY crafted his wish list and went shopping. He muscled his way into what was then the world’s largest PC market by buying IBM’s personal computer division. He then went back to the IBM super store earlier this year and picked up their lowend server business for $2.3 billion

Now YY’s Lenovo is strategically carving out a foothold in the major global computer markets and is literally buying his way to the top of the Tech chain, including the heavily competitive U.S. handset market dominated by Apple.

In January this year, Yang Yuanqing negotiated a deal to buy Google Inc’s Motorola handset division for $2.91 billion, dubbed China’s largest-ever tech deal. The acquisition will give Lenovo a beach-head to compete against Apple and Samsung Electronics as well as increasingly aggressive Chinese Smartphone makers in the highly lucrative U.S. arena.

Chief Executive Yang has accelerated the company’s strategy to diversify away from the crumbling PC market as he sees potential for more smartphones sales growth outside China - though he won’t chase it at the expense of profit margins.

How did Yang pay for the Motorola handset business?

“There are local players who only chase growth so

Well in true Chinese menu fashion a little bit of this and a little bit of that: $660 million in cash,

15 BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

Lenovo is #1 in PCs, #2 in tablets and with the Motorola acquisition, will be the #3 Smartphone maker in the world. With that kind of reach, supply chain, complementary footprints, from west and east -- it’s going to be a force to be reckoned with.

I N T E R N AT I O N A L

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

$750 million in Lenovo ordinary shares $1.5 billion in the form of a three-year promissory note. Lenovo, which has powered its way up the rankings of the global Smartphone industry, primarily through sales on its home turf, has its sights firmly set on the lucrative US market where it has negligible market share. However significant market share may not be easily acquired as in the United States, China’s three biggest handset makers - Huawei, ZTE Corp and Lenovo- continue to grapple with low brand awareness, perceptions of inferior quality and even security concerns. According to published reports for 2013, ZTE and Huawei accounted for 5.7 percent and 3 percent respectively of all phones sold in the United States, trailing Apple’s 36.2 percent and Samsung’s 32.5 percent, according to research house IDC.

“While the transaction was a personal financial matter, I want to be very clear that my decision to make this investment is based on my strong belief in the company’s very bright future. Our culture is built on commitment and ownership – we do what we say, and we own what we do. My decision to increase my holdings represents my steadfast belief in these principles”.

According to recent estimates by IDC, globally, Lenovo has moved from zero ranking to fifth in 2013 with a 4.5 percent market share, up from 3.3 percent in 2012.. . Lenovahas displaced South Korean giant Samsung Electronics over the past year to become the No. 1 Smartphone seller in China. According to Forrester Research Analyst Frank Gillett, using Motorola brand, as they did with the IBM ThinkPad brand, to gain quick credibility, access to desirable markets and to build critical mass makes a lot of sense. Much of this penetration strategy will be dependent on the Motorola brand name recognition as it is no longer known for its design and features or sales volumes in terms of smartphones. Analysts expect that over time and with the capacity to expand the design and marketing team with talent acquired in the U.S. and Western markets, they may get

somewhere. But let’s not forget that Yang is a quiet, deep thinker, qualities that got him where he is today. He is a man who moves forward, takes risks and aims to innovate. Yang has said in the past that when Lenovo enters a new market they intend to be number one. “If you don’t have enough scale, if you don’t have enough volume, it’s hard to make money. If you don’t have enough market share, it’s hard to make money. That’s why we enter the markets one by one. When we enter a market, we want to quickly get doubledigit market share.” Yang, who has real skin in the game, owns about eight percent of Lenovo’s stock and has been increasing his holdings over the years including the acquisition of 797 million shares in 2011. Prior to then, he owned only 70 million shares. Yang has said that, “While the transaction was a personal financial matter, I want to be very clear that my decision to make this investment is based on my strong belief in the company’s very bright future. Our culture is built on commitment and ownership – we do what we say, and we own what we do. My decision to increase my holdings represents my steadfast belief in these principles”. There are very few who would bet against YY achieving his goals for Lenova and himself. BM (Supported and extracted by articles published by Reutures and written by Edwin Chan, Soyoung Kim, Chizu Nomiyama and Leslie Adler AND other internet sources.)

LEADERSHIP

“What if three or five years down the road the Board of Directors think you’re not the right person to continue running this company” – how will you address that? Often times – particularly with high growth startups – the founding CEO does not remain the CEO who leads the company beyond the startup phase and investors ask this question to make sure you don’t have “founderitis.” Founderitis is when a founder’s ego gets in the way of the company’s growth and the founder refuses to (or makes it hard to) step down/ step out of the position they hold. It’s really good to know what type of entrepreneur you are – as this will make it that much easier to know what you don’t know (another thing investors want to be sure you know). Knowing these truths gives you a vocabulary to discuss your strengths and your limitations. It’s important to have people on your team with a combination of the strengths and abilities identified below. It’s also equally important for you to know where you fit into the mix, know what you don’t know, and be prepared to exit gracefully when the times come – because it inevitably will. The Idea Generator: You are the visionary, you come up with the great next big idea, your thoughts are not limited by what you hear

from your peers, the media, the market, etc. The Innovator: You can write code, build things, sew things, invent things, and create something for others to sell. Innovators are typically not the same people who sell what they create. The Starter: You are great at creating a team from nothing and launching a new product or service. You know what it takes to write a solid business plan, implement and track that plan, research and respond to market trends You knowand surround yourself with people who are smarter than you. The Changer: You are not only great at being a change agent, but you thrive on doing it. These people make the best “turn-around CEOs” – those who enter an existing company, assess the situation, recruit change ambassadors, create a new bold plan, make tough decisions -close a business, fire people, hire people, discontinue a product, etc-. and re-position the company for optimal growth or sometimes dissolution. The Grower: You are what I like to refer to as someone who loves “a diamond in the rough.” You see the

potential in people, products and markets, and know whether they are worth the investment of time, money, and energy. You typically don’t like starting new things; you prefer to take something good that someone else has started and turn it into something great. A talent desperately needed in most companies. This person can take a company from surviving to thriving. The Exiter: You are someone who knows what it takes to position a company or person for exit. That exit is usually merging with another company, acquiring other companies, or taking a company public. This is a rare skill-set and these people are typically not the starters. SO, WHAT TYPE OF A LEADER ARE YOU…..REALLY? Caroline Cummings is a two-time technology entrepreneur. She’s cofounded and held the CEO position for two internet companies, OsoEco (social bookmarking/shopping site) and RealLead (mobile marketing for the real estate industry). Read more: http://upandrunning.bplans. com/2013/02/22/the-10-questionsi-didnt-expect-to-be-asked-byinvestors/#ixzz2gfzYNKtp

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

SO WHAT TYPE OF LEADER ARE YOU…. REALLY?

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

WOMEN RUNNING CARIBBEAN CORPORATIONS 19

14 BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

THE CHOSEN FEW

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

C O V E R S T O R Y F E AT U R E :

“The question often asked is, what has really hindered the rise of more professional women to the corporate suite and head of the companies found on the Businessuite Top 100. The response, for many reasons, varies.”

f the 100 companies on the Businessuite Top 100 List, only 14 or 14% are headed by female Chief Executive Officers. Of these, only one (1) ranked in the top 10, three (3) in the top 20 and eight (8) in the top 50.

In terms of nationality, one (1) is from Barbados, two (2) each from Guyana and Trinidad and Tobago and the remaining nine (9) from Jamaica, largely driven by the explosion in listings on the Junior Market of the Jamaica Stock Exchange. The question often asked is, what has really hindered the rise of more professional women to the corporate suite and head of the companies found on the Businessuite Top 100. The response, for many reasons, varies. Rank 2014 9

18 19 29 37 40 41 44 63 68 74 79 83 85

Pr ofit After T ax LC$'000

Chief Ex ecutive Offier ( CEO) Jacinth Hall-T r acey Ingr id Innes Daw n T homas Maur lain K ir ton A ny a M. Schnoor Jacqueline Shar p Shar on Donaldson Eileen A . Chin Fay val W illiams A ndr ea Coy T her esa Chin Michelle Chong Mar lene Str eet For r est Patr icia B acchus

COMPANY Lasco Financial Services Limited

Insurance Corporation Of B'DOS Limited One Caribbean Media Limited

Demerara Tobacco Company Ltd.

Scotiabank Trinidad & Tobago Limited Scotia Group Jamaica Ltd. General Accident Insurance Co Ja Lasco Manufacturing Limited Kingston Properties Limited

Hardware & Lumber Limited

Montego Bay Ice Co. Limited

Honey Bun (1982) Limited Jamaica Stock Exchange Limited

Caribbean Container Inc.

2013

163,899 14,796 71,467 1,850,640 561,195 11,517,195 327,914 640,220

52,496 609,963 8,695 35,317 7,190 20,088

2012

102,434 12,287 59,815 1,679,408 545,553 10,159,045 290,537 587,760

178,848 2,812 5,756 41,542 129,903 26,258

Pr ofit After T ax US$ '000 Change %

60.00% 20.42% 19.48% 10.20% 2.87% 13.37% 12.86% 8.93%

(70.65%) 21591.43% 51.06% (14.98%) (94.47%) (23.50%)

2013

1,626 7,473 11,136 8,973 87,446 114,292 3,254 6,353

521 6,053 86 350 71 97

2012

1,151 6,206 9,320 8,218 85,009 114,159 3,265 6,605

2,010 32 65 467 1,460 128

Change %

41.30% 20.42% 19.48% 9.19% 2.87% 0.12% -0.33% -3.81%

-74.08%

Yvonne P Witter, International Entrepreneurship Consultant says, “Women, too often are plagued by internal doubts about their competencies as a leader, their ability to effectively fulfill roles as leaders based upon the dominating organizational culture where they must serve. This is not due to a lack of proficiency but quite frequently how the woman has been socialized, the attitudes and beliefs she has developed relative to herself as a leader. Also, it is often a challenge for a woman to define her own authentic leadership style as far too many of us think to be effective we must behave like a man.” As a woman leader working to elevate your effectiveness, I offer these strategies: 1. Embrace and learn to lead self first, and always let your core values be your guide, 2. Trust your ability and right to be a leader; being a leader is not about being liked, it is about being respected and viewed as a results’ achiever, 3. Define your authentic leadership style, be you, be a servant leader of your own design, 4. Continuously seek to learn best practices and emerging leadership tools, 5. Find an appropriate mentor, a woman or man that can be your sounding board and confidante, 6. Create or join asSupportive mastermind group, and 7. Know how to effectively lead teams as organizational outcomes are linked to levels of team proficiency.

C O V E R S T O R Y F E AT U R E :

Group was formed in January 2006 from the merger of two of the region’s most distinguished and long-standing media enterprises, the Caribbean Communications Network (CCN) Group (Trinidad and Tobago) and the Nation Corporation Group (Barbados).

Prior to her tenure with the OCM Group, she spent fifteen (15) years with the Neal and Massy Group and held the position of CEO of Tracmac Engineering Limited. During her appointment with the N&M Group, Mrs. Thomas worked with the energy, construction, agriculture, industrial and marine sectors of the economy. Mrs. Thomas ............................................................................................ also served as a Director on the Board of Neal and Massy Energy Services Ltd., Associated Brands Ltd. (Guyana) and General Finance Corporation #18 Ingrid Innes who Limited. started her career in the insurance industry over ...................................................................................... 30 years ago in both the #29 Maurlain Kirton is the Managing field and head office is the Managing Director & Chief Director of the Guyana based Demerara Tobacco Company Ltd. She recently took over from Executive Officer for The Melissa Sylvester. According to the 2012 annual Insurance Corporation of report, the company is also chaired by a female, Barbados Limited. Amanda Cavil de zavaley. She has distinguished herself as a highly effective ...................................................................................... insurance executive, working most recently #37 Anya Schnoor, with ICBL’s majority owner in Bermuda, BF&M Managing Director, for Limited, following a successful management Scotiabank Trinidad consultant practice with New Link Group Inc. and Tobago Limited Prior to that she held many progressively senior since November, 2012, executive positions with Manulife Financial in its has been on the rise US Division. from her entry into the ............................................................................................ Jamaican financial sector where she rose to the #19 Dawn Thomas is position of Executive Vice-President - Wealth the Group Chief Executive Management and Investments, Scotiabank Group Officer for One Caribbean Jamaica. Schnoor was without doubt one of the Media Limited a company most powerful under-40 corporate executives in engaged in media services Jamaica. throughout the Caribbean Anya M. Schnoor with more than 20 years’ region with locations in experience in the financial services sector in the Trinidad and Tobago, Caribbean, was awarded Jamaica’s Top CEO Barbados and the Eastern award in 2008 by Businessuite Magazine. Caribbean. The Media

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

#9 Jacinth Hall-Tracey Managing Director Lasco Financial Services is definately a rising star in Caribbean business. Jacinth has been on the Businesssuite radar for some time. Not only is she the only female to make it into the TOP 10 of the Businessuite Top 100 CEO for 2014, she was last year listed as number #1 in the Businesite Top 10 CEO’s for Jamaican companies listed on the Jamaica Junior Stock exchange.

THESE FOURTEEN (14) ARE DEFINATELY LEADING THE WAY FOR OTHERS TO FOLLOW. BM

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

C O V E R S T O R Y F E AT U R E :

#40 Jacqueline Sharp, was promoted from Executive Vice President, Chief Financial Officer and Chief Administrative Officer, to the powerful position of President & Chief Executive Officer of Scotia Bank Group, Jamaica, effective September 1, 2013 becoming the first woman in the company’s history to hold this position. She was also appointed a director of Scotia Group Jamaica and of The Bank of Nova Scotia Jamaica Limited. Jackie Sharp joined Scotiabank in December 1997 and over the past 15 years has held progressively senior roles in the areas of Treasury, Finance, Private Banking and Insurance. From 2003 to 2009, she was General Manager of Scotia Jamaica Life Insurance Company (SJLIC) and in September 2009 was appointed Chief Financial Officer of the Group. In April 2011 she assumed additional responsibilities as Chief Administrative Officer and in April 2013 was appointed Executive Vice President, CFO and CAO. ........................................................................................... #41 Sharon Donaldson is Managing Director of General Accident Insurance Company Limited where she is responsible for driving the company’s growth and for overseeing its prudent underwriting and risk management strategy inclusive of establishing the Company’s strong relationships with international reinsurers. Ms. Donaldson has been with the Company for over 20 years, first joining as the Financial Controller in 1989 before becoming Managing Director in 2001. In addition to her responsibilities at the Company, Mrs. Donaldson is a Director of Musson (Jamaica) Limited.

#44 Dr. Eileen Chin is Managing Director for Lasco Manufacturing Limited. She serves as a Director of Lasco Financial Services Limited and LASCO Manufacturing Limited. Dr. Chin also serves as a Non-Executive Director of Lasco Distributors Limited. Prior to this, she taught at the Giron School of Medicine in Havana from 1993 to 1998where she specialized in histology. Dr. Chin holds a Medical Degree from Havana University’s School of Medicine and an MBA in Global Management. ...........................................................................................

#63 Fayval Williams holds the position of Executive Director of Kingston Properties Limited and has overall executive responsibility for the company’s affairs. Kingston Properties Limited is listed on the Jamaica Stock Exchange under the symbol KPREIT. The company invests in, owns and manages real estate properties. Its mission is to provide an above average rate of return to its investors through dividends and capital appreciation from its real estate portfolio. Prior to heading KPREIT, Mrs. Williams served as Chief Investment Officer of JMMB Limited from March, 2005 to Sept, 2007 with investment responsibilities spanning the trading department, investment research, and pensions. During the period Sept, 2002 to Feb, 2004, Mrs. Williams consulted with JMMB in the areas of market risk management and investment research and led JMMB’s efforts to develop investment research capabilities. Mrs. Williams also served as the Head of the Valuation and Pricing team for JMMB’s public offering.

C O V E R S T O R Y F E AT U R E :

Andrea Coy is now the General Manager of GK Foods & Services Ltd, World Brands Services Division. Previously, Andrea was also assigned to Hi Lo Food Stores Division from April 2005 to September 2010, where she was promoted to the position of General Manager (October 2006) - a feat achieved before the age of 40 years. With this appointment, she became the second female General Manager of the 25 year old Grace Kennedy subsidiary. Andrea is a highly passionate and visionary leader with a commitment to excellence and a track record of strong performance. In 1997, she was admitted as a Fellow of the Institute of Chartered Accountants. She is the holder of a Master’s of Science in Accounting and a Bachelor of Science in Accounting, both from the University of the West Indies, Mona. ........................................................................................... # 74 Theresa Chin is the Managing Director for Montego Bay Ice Company limited in Jamaica. The company, over the last few years, eliminated the production of ice making in order to reduce its losses. In 2013, in response to the market environment ice distribution was also eliminated e thereby containing losses even further. Currently, the company is holding its assets in Montego Cold Storage Limited and real estate in the Western Region of the island. Revenues are derived mainly from interest and rent. ........................................................................................... # 79 Michelle Chong, CEO, Honey Bun (1982) Limited. Educated at York University in Toronto, Ontario, Michelle has been the absolute driving force behind the company’s success. A self proclaimed workaholic, Michelle is a shining example that hard, honest work pays off.

She is the holder of a Bachelor of Arts degree, and has furthered her technical education over the years with certification as a HACCP Consultant. Mrs. Chong also pursued food studies at the American Institute of Baking, and business studies via an international scholarship granted by the Swedish International Development Agency SIDA. #83 Marlene StreetForrest, General Manager, Jamaica Stock Exchange (JSE) has effectively run the JSE as an efficient financial market for over 10 years. She played an important role in the formation of the Junior Exchange and is a major force behind the planned integration of regional stock exchanges. Marlene Street Forrest is a Director of both subsidiaries of the JSE where her mandate is to continue the process of developing the JSE Group and particularly the Exchange, in an atmosphere of transparency and fairness while utilizing appropriate technology in providing the greatest possible efficiencies to the market. ........................................................................................... 85# Patricia Bacchus is managing director at Caribbean Container Inc. based in Guyana. Caribbean Container Inc. (CCI) operates the only Paper Recycling Mill in Caricom, manufacturing linerboard and fluting medium, using waste paper as feedstock. The Company’s adjacent Box-Plant, uses as the primary raw material, paper produced by the Mill, to manufacture four colour printed corrugated packaging as well as fiberboard fitments. CCI’s packaging is well received across Caricom with forty percent of production exported to Caricom customers. Domestic collections of waste paper (OCC grade) removes from the local waste stream the equivalent of 1,200 cubic meters of landfill space monthly.

Michelle together with her husband, Herbert Chong, is the founder of the Company where, as Chief Executive Officer, she is responsible for day-to day operations. BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

#68 Andrea Coy, who was tapped almost two years ago to run Hardware & Lumber Limited (H&L), was rewarded for her excellent performance with a major promotion within the Grace Kennedy Group’s corporate structure.

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

C O V E R S T O R Y F E AT U R E :

The Women Running the Boards of Businessuite Caribbean Top 100 Companies Dr. Anita Davis-DeFoe an international organization, human and leadership development solutionists, in her editorial for The 50 Most Powerful Women in Jamaican Business for 2013: BUSINESSUITE Magazines Annual ranking of Jamaica’s leading businesswomen, made the following observation. “Globally, while as women we have made some strides as leaders, we still face tremendous challenges. Typically, when people think of a leader, the organizational CEO, what immediately still comes to mind is “he” not “she.” Dr. Davis-DeFoe indicated that even with mounting research from respected universities and think tanks that suggest women by nature are equipped to be better leaders than men and interestingly enough, the number crunchers report that company profits are higher when a woman is at the helm, females continue to encounter a slippery slope as they work

to journey from the backroom to the boardroom. In the United States, Catalyst.org* reports that only 4.2% of Fortune 500 Company CEOs are women and 4.5% of Fortune 1000 companies are led by women. As we scanned the corporate landscapes across the Caribbean and more specifically the 2013 annual reports for the companies listed on the Businessuite Top 100, we found that the percentages were not much higher. What we observe however is that while the percentages are low for publically listed companies, privately held companies enjoy higher percentages across the Caribbean. While the number of females in the CEO’s office are few in comparison to their male counterparts, the numbers heading the boards are even lower. Of the 100 companies on the Businessuite top 100 for 2014 we found only four (4) boards chaired by women.

........................................................................................................................................................................... Nyree D. Alfonso, Chairperson First Citizens Group based in Trinidad has also broken through the ranks. The First Citizens Group is one of the leading financial services groups in Trinidad & Tobago and the Caribbean region. A full service bank, it has an extensive retail branch network in Trinidad & Tobago. Nyree Alfonso an Attorney-at-Law who, for more than 20 years, has been in private practice specialising in commercial litigation, was appointed to the Boards of First Citizens Holdings Limited in January 2011 and was also appointed to the Board of First Citizens Bank (Barbados) Limited as Chairperson on August 27, 2012.

Sylvia Chrominska is not only the Chairperson of the Boards of the Bank of Nova Scotia Jamaica Limited and Scotia Group Jamaica Limited, she also heads the board for Scotiabank Trinidad and Tobago Limited. Sylvia Chrominska, without a doubt, is the most powerful woman on the Businessuite Top 100. Appointed Chairperson of the Boards of the Bank of Nova Scotia Jamaica Limited and Scotia Group Jamaica Limited, on March 1, 2013 where she has served as a Director since August 27, 2009, she is the first woman in the company’s history to hold this position.

...........................................................................................

Worldwide, the gender diversity lens, according to Dr. Davis-DeFoe, is obstructed by dust, causing it to appear as if the lack of large numbers of women in the corporate suite ise of no grave concern. Golden Media Montserrat CEO Nerissa Golden shared her insights on how women can lead more intentionally, “For women that are more accustomed to being implementers the challenge is to step back and think strategically about how to bring the entire team along with you. It may mean seeing others falter, and rather than taking over, guiding them to success.” BM *(http://www.catalyst.org/knowledge/women-ceos-fortune-1000)

Long-standing contribution to Jamaica's development

As a proud Jamaican company since 1962, we take pride in our long-standing contribution to the

social and economic development

CMY

of Jamaica, responding to social challenges through

contributions to adult education, crime prevention, arts & culture and creating a cleaner environment.

Recent Awards Jamaica Employer Federation: Corporate Social Responsibility, 2008 Top Small Employer of Choice, 2008 Private Sector Organization of Jamaica: Most Strategic Approach to Corporate Social Responsibility, 2008 The Jamaica Stock Exchange: Best Performing Company Award, 2007, 2010, 2011, 2012 First Runner-up Award, Best Website, 2012 United Way of Jamaica: Jupiter Award for Corporate Social Investment, 2011

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

Rita Humphries-Lewin, is the Founder and Chairman, of The Barita Group and has been at the forefront of Jamaica’s stock broking industry for over thirty-five years. One of the first women in this hemisphere to become a stockbroker, Mrs. Lewin went on to become the first female Chairman of a Stock Exchange in the Caribbean, leading the Jamaica Stock Exchange in this capacity in 1984 and again in 1995 to 2000. Under her tenure, she spearheaded the establishment of the Jamaica Central Securities Depository in 1998 and the development of electronic trading on the Jamaica Stock Exchange in January of 2000.

Marcia Nadir-Sharma is Chairperson of the Guyana based Property Holdings Inc.(PHI) Property Holdings Inc is a company that was incorporated on October 5, 1999 for the specific purpose of managing or disposing of property owned by Guyana Stores Limited (GSL). The principal owner of PHI at the time of its creation was GSL, which itself was the property of the Government of Guyana and was under the control of the National Industrial and Commercial Investments Limited (NICIL).

C O V E R S T O R Y F E AT U R E :

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

C O V E R S T O R Y F E AT U R E :

The Sacrifices and The Stressors Faced To Earn A Leadership Position, Dr. Davis-DeFoe in her Editorial noted that few seem to recognize the sacrifices and the stressors that the vast majority of women leaders have faced to earn a leadership position, or the array of resiliency strategies employed just not to give up during the arduous process. She identified five (5) paradoxes that as women they remain challenged by. 1. A Pay Paradox – women historically choose to enter into “pink collar” jobs like teaching and social work that pay a low wage. Despite this, women when performing the same job as a man, make 77% what men earn no matter what the currency might be. 2. An Ambiguity Paradox – women are faced with exhibiting professionalism while maintaining femininity. If she is overly efficient and no nonsense, she is accused of emulating male behaviors, often to the point that her sexual persuasion is questioned; while if she is viewed as being timid, her pathway to the position is questioned as are her qualifications to do the job. Too many women mistakenly think that to be an impactful leader they must behave like a man. 3. A Promotion Paradox – women are often challenged to ask for what they want, negotiate for what they require, appreciate their range of skills and overall worth. This makes moving upward into the corporate suite difficult because these talented women get overlooked and they commonly do not advocate for themselves. Negotiating is a skill that requires practice, and this too often is a needed growth area for women. 4. A Networking Paradox – women innately seek and strive to build relationships, yet we do not always effectively use our networks to support our career pathway progression. Also, many of us do not have mentors to coach us and help us navigate through corporate mine fields. This lack of mentors sadly can be linked to a deficiency of intergenerational support between women commonly due to feelings of competition, ego, and the “All About Me” agenda that some woman have, and 5. A Start-Up Paradox – women as entrepreneurs face a much tougher time finding start-up dollars than men, so for those women choosing to demonstrate their leadership by creating a company, they face multiple challenges getting started even when they have conceptualized an innovative idea or service. Too often, the venture capitalist mindset is not to fund because the woman will marry, have children and swiftly abandon the corporate ship.

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

B OT TO M 5 0 C A R I B B E A N C E O ’ S

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

THE BUSINESSUITE Bottom 50 Caribbean Ceo’s CEOs Are Rejecting The Status Quo Doing What They Can To Generate Real Growth And Substantive Shareholder Values. The truth is, Caricom in 2013 coming into 2014 is, and continues to be, a very difficult place to do business. Regional economies are not in a receptive state for business growth.

CIBC First Caribbean International Bank, Businessuite #6 Caribbean Ranked Public Company found the going tough. Rik Parkhill, commenting further, indicated that “Many of the economies in which we operate rely heavily on tourism and foreign direct investments. The overhang from the economic crisis continues to impede growth and by extension has negatively affected our results. Loan loss provisions this quarter were higher than normal and include an increase in the collective allowance. The Bank is focused on pursuing risk-controlled growth and has taken considerable steps during the year toward the goal of becoming a lower risk bank.”

Rik Parkhill, Chief Executive Officer for CIBC First Caribbean, in his report to shareholders described the Caribbean as follows. “The economic challenges in the region continued during fiscal 2013 with some green shoots emerging in Trinidad, Dutch Caribbean and parts of the Northern Caribbean. Several governments have pursued debt restructuring initiatives in order to put their fiscal house in order and many are implementing fiscal measures which will impact growth in the near term. Against this backdrop which has The 2013 results for many, if not all of the CEO’s on resulted in a weak business climate, credit demand the list, is a very telling sign. Things are not good in Caricom. remains soft.”

To be even considered for The Businessuite Top 10 and 40 CEO Lists, the CEOs first had to meet the Qualifying Mark of US$500,000.00 in profit after tax each year. For our 2014 List only 67 CEOs met this bench mark.

The 2014 list of CEO’s, and all future lists, will largely be about who does what and how well they are doing it, consistently, year after year irrespective of the economic and political environment. To stay on The List, which we continue to highlight, is the true test of excellence and sustained performance

TLLOWING CEOS DID NOT:

As previously indicated, the ranking method employed, ensures that each year the list will be disrupted by outstanding performers. The intent is to ensure that the rankings are not predictably mundane.

A total of 30 CEOs generated negative growth year over year thus eliminating them from further consideration. The following represents those that fell in the bottom 50.

Rank 2014

Chief Ex ecutive Offier ( CEO) A ndr ea Coy Fr ancis L.A . 'T ony ' Hay nes ( GM) A nthony Chang Gar y Matalon Der r ick Cotter ell Nicholas Scott T her esa Chin Geor ge Hugh Ivan B er r y Mustafa T ur r a Douglas Gr aham Michelle Chong Chr istopher Clar k e Gar y field Sinclair Mar lene Str eet For r est Gar y A llen Patr icia B acchus ( Ms.) Joseph A . K ing Michael De Souza Mar cia Nadir -Shar ma ( Ms.) K eith Evely n A dr ian Padmor e ( GM) Edw in T hir lw ell R oger Cave M. A . B r athw aite C R ichar d Cozier John M. B . W illiams R ik Par k hill Dr . R ollin B er tr and Manan Deo ( GM) L. Stefan Monteil

To further qualify for the top 10 and 40 Lists, CEO’s are then ranked by their percentage(%) change in Profit After Tax for 2013 over 2012. Of the 67 CEOs only 37 made the cut.

COMPANY

Hardware & Lumber Limited Caribbean Cement Company Limited Consolidated Bakeries Jamaica Limited KLE Group Limited Derrimon T rading Company Limited Eppley Limited Montego Bay I ce Co. Limited AMG Packaging & Paper Company C2W Music Limited * Berger Paints Jamaica Limited Palace Amusement Company (1921) Limited Honey Bun (1982) Limited Caribbean Cream Limited Cable and Wireless Jamaica - LI ME Jamaica Stock Exchange Limited Radio Jamaica Limited Caribbean Container I nc. City Jewelers and Pawnbrokers Ltd. Humphrey & Company Ltd. Property Holdings I nc. Rupununi Development Company Ltd. West I ndia Biscuit Company Limited Bico I ndustries Limited Fortress Caribbean Property Fund Barbados Farms Limited Barbados Dairy I ndustries Limited Cave Shepherd & Company Limited First Caribbean I nternational Limited T rinidad Cement Limited Readymix (West I ndies) Limited Flavorite Foods Limited

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

However not making the Elite Top 10 or Top 40 List or even not qualifying in any particular year should not be viewed as the sum total of an executive’s overall performance. As in professional sports, teams and players will have good and bad seasons only to have that reversed the following year.

B OT TO M 5 0 C A R I B B E A N C E O ’ S

Rank 2014 51 52

David Dulal-W hitew ay Peter Chin

Jean-Pier r e du Coudr ay Patr ick A . Hy lton

Donovan H Per k ins K ingsley Cooper

Chr istopher B ar nes John R osen

Omaw atie B ir bal ( GM) B r ian Geor ge

K r ishnadath R amlogan ( GM) Fay val W illiams

Ian McNaughton Oliver Chatten

Gar y Pear t R avi T ew ar i

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

Pr ofit After T ax LC$'000

Chief Ex ecutive Offier ( CEO) Cedr ic B lair

55 57 59 61 63 65 67

COMPANY

Desnoes & Geddes Limited Republic Bank Limited Lasco Distributors Limited T he West I ndian T obacco Company Limited National Commercial Bank Jamaica Ltd. Sagicor I nvestments Jamaica Limited Pulse I nvestments Limited Gleaner Company Salada Foods Jamaica Limited Berger Paints T rinidad Limited Supreme Ventures Limited National Enterprises Limited Kingston Properties Limited Barita I nvestments Limited Cable & Wireless (Barbados) Limited Mayberry I nvestments Limited Guardian Holdings Limited

2013

2012

Pr ofit After T ax US$ '000 Change %

2013

2012

Change %

1,211,244 1,210,549

1,229,558 1,440,380

(1.49%) (15.96%)

12,020 188,630

13,817 224,442

-13.01% -15.96%

8,549,831 1,162,613

10,045,862 1,462,284

(14.89%) (20.49%)

84,845 11,537

112,888 16,432

-24.84% -29.79%

90,486 837,384

148,436 1,824,547

(39.04%) (54.10%)

898 130,482

1,668 284,304

-46.17% -54.10%

52,496 70,278

178,848 254,963

(70.65%) (72.44%)

521 697

2,010 2,865

-74.08% -75.66%

506,833 271,076 127,899 85,842 482,569 200,956

8,993 102,343 45,569

550,377 350,039 165,106 133,532

1,076,886 511,158

37,927 439,354 352,532

(7.91%) (22.56%) (22.54%) (35.71%) (55.19%) (60.69%)

(76.29%) (76.71%) (87.07%)

5,030 42,239 1,269 852

4,789 31,313

4,542 1,016 7,101

6,185 54,544 1,855 1,501

12,101 79,649

19,155 4,937

54,932

-18.68% -22.56% -31.59% -43.23%

-60.43% -60.69%

-76.29% -79.43%

-87.07%

A unique, and often time viewed, controversial feature of this methodology is that one off transactions and activity can generate a significant jump in % and propel the CEO to the top of the list in a particular year. Again the analogy of professional sports is relevant here. Teams will acquire new leadership and team members or make significant changes in their operations - buying and acquiring as required- to improve their performance each passing season. So too CEOs and the companies they lead. Scanning through the annual reports, there is clear evidence that CEOs are not accepting their respective situation and are doing all they can to generate real growth and substantive shareholder values.

Patrick Hylton, Group Managing Director National Commercial Bank Jamaica Limited. “Businessuite #8 Caribbean Ranked Public Company, National Commercial Bank, Jamaica, led by Group Managing Director Patrick Hylton, in his report to shareholders indicated that “As has been the case in the past, we have refused to let the headwinds that confronted us during 2013 financial year, curb our enthusiasm or optimism for the future. We have risen to the challenge, producing strong growth in our core business segments as was reflected in increases in our loan and funding portfolios. This was despite the fact that our business performance was significantly impacted by a weakened economic climate marked by losses incurred as a result of our participation in the national and private debt exchange programmes, increased operating costs and lower asset yields.” The 2014 business year is almost at an end and we await the results of the Businessuite Top 100 Caribbean CEOs. BM

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

TO P 4 0 -1 1 C A R I B B E A N C E O ’ S

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

THE BUSINESSUITE Top 40-11 Caribbean Ceo’s Why Are Caribbean CEOs Looking For Growth Beyond Caricom Shores? What is increasingly becoming clear from the results of the Top 100 is that Caricom, as a place for doing business, is becoming challenging and growth opportunities dwindling. But more importantly, the prospects for real growth for the bigger companies is dwindling at a much faster pace. This will, no doubt, impact their ability to generate the rate of growth needed each year to propel them into the upper segments of the list. Not with standing these challenges, Caribbean business leaders have refused to give up and throw in the towel. Instead they are pushing back.

Going through the 2013 annual reports for the companies on the Businessuite Top 100 List, we are increasingly seeing a trend among Caribbean Chief Executive Officers. They are focusing their companies’ resources on strengthening their home markets as a launch pad for growing their international footprints. They are specifically targeting new emerging markets such as South and Central America, Western Africa and Continental Europe. In addition, the USA, Canada and the United Kingdom remain staples for these companies where generations of Caribbean nationals in the Diaspro have for years provided a lucrative market for Caribbean products. began in 2011, when the group did two things that led to the rebranding: First, it crafted a new vision statement that asserted that it would be “a force for good: the most responsible and profitable investment holding/ management company in the Caribbean Basin.”

E. Gervase Warner President & Group Chief Executive Officer, Massy Group In an interview earlier this year with the Trinidad Guardian Newspaper, Massy’s Group (#1 Businessuite Top 100 Caribbean Company) CEO, Gervase Warner (#14 Businessuite Top 100 Caribbean CEOs) commenting on the company’s major rebranding said the process of arriving at the decision

That vision statement, he said, set the company an aspiration for growth that was beyond the shores of the English-speaking Caricom to the region’s Latin American neighbours. In the same article, Warner highlighted that the Massy Group currently generates 75% of its profits from the Trinidadian economy. Clearly making the case for the Group to reduce its dependence on the Trinidadian market and, as he said, go beyond the shores of the English-speaking Caricom to the regions of Latin America for growth and profit diversification.

TO P 4 0 -1 1 C A R I B B E A N C E O ’ S

THE TOP 40-11 We may envy their hugely attractive salary and fringe benefits, but being a CEO is, for the most

These are, simply put, leaders who know their jobs and do it very well. But to further qualify as one the top 10 or top 40 performers, they are ranked by their companies’ percentage change in Profit After Tax for 2013 over 2012.

Ten (10) of the CEOs making up the top 40 ,generated negative growth year over year thus eliminating them from further consideration. These include the following: Rank 2014 41

Pr ofit After T ax LC$'000

Chief Ex ecutive Offier ( CEO) Shar on Donaldson

R ichar d Cozier Chr istopher Levy

Eileen A . Chin R ichar d O. B y les

A nthony J. A gostini Lissant Mitchell

B y r on T hompson Char les R . Pashley

Donald G. W ehby

43 45 47 49

COMPANY

General Accident I nsurance Co Ja Banks Holdings Limited Jamaica Broilers Group Limited Lasco Manufacturing Limited Sagicor Group Jamaica Limited Agostini's Limited Scotia I nvestments Jamaica Ltd. Seprod Limited Prestige Holdings Limited GraceKennedy Limited

2013

2012

327,914 5,411

290,537 5,562

1,030,477 640,220

12.86% (2.71%)

2013

3,254 2,733

2012

Change %

3,265 2,809

-0.33% -2.71%

936,206 587,760

10.07% 8.93%

10,226 6,353

10,520 6,605

-2.80% -3.81%

1,923,379 878,761

3.70% 3.07%

19,793 8,988

21,613 9,875

-8.42% -8.98%

6,297,935 61,368

5,864,574 65,217

36,400 3,794,064

40,986 3,786,332

1,994,535 905,753

Pr ofit After T ax US$ '000 Change %

7.39% (5.90%)

(11.19%) 0.20%

62,498 9,562 5,672 37,651

65,901 10,162

6,386 42,548

-5.16% -5.90%

-11.19% -11.51%

The following list represents those CEO’s who met the two main qualifying marks and fell within The Top 40.

Rank 2014 11

Chief Ex ecutive Offier ( CEO) Peter W illiams

Gr antley Stephenson Chr istopher W illiams

E. Ger vase W ar ner Pr avinchandr a Dave

Hugh Gr aham T im K leinebenne

Ingr id Innes Daw n T homas

John T r acey K omal Samar oo

A Nor man Sabga R amsay A li

Mar k Har t JohnN. A lves

Jeffr ey . M. Hall Staffor d B ur r ow es

John Mahfood Maur lain K ir ton ( Ms.)

R ober t B adal Eton M. Chester

Dodr idge Miller Stephen B . Facey

Chr istopher Fer nandes T homas T y ler

Cliffor d B . R eis A ny a M. Schnoor

Mar cus James A nthony H. A li,

Jacqueline Shar p

13 15 17 19 21 23 25 27 29 31 33 35 37 39

COMPANY

Pr ofit After T ax LC$'000 2013 2012

Light & Power Holdings Limited 54,212 Kingston Wharves Limited 846,974 Proven I nvestments Jamaica Limited * 4,153 Neal & Massy Holdings Limited 610,518 1,294,563 Demerara Bank Ltd. Paramount T rading (Jamaica) Limited 73,348 Unilever Caribbean Limited 70,485 I nsurance Corporation Of B'DOS Limited 14,796 One Caribbean Media Limited 71,467 Guyana Bank for T rade & I ndustry Ltd. 2,178,917 1,569,421 Demerara Distillers Ltd. ANSA Mc Al Limited 874,598 180,604 Sterling Products Ltd. Cargo Handlers Limited 84,947 2,354,287 Republic Bank Guyana Ltd. Jamaica Producers Group Limited 269,960 Dolphin Cove Limited 322,060 Jamaican T eas Limited 93,593 1,850,640 Demerara T obacco Company Ltd. Guyana Stockfeeds I nc. 219,527 1,003,935 Citizens Bank Guyana I nc. Sagicor Financial Corporation* 79,628 Pan-Jamaican I nvestment T rust 2,524,025 J.P. Santos & Company Ltd. 185,422 Caribbean Producers Jamaica Ltd. * 3,193 Banks DI H Ltd. 3,421,540 Scotiabank T rinidad & T obago Limited 561,195 Access Financial Services Ltd. 270,112 Goddard Enterprises Limited 33,988 Scotia Group Jamaica Ltd. 11,517,195

Change %

40,244 556,474

34.71% 52.20%

53,375

37.42%

3,263 494,112 1,043,424 58,209 12,287

59,815 1,814,136 1,314,219

Pr ofit After T ax US$ '000 2013 2012 Change %

27,380 8,405

20,325 6,253

34.71% 34.41%

27.28% 23.56% 24.07%

4,153 95,132 6,277

3,263 76,993 5,106

27.28% 23.56% 22.93%

19.48% 20.11% 19.42%

11,136 10,564 7,609

9,320 8,877 6,431

19.48% 19.01% 18.32%

21.09% 20.42%

728

10,983 7,473

600

9,070 6,206

21.36%

21.09% 20.42%

740,224 151,755

18.15% 19.01%

136,281 876

115,343 743

18.15% 17.92%

207,710

29.97%

2,679

2,334

14.78%

200,844 921,748

9.30% 8.92%

1,064 4,868

983 4,510

8.30% 7.92%

64,560 2,012,936

250,821 74,661 1,679,408 75,320

2,112,718 174,479

3,042 3,263,357 545,553 237,968

33,914 10,159,045

31.58% 16.96%

28.40% 25.36% 10.20% 5.72%

19.47% 6.27% 4.96% 4.85%

2.87% 13.51%

0.22% 13.37%

843 11,415

3,196 929 8,973

79,628

725 9,850

2,819 839 8,218 75,320

16.20% 15.89%

13.39% 10.70% 9.19% 5.72%

25,047 899

23,741 854

5.50% 5.30%

87,446 2,680

85,009 2,674

2.87% 0.24%

3,193 16,589

17,166 114,292

3,042 15,969

17,128 114,159

4.96% 3.89%

0.22% 0.12%

We salute this first group of CEOs for their high performance, and for providing an example of how to lead large, complex, dynamic organizations. Success is not a singular act but a habit. We are what we repeatedly do.BM

part, a meritocracy fraught with as much pressure as there are perks. These professionals have gotten to where they are today by virtue of insight, sheer knowledge, extensive experience and hard work and therein lies the success stories.

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

The stark reality is that for CEOs running companies in the top tier of the Businessuite Top 100 to generate real US dollar growth each year, they are not going to find it in Caricom. Such growth can however easily be found and secured in the markets to the West, Europe and of course Africa.

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

BUSINESSUITE TOP BARBADOS CEO for 2014

“NEVER IN OUR PROUD HISTORY HAS OUR BUSINESS FACED SUCH SIGNIFICANT CHANGE.” #1 PETER WILLIAMS

Managing Director Light & Power Holdings Ltd

COV E R STO RY: TO P 1 0 C A R I B B E A N C E O ’ S

SCORE CARD Rank 2014

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

Chief Ex ecutive Offier ( CEO) Peter Williams

COMPANY

Light & Power Holdings Limited

Pr ofi t After T ax LC$'000 2013 2012

54,212

40,244

Change %

34.71%

Pr ofi t After T ax US$ '000 2013 2012 Change %

27,380

20,325

34.71%

eter Williams has been the Managing Director of Light & Power Holdings Ltd. since 2011. Immediately prior to this, he was Managing Director of The Barbados Light & Power Company Limited, a wholly owned subsidiary of Light & Power Holdings Ltd. Mr. Williams also serves on the Board of Directors of St. Lucia Electricity Services Limited and is currently Chairman of the Caribbean Electric Utility Services Corporation (CARILEC), an association of electric utilities in the Caribbean. Peter holds a BSc. in Mechanical Engineering from Manchester University (UK), a MSc. (Electric Power Systems) from the University of the West Indies and an MBA from the Ivey Business School, University of Western Ontario, Canada.

LIGHT & POWER HOLDINGS LTD. (LPH) Businessuite Top 100 Company 2014 Rank (US$000 Gross Revenue) 12

Light & Power Holdings Limited

Light & Power Holdings Ltd was founded in 1997 and is publicly traded on the Barbados Stock Exchange. LPH is majority owned by Emera Inc. “Emera” of Nova Scotia, Canada, an energy and services company with CAD $8.9 billion in assets and 2013 revenues of CAD $2.2 billion. Emera invests in electricity generation, transmission and distribution, as well as gas transmission and utility energy services. Emera’s strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of that clean energy to market. Emera is listed on the Toronto Stock Exchange and trades under the symbols EMA.PR.A., EMA.PR.C., and EMA.PR.E.

NATURE OF THE BUSINESS The core business of the Group is energy. It conducts its business principally through The Barbados Light & Power Company Limited (BLPC), its wholly owned subsidiary which serves over 125,000 customers on the island of Barbados, and Dominica Electricity Services Limited (DOMLEC), a 51.91% subsidiary, which serves approximately 35,000 customers in

Dominica.

315,390

The Group also holds a 19.1% investment in St. Lucia Electricity Services Ltd (LUCELEC) which serves approximately 65,000 customers in St. Lucia. The Group is comprised of the following other key subsidiaries: • Emera Caribbean Renewables Limited (ECRL), formally LPH Renewable Energy Limited) which was formed in 2012 to offer customers distributed renewable energy systems. • LPH Caribbean Holdings Limited (LPH Caribbean). • LPH Real Estate Inc. (LPH Real Estate). • LPH Telecom Ltd. (LPH Telcom). Additionally, BLPC has a self insurance fund called the Barbados Light & Power Limited Self Insurance Fund (SIF).

PERFORMANCE REVIEW (edited for 2013 annual report)

The cornerstones of our strategy are growth and operational excellence. In 2013, we focused on growth in our market with an emphasis on safety, sustainability and

Rank COM P A NY 2014Chi ef E x ecuti v e Offi er ( CE O) 1 Peter W illiam s Light & Power Holdings Lim ited 2 Ingrid Innes Insurance Corporation Of B 'DOS Lim ited 3 Dodridge M iller Sagicor Financial Corporation 4 Anthony H. Ali, G oddard Enterprises Lim ited 5 Richard Cozier B anks Holdings Lim ited 6 Oliver Chatten Cable & W ireless (B arbados) Lim ited 7 Adrian Padm ore (G M ) W est India B iscuit Com pany Lim ited 8 Edwin Thirlwell B ico Industries Lim ited 9 Roger Cave Fortress Caribbean Property Fund 10 M . A. B rathwaite B arbados Farm s Lim ited 11 Not Listed Alm ond Resorts Incorporated 12 Not Listed The W est Indies Rum Distillery Lim ited B arbados Dairy Industries Lim ited 13 C Richard Cozier 14 John M . B . W illiam s Cave Shepherd & Com pany Lim ited 15 Rik Parkhill First Caribbean International Lim ited 33,914 8,993

5,411

(76.29%)

(2.71%)

0.22%

5.72%

20.42%

34.71%

7,473

4,542

2,733

17,166

79,628

27,380

6,206

19,155

2,809

17,128

75,320

20,325

-76.29%

-2.71%

0.22%

5.72%

20.42%

34.71%

P r ofi t A fter T a x US $ '000 2013 2012 Cha nge %

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

37,927

5,562

75,320

33,988

79,628

12,287

40,244

14,796

54,212

P r ofi t A fter T a x L C$'000 2013 2012 Cha nge %

B usinessuite T op 5 2 0 1 4 R ank ing - B A R B A DOS

Top 10 2014 Ranking Barbados

COV E R STO RY: TO P 1 0 C A R I B B E A N C E O ’ S

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

environmental protection. The investments made under the LPH umbrella - in solar photovoltaic (PV) installations across the island, in geothermal energy exploration, in emissions-free electric vehicles, as examples - reflect that focus. Just as importantly, we are capitalizing on the experience, skills and knowledge that exist among our teams to move toward operational excellence throughout LPH companies. Throughout 2013, the Barbados Light & Power Company (BLPC) continued to work towards its five year strategic goals of reducing generation costs, strengthening stakeholder relationships, greater operational excellence and stronger financial performance, improving employee engagement, and promoting a greener Barbados. It was a busy and challenging year for the country, and for BLPC. The world economy continued to impact Barbados’ economy, underlining the critical need for BLPC to find ways to reduce its dependence on foreign oil. 2013 was a third successive year of declining sales, but the Company has been able to offset this decline through careful management of internal operations.

PROJECTIONS FOR 2014 In 2014 the Company will revisit its strategy in light of Barbados’ changing energy environment, and will be challenged to increase efficiency as we strive to provide safe, reliable and costeffective services to our customers.BM

www.blackslateholdings.com

COV E R STO RY: TO P 1 0 C A R I B B E A N C E O ’ S

BUSINESSUITE TOP GUYANA CEO for 2014

A YEAR OF SUSTAINED GROWTH AND DEVELOPMENT #1 MR. PRAVINCHANDRA S. DAVE Chief Executive Officer Demerara Bank Limited

Despite our best efforts up to press time we were not able to find any biographical or professional information on Pravinchandra Dave on the company website, annual reports or internet searches hence the brief introduction.

SCORE CARD R a nk 2014 1

Chi e f E x e cuti v e Offi e r ( CE O) Prav inchandra Dav e

COM P A NY Dem erara B ank Ltd.

P r ofi t A fte r T a x L C$ '0 0 0 2013 2012 Ch an ge % 1,294,563

1,043,424

24.07%

P r ofi t A fte r T a x US $ '0 0 0 2013 2012 Ch an ge % 6,277

5,106

22.93%

DEMERARA BANK LIMITED Incorporated on January 20, 1992 as a private limited liability company under the provisions of the Companies Act, Chapter 89:01 and was licensed to carry on the business of Banking on October 31, 1994. The Bank obtained Certificate of Continuance on April 2, 1997 in accordance with the Companies Act 1991. 69

Demerara Bank Ltd.

Businessuite Top 100 Company 2014 Rank (US$000 Gross Revenue) The Bank offers a complete range of banking and financial services and operates under the provisions of the Financial Institutions Act (Act 1 of 1995). The Bank was registered as a reporting issuer under the Securities Industries Act 1998 on September 2, 2003. On September 2, 2003 the Bank was designated an approved mortgage finance company by the Minister of Finance in accordance with section 15 of the Income Tax Act. The income earned from mortgages granted by an approved mortgage finance company is exempt from the payment of corporation taxes, provided that these mortgages comply with the stipulated regulations.

PERFORMANCE REVIEW (edited from 2013 annual report)

Profit Before Taxation was $1.957 billion against $1.455 billion; an increase of 34.5% over the previous year. Net Profit After Taxation was $1.295 billion compared to

13,278

$1.043 billion, which shows an increase of 24.1% over the previous year. However, the total tax obligation including property tax has increased from $455 million to $714 million during the year. The Bank has achieved good results on account of very efficient assets and liabilities management, aggressive lending strategies and prudent investment policies. The most commendable feature of the Bank was sustained growth and development in all areas of banking. The Bank has shown excellent performance during the year and highlights of our performance are shown hereunder:√ Deposits of the Bank have increased from $35.0 billion to $41.5 billion; showing a rise of 18.6% over the previous year. √ Gross Profit of the Bank was $1.5 billion last year, which has increased to $2.0 billion during the year; showing an increase of 33.3% over the previous year. √ Gross Advances of the Bank has moved

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

r. Pravinchandra S. Dave is the Chief Executive Officer of the Demerara Bank Limited, the first indigenous private-sector bank in Guyana providing a complete range of commercial banking services.

11 12 13 14 15

R a nk 2014

Republic Bank Guyana Ltd.

Citizens Bank Guyana Inc.

Patricia Bacchus (M s.) Joseph A. King M ichael De Souza M arcia Nadir-Sharm a (M s.) Keith Evelyn

Clifford B. Reis

Christopher Fernandes

Caribbean Container Inc. City Jewelers and Pawnbrokers Ltd. Hum phrey & Com pany Ltd. Property Holdings Inc. Rupununi Developm ent Com pany Ltd.

Banks DIH Ltd.

J.P. Santos & Com pany Ltd.

Guyana Stockfeeds Inc.

Eton M . Chester

Robert Badal

Dem erara Tobacco Com pany Ltd.

M aurlain Kirton (M s.)

Sterling Products Ltd.

JohnN. Alves

Ram say Ali

Dem erara Distillers Ltd.

Guyana Bank for Trade & Industry Ltd.

Kom al Sam aroo

John Tracey

COM P ANY Dem erara Bank Ltd.

Chi ef Ex ecuti v e Offi er ( CEO) Pravinchandra Dave

12,667

(9,354)

402 (585)

2,650

2,402

26,258

3,263,357

174,479

921,748

200,844

1,679,408

2,012,936

151,755

1,314,219

1,814,136

1,043,424

1,299

20,088

3,421,540

185,422

1,003,935

219,527

1,850,640

2,354,287

180,604

1,569,421

2,178,917

1,294,563

(104.62%)

0.00%

559.28%

(45.90%)

(23.50%)

4.85%

6.27%

8.92%

9.30%

10.20%

16.96%

19.01%

19.42%

20.11%

24.07%

P r ofi t After T a x L C$'000 2013 2012 Ch an ge %

B usinessuite T op 1 0 2 0 1 4 R ank ing - GUYANA

Top 10 2014 Ranking Guyana

(3)

16,589

899

4,868

1,064

8,973

11,415

876

7,609

10,564

6,277

(46)

128

15,969

854

4,510

983

8,218

9,850

743

6,431

8,877

5,106

3.89%

5.30%

7.92%

8.30%

9.19%

15.89%

17.92%

18.32%

19.01%

22.93%

P r ofi t After T a x US$ '000 2013 2012 Ch an ge %

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

COV E R STO RY: TO P 1 0 C A R I B B E A N C E O ’ S

from $15.8 billion to $19.0 billion; showing a rise of 20.3% over the previous year.

The establishment

√ Earnings Per Share has improved from 2.32% to 2.88% per share; showing a rise of 24.14% over the previous year.

of National SWITCH

√ Return on Average Assets was 2.67% as on September 30, 2012 has increased by 6% during 2013. Normally, in the banking industry, globally, the return on average assets is around 1 to 1.50%. The return on assets of the bank has improved considerably in the last five years.

and customer-

√ Shareholders’ Funds have gone up from $4.5 billion to $5.5 billion; showing a rise of 22.2% over the previous year. √ The Return on Shareholders’ Funds has gone up by 1.3%. √ The Book Value of the shares has gone up to $14.30 per share; showing a rise of 18.4% over the previous year.

PROJECTIONS FOR 2014 We have signed an Agreement with VISA International to become a Principal Member. We are currently in the process of identifying the intermediaries and establishment of linkages for the launching of the VISA Cards to our clients. This has been a long standing demand of our customers. With the launching of VISA Cards in 2014, we shall explore the possibility of introducing mobile banking. The Guyana Association of Bankers is actively engaged in establishing the SWITCH mechanism for customers. Majority of the banks in Guyana have signed the Agreement with VISA International to establish SWITCH mechanism in Guyana. The establishment of National SWITCH will be cost-effective and customer-friendly. Customers will be able to use different locations for withdrawal and deposit purposes and other banks Point of Sale Machines for transacting their business. Guyana remains a highlycash oriented society and we are motivating and encouraging our clients to minimize the use of cash. Cash transactions are obviously highly risky. Training is an important part of our banking process. We are trying to impart on-the-job and classroom training to various segments of employees. BM

will be cost-effective friendly. Customers will be able to use different locations for withdrawal and deposit purposes and other banks Point of Sale Machines for transacting their business. Guyana remains a highly-cash oriented society and we are motivating and encouraging our clients to minimize the use of cash. Cash transactions are obviously highly risky.

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

√ Our Net Non-Performing Loans which were $1.1 billion as at September 30, 2012 has gone down by $52 million; showing a decrease of 4.6% over the previous year.

√ Investments of the Bank as on September 30, 2013 has moved from $15.2 billion to $20.8 billion; showing a rise of 36.8% over the previous year.

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

COV E R STO RY: TO P 1 0 C A R I B B E A N C E O ’ S

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

BUSINESSUITE TOP JAMAICA CEO for 2014

GOING FOR SUSTAINED GROWTH AND CONTINUED INNOVATION #1 MARCUS STEELE, Managing Director Carreras Limited

COV E R STO RY: TO P 1 0 C A R I B B E A N C E O ’ S

SCORE CARD Rank 2014

COMPANY Carreras Limited

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

Chief Executive Offier ( CEO) Marcus Steele

Pr ofit After T ax LC$'000 2013 2012

6,538,244

2,597,220

Change %

151.74%

Pr ofit After T ax US$ '000 2013 2012 Change %

64,883

29,186

122.31%

arcus Steele first joined Carreras Group Limited in the Tobacco division of Cigarette Company of Jamaica Limited, as a Management Accountant in April 1998. In June 1999, he was promoted to Finance Planning Manager and 2 years later, Marketing Finance Manager. In May 2002, Marcus assumed overall responsibility for management of Marketing and Operations Finance. In March 2004, Mr. Steele was seconded to British American Tobacco Caribbean and Central America’s Area Office in Costa Rica as the Country Readiness Manager for the Caribbean with the responsibility for leading the migration of the Caribbean legal entities into the regional shared service centre. In July 2005, he was appointed Finance Planning and Reporting Manager for BAT’s operations in the Caribbean and Central America where he focused on financial reporting, strategy and planning.

Marcus graduated from St. Jago High School and is a qualified Chartered Accountant. He has a Bachelor of Science degree in Accounting from the University of the West Indies and a Master of Business Administration from Florida International University.

Marcus Steele was appointed to the Carreras Board of Directors on October 1, 2007 and served as Finance Director and Company Secretary until August 2011 when he was seconded to the Trinidad branch of another BAT company, Carisma Marketing Services Limited, in the position of Country Manager with responsibility for the general management of the Company’s businesses across 24 markets in the English, French and Dutch Caribbean. Marcus graduated from St. Jago High School and is a qualified Chartered Accountant. He has a Bachelor of Science degree in Accounting from the University of the West Indies and a Master of Business Administration from Florida International University. Mr. Steele also completed an Executive Programme in General Management at the Harvard Business School.

CARRERAS LIMITED Businessuite Top 100 Company 2014 Rank (US$000 Gross Revenue) 27

Carreras Limited

121,480

Carreras Limited (“the company”) is incorporated and domiciled in Jamaica and is listed on the Jamaica Stock Exchange. It is a 50.4% subsidiary of Rothmans Holdings (Caricom) Limited, which is incorporated in St. Lucia. The ultimate parent company is British American Tobacco plc, incorporated in the United Kingdom and listed on the London Stock Exchange. The principal activities of the company are the marketing and distribution of cigarettes.

PERFORMANCE REVIEW (edited for 2013 annual report) This was the outcome of management’s strategic objective to deliver sustainable growth through portfolio diversification and innovation even amidst the continuing challenges posed by declining consumer purchasing power, competition from other FMCG’s for the trades spend as well as competition from illicit cigarettes and raw tobacco. BM

2014

Rank

Stafford Burrowes

Jeffrey. M. Hall

Mark Hart

Hugh Graham

Christopher W illiams

Grantley Stephenson

Jacinth Hall-T racey

K eith Duncan

Dhiru T anna

Marcus Steele

Chief Executive Offier (CEO)

Dolphin Cove Limited

Jamaica Producers Group Limited

Cargo Handlers Limited

Paramount Trading (Jamaica) Limited

Proven Investments Jamaica Limited *

Kingston Wharves Limited

Lasco Financial Services Limited

Jamaica Money Market Brokers Limited

Blue Power Group Limited

Carreras Limited

COMP ANY

322,060

269,960

84,947

73,348

4,153

846,974

163,899

3,856,863

103,980

6,538,244

2013

28.40%

29.97%

31.58%

37.42%

27.28%

52.20%

60.00%

72.15%

120.74%

151.74%

Change %

3,196

2,679

843

728

4,153

8,405

1,626

38,274

1,032

64,883

2013

2,819

2,334

725

600

3,263

6,253

1,151

25,176

529

29,186

2012

13.39%

14.78%

16.20%

21.36%

27.28%

34.41%

41.30%

52.02%

94.94%

122.31%

Change %

P r ofit After T ax US$ '000

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

250,821

207,710

64,560

53,375

3,263

556,474

102,434

2,240,456

47,105

2,597,220

2012

P r ofit After T ax LC$'000

B usinessuite Top 10 2014 R anking - JAMAICA

Top 10 2014 Ranking Jamaica

COV E R STO RY: TO P 1 0 C A R I B B E A N C E O ’ S

Published Annually In December

Even with mounting research from respected universities and think tanks that suggest women by nature are equipped to be better leaders than men (if you don’t believe me Google this for yourself), and interestingly enough, the number crunchers report that company profits are higher when a woman is at the helm, females continue to encounter a slippery slope as they work to journey from the backroom to the boardroom.”

“Globally, while as women we have made some strides as leaders, we still face tremendous challenges. Typically, when people think of a leader, the organizational CEO, what immediately still comes to mind is “he” not “she.”

Who Are The Top 50 Women In Jamaican Business For 2014?

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

BUSINESSUITE TOP TRINIDAD AND TOBAGO CEO for 2014

COV E R STO RY: TO P 1 0 C A R I B B E A N C E O ’ S

THE BEST RESULTS IN OVER A DECADE. #1 ERNEST ASHLEY TAYLOR

President Point Lisas Industrial Port Development Corporation Limited (PLIPDECO)

COV E R STO RY: TO P 1 0 C A R I B B E A N C E O ’ S

E BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

rnest joined the Point Lisas Industrial Port Development Company in 2008 where he served as Vice President of Port Operations before being elevated to the President’s office in

2010. Prior to joining PLIPDECO, he served as Group Director for FIMI Wireless Ltd. Headquartered in Jamaica; FIMI is Digicel Group’s largest retail chain with operations in some six countries. Before getting into the telecommunications sector, Ernest spent twelve years in Jamaica, three of which were at KPMG as a Management

Consultant and nine at the Port Authority of Jamaica in the position of Assistant Vice President - Operations. At the Port Authority he was integral to the process that saw the transformation of the Port operations from a 500,000 teus per year facility to one in excess of 1.5M teus per annum. Mr. Taylor’s credentials include a MSc. in Industrial Engineering (majoring in Operations Research) from the Technical University of Nova Scotia and a BSc in Industrial Engineering from the University Of The West Indies.

POINT LISAS INDUSTRIAL PORT DEVELOPMENT CORPORATION LIMITED Businessuite Top 100 Company 2014 Rank (US$000 Gross Revenue) 46

PLIPDECO Limited

PERFORMANCE REVIEW (edited for 2013 annual report)

The operations of the Corporation were, for 2013, a combination of consolidation and further implementation of key strategic initiatives. The result has been the best financial performance in over a decade. There were considerable improvements in a number of areas inclusive of a substantial increase in containerised throughput.

41,190

In fact, the Port had total containerised throughput of 192,887 teus, representing not only a 9% increase over the previous years, but also a record throughput for the Port. This performance was buoyed by increases in all types of cargo, with transhipment leading the way with a 25% increase.

PROJECTIONS FOR 2014 Looking forward to 2014, several more initiatives are planned. These span the gamut of equipment procurement, infrastructure upgrade and rehabilitation, technological improvements, cost management and process changes.BM

A shl e y T a y l or

G uardian M edia Lim ited

Neal & M assy Holdings Lim ited One Caribbean M edia Lim ited

Da w n T hom a s

Unilev er Caribbean Lim ited

A NSA M c A l Lim ited

T i m K l e i ne be nne

A Nor m a n S a bga

First Citizens B ank Lim ited

E . Ge r v a se W a r ne r

L a r r y Na th

A NSA M erchant B ank Lim ited

Gr e gor y N. H i l l

A ngostura Holdings Lim ited

Ga br i e l F a r i a

R obe r t W ong

National Flour M ills Lim ited

PLIPDECO Lim ited

COM P A NY

K e l v i n M a ha bi r

2014 Chi e f E x e cuti v e Offi e r ( CE O)

R ank

874,598

71,467

70,485

610,518

606,540

266,414

54,045

411,071

21,197

236,788

2013

18.15%

19.48%

21.09%

23.56%

35.88%

79.52%

80.04%

104.00%

154.68%

670.19%

Cha nge %

136,281

11,136

10,983

95,132

94,512

41,513

8,421

64,054

3,303

36,897

2013

115,343

9,320

9,070

76,993

69,557

23,124

4,678

31,399

1,297

4,791

2012

18.15%

19.48%

21.09%

23.56%

35.88%

79.52%

80.04%

104.00%

154.68%

670.19%

Cha nge %

P r ofi t A fte r T a x US $ '000

BUSINESSUITE TOP 100 CARIBBEAN CEOâ&#x20AC;&#x2122;S I NOVEMBER 2014

740,224

59,815

58,209

494,112

446,392

148,401

30,019

201,505

8,323

30,744

2012

P r ofi t A fte r T a x L C$'000

B usinessuite T op 1 0 2 0 1 4 R ank ing - T r inidad and T obago

Top 10 2014 Ranking Trinidad and Tobago

COV E R STO RY: TO P 1 0 C A R I B B E A N C E O â&#x20AC;&#x2122; S

COVER STORY -

The Businessuite Top 10 Who Are They And What Did They Do To Make This Exclusive List?

The Businessuite Elite Top 10 List for 2014 is dominated by CEOs from Jamaica and Trinidad & Tobago with the latter taking six (6) of the positions including numbers 1 and 2. The range of industries is as wide as can be expected from a Caribbean perspective. These range from the dominant sectors of Banking & Finance and Media to Port Development, Manufacturing and the Marketing and Distribution of Cigarettes. At #9 is the only female in the top 10 this year, Jacinth Hall Tracey, Managing Director, Lasco Financial Services, who is definitely a rising star in Caribbean business. Jacinth has been on the Businessuite radar for some time. Not only is she the only female to make it into the TOP 10 of the Businessuite Top 100 CEO for 2014, she was last year listed as number #1 in the Businessuite Top 10 CEOâ&#x20AC;&#x2122;s for Jamaican companies listed on the Jamaica Junior Stock exchange.

COV E R STO RY: TO P 1 0 0 C A R I B B E A N C E O ’ S

Rank

2014 Chief Executive Offier ( CEO) 1 Ashley T aylor

Pr ofit After T ax LC$'000 2013 2012

COMPANY P LIP DE CO Lim ited ***

K elvin Mahabir

National Flour Mills Lim ited

Mar cus Steele

Car r er as Lim ited

R ober t W ong

Angostur a Holdings Lim ited

Major Noel Dawes

B lue P ower Gr oup Lim ited

Gabr iel Far ia

Guar dian Media Lim ited

Gr egor y N. Hill

ANSA Mer chant B ank Lim ited

K eith Duncan

Jam aica Money Mar k et B r ok er s Lim ited

Jacinth Hall-T r acey

Lasco Financial Ser vices Lim ited

Lar r y Nath

Fir st Citizens B ank Lim ited

Success however is not a singular act but a habit. We are what we repeatedly do. It is therefore fair to anticipate your presence in successive years.

236,788 21,197 6,538,244 411,071 103,980 54,045 266,414 3,856,863 163,899 606,540

30,744 8,323 2,597,220 201,505 47,105 30,019 148,401 2,240,456 102,434 446,392

Change %

670.19% 154.68% 151.74% 104.00% 120.74% 80.04% 79.52% 72.15% 60.00% 35.88%

Pr ofit After T ax US$ '000 2013 2012 Change %

36,897 3,303 64,883 64,054 1,032 8,421 41,513 38,274 1,626 94,512

4,791 1,297 29,186 31,399 529 4,678 23,124 25,176 1,151 69,557

#1 on the 2014 Elite List, Ernest Ashley Taylor, President, Point Lisas Industrial Port Development Corporation Limited, (PLIPDECO)Trinidad and Tobago not only copped the Top Caribbean position but also copped the #1 position for Trinidad and Tobago. Ernest joined PLIPDECO in 2008 where he served as Vice President of Port Operations before being elevated to the President’s office in 2010. #3 on the Caribbean Top 100 Elite list Marcus Steele, Managing Director, Carreras Limited, also copped the number #1 for Jamaica. Marcus first joined Carreras Group Limited in the tobacco division of the Cigarette Company of Jamaica Limited, as Management Accountant in April 1998. We salute this first group of CEO’s who earned premier placements in the Elite Top 10 for their high performance, and for providing an example of how to lead large and medium sized, complex, dynamic organizations. Reaching the top 10 is worthy of special commendations for making the arduous climb to join an elite club of leaders in your field – we salute you all. Success however is not a singular act but a habit. We are what we repeatedly do. It is therefore fair to anticipate your presence in successive years. We now present a more detailed review of the top 10 for 2014.BM

670.19% 154.68% 122.31% 104.00% 94.94% 80.04% 79.52% 52.02% 41.30% 35.88%

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

WE MET OR EXCEEDED MANY OF OUR TARGETS.

#10 LARRY NATH, Group Chief Executive Officer, First Citizens Group – Trinidad and Tobago

SCORE CARD - FINANCIAL HIGHLIGHTS Rank

2014 Chief Executive Offier (CEO) 10 Larry Nath

COMPANY First Citizens Bank Limited

Larry Nath joined First Citizens Group as Deputy Chief Executive Officer –Banking Operations in June 2011. He has been involved in the financial services industry for over 23 years, and has worked with multinational banks in a variety of roles, both in Trinidad & Tobago and internationally. Nath’s career has given him a wealth of experience in commercial, corporate and energy-sector banking. He is the holder of Bachelor and Masters degrees, and the holder of an accredited director designation. He also completed the Leadership Programme at the Wharton School. Nath has held directorships on several public and private sector boards and currently sits on the boards of several subsidiaries within the First Citizens Group and is President of the Bankers Association of Trinidad & Tobago. He also sits on the Board of United Way, Trinidad & Tobago. THE FIRST CITIZENS GROUP Businessuite Top 100 Company 2014 Rank (US$000 Gross Revenue)

First Citizens Group Limited

Profit After Tax LC$'000 2013 2012 Change %

Profit After Tax US$ '000 2013 2012 Change %

606,540

94,512

446,392

35.88%

69,557

35.88%

The First Citizens Group and its subsidiaries conduct a broad range of banking and financial

services activities including retail banking, corporate and commercial banking, investment banking, trusteeship and asset management. The Bank is a subsidiary of First Citizens Holdings Limited, a company in which the majority of shares are owned by the Government of Trinidad & Tobago. PERFORMANCE REVIEW (edited from 2013 annual report)

During the year, the Group continued to focus on improving the predictability and consistency of its performance by improving client satisfaction across all lines of business, and further development of the retail banking network. First Citizens Group launched new card products which widened card adoption rates and usages, along with enhancing delivery channels. First Citizens also continued development of payment solutions, an aspect of the financial landscape that is seeing tremendous innovation. 254,576

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

The Group had a very good year in which it met or exceeded many of its targets. All business lines contributed to overall performance. SOME HIGHLIGHTS INCLUDE: • Profit before tax increased by 3.9% to $742.2 million • Profit after tax amounted to $606.5 million or 35.9% growth year-on-year • Total assets increased from $34 billion to $36.3 billion • Standard & Poor’s and Moody’s maintained the Group’s investment grade rating at BBB+ and BAA1 respectively • The Group’s capital base increased by over 7.6% to $6.2 billion • Qualifying capital to risk adjusted assets ratio remained best of class at 64.5% For the financial year ended September 30, 2013, profit before tax increased to $742.2 million. Profit after tax amounted to $606.5 million. Nonperforming loans as a percentage of total loans stood at 4.25%. The Group’s funding base increased from $27.4 billion to $28 billion. The Group’s gross loan base grew from $10.6 billion to $11.8 billion, while investments decreased from $10.8 billion to $10.3billion. Overall total assets increased from $34.0billion to $36.3 billion. As a result of the consistent performance, the high quality balance sheet, as well as strong capital ratios, Standard and Poor’s (BBB+) and Moody’s maintained First Citizens ratings notwithstanding the general uncertainty in the international financial sector. In July 2013, management was encouraged by the

public’s response to the Initial Public Offering (IPO). This IPO, which was worth just over $1 billion, was oversubscribed 3.12 times. Management regarded this as a great achievement, especially since the global and local economic environment continued to show signs of limited growth over the past year. PROJECTIONS FOR 2014 (edited from 2013 annual report)

“Going forward, given the unsettled economic outlook, our key priorities include robust risk management, improved operational efficiencies and enhanced corporate governance and the generation of sustainable results.” The global economy is strengthening gradually. However, the outlook is still uncertain and growth is at a slower pace than before the financial crisis. Accommodative monetary policies, improving financial market conditions and a gradual restoration of confidence are supportive factors. Also, the fiscal adjustment of the last few years is beginning to pay off. Several countries are close to stabilising their government debt-to-GDP ratios. The condition of the regional economies will require the Group to maintain its robust risk management. However, management remains confident in the overall growth opportunities for the lines of business. The local economy is slowly improving, driven by Government stimulus and a rebound in the nonenergy sector. The financial sector remains sound and well capitalized. Monetary and fiscal policies remain geared towards stimulating private sector credit. BM

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

WE FACED MANY CHALLENGES & OPPORTUNITIES #9 MRS. JACINTH HALL TRACEY, Chief Executive Officer and Managing Director LASCO Financial Services Limited - Jamaica SCORE CARD Rank

2014 Chief Executive Offier (CEO) 9 Jacinth Hall-Tracey

COMPANY Lasco Financial Services Limited

Mrs. Hall Tracey is celebrating 10 years of success with the company where she began as its General Manager and Compliance Manager in 2004. She was subsequently appointed Managing Director and promoted to the Board of LASCO Financial Services Limited in 2009.

Pr ofit After T ax LC$'000 2013 2012 Change %

Pr ofit After T ax US$ '000 2013 2012 Change %

163,899

1,626

102,434

60.00%

1,151

41.30%

LASCO FINANCIAL SERVICES LIMITED Businessuite Top 100 Company 2014 Rank (US$000 Gross Revenue) 85

Lasco Financial Services Limited

4,642

She is also a Non-Executive Director of LASCO Manufacturing Limited and LASCO Distributors Limited, having been appointed to those Boards in 2013.

LASCO Financial Services Limited, incorporated in 2004, is licensed by the Bank of Jamaica to operate a Cambio, and is in the business of buying and selling of foreign exchange.

Mrs. Hall Tracey’s professional experience spans Hotel Management, Retail & Corporate Banking and Financial Services. She holds an MBA from Edinburgh Business School, a Bachelor of Arts Degree (Hons.) from the University of the West Indies, Corporate Treasury and Cash Management certificates from the Association of Financial Professionals which grants the CTP (Corporate Treasury Professional) designation and has completed several professional courses in Marketing, Jamaican Securities and AntiMoney Laundering procedures.

LASCO Financial Services is also an agent of the international money transfer company, MoneyGram International, and is licensed by the Bank of Jamaica to operate as a remittance service provider in Jamaica. Funds can be sent through a LASCO MoneyGram agent from anywhere in the world, and picked up within 10 minutes, at any of LASCO’s 150 sub-agents island wide (including Post-Offices).

In March 2014, Mrs. Hall Tracey was appointed National Mentor by the Governor General of Jamaica and mentors at her Alma Mater – Merl Grove High School. She is a member of the Cambio Association of Jamaica and the Jamaica Money Remitters Association.

In 2010, LASCO MoneyGram was presented with the prestigious Award for ‘Top’ Remittance Agent in Jamaica for over two years. PERFORMANCE REVIEW (edited from 2013 annual report)

LASCO Financial Services Limited celebrates a decade of success. Over the years, business segments

COV E R STO RY: TO P P E R FO R M I N G C E O â&#x20AC;&#x2122; S

in which the company operates have undergone several incidents of contraction as global and local economic pressures have taken hold, but they have managed to successfully weather all the storms. The largest of the three business segments is remittance, which remains the backbone of current business. LASCO Financial continues to be MoneyGramâ&#x20AC;&#x2122;s largest Jamaican agent and continues to experience above industry growth annually. To achieve this level of growth in a mature industry, LFSL had to make some bold investments. In 2012 LASCO acquired the remittance network of Supreme Ventures Limited and provided shareholders with great returns. In late 2013 the company partnered with MoneyGram International to invest in its main markets to drive awareness and to acquire market share. Cambio business has the track record of being an innovator, having added a drive thru in 2011. This feature provides great convenience for customers who prefer to conduct their transactions from the privacy of their motor vehicles. LASCO Financial continues to trade among the top 10 largest cambios and have satisfied the foreign currency needs of corporate customers in a year when supplies were very limited. The loans business continues as a niche player as management targets preferred customers and focuses on growing the business steadily over time through high quality loans and competitive interest rates.

LASCO Financial faced many challenges and opportunities as a company in 2013/14 as the banking industry took certain decisions which affected cambios. There have been a few closures, however, the majority continues to do business; under the watchful eye of management. LASCO also faced contraction of loan interest rates as more companies entered the market seeking to fulfill the needs of customers with ever shrinking capacity to borrow. On the other hand, growing United States Dollar intake from Remittance allowed LASCO Financial to grow the number of corporate customers and facilitated the supply of their foreign currency needs. The remittance division was also well positioned to acquire the customers of other MoneyGram primary agents who have exited the market in Jamaica and that are expected to exit the market in Barbados. PROJECTIONS FOR 2014 LASCO Financial is looking towards the new financial year with great optimism and expects to reap the full returns of the 2013/14 investment in the remittance business. LASCO also expects to take advantage of the opportunities opened since receiving exemption from the Money Lending Act and are positioned for the opportunities that will arise from the passage of the Omnibus Banking Act. Given these opportunities, Management expects to continue to drive revenue growth with strong profitability metrics as economic conditions improve.BM

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

REMAINS WELL POSITIONED TO WEATHER ANY ECONOMIC TAILWIND

#8 KEITH DUNCAN, Group Chief Executive Officer, JMMB Group – Jamaica

SCORE CARD Rank

2014 Chief Executive Offier (CEO) 8

Keith Duncan

COMPANY Jamaica Money Market Brokers Limited

Keith Duncan joined JMMB as Trading Manager in 1993 and in 2000, became the Deputy Managing Director. In 2005, he was promoted to Group Chief Executive Officer and has responsibility for overall performance and charting the strategic direction of the Group. As a strategic thinker and visionary leader, he has built one of the strongest trading teams in Jamaica. His financial expertise has not only benefited the JMMB Group, but also the Jamaican financial sector. He is a former president of the Jamaica Securities Dealers’ Association and was involved in the partnership with the Financial Services Commission (FSC) in designing and implementing new structures and models to enhance the effectiveness of Jamaica’s market players. Known for his commitment to youth development, Keith served as Chairman of the National Youth Service from 2003 to 2009 and worked closely with successive boards and teams to fulfill the mission of creating and reforming Jamaica’s youth to become purposeful citizens. In continuing his service to Jamaica’s youth, he joined efforts to design and implement the Youth Upliftment Through Employment programme

Pr ofit After T ax LC$'000 2013 2012 Change %

3,856,863

2,240,456

72.15%

Pr ofit After T ax US$ '000 2013 2012 Change %

38,274

25,176

52.02%

(Y.U.T.E); a private sector led initiative, and now serves as a board member of the Y.U.T.E. Project. Keith holds a B.A. (Economics) from the University of Western Ontario in Canada and is a Chartered Financial Analyst. THE JMMB GROUP Businessuite Top 100 Company 2014 Rank (US$000 Gross Revenue) 24

Jamaica Money Market Brokers Limited

134,975

Since its inception, JMMB has established itself as one of the leading brokerage houses in the Caribbean. The JMMB Group now offers a wide range of investment solutions, banking and insurance services in Jamaica, Trinidad & Tobago and the Dominican Republic. Known for its pioneering spirit, the JMMB Group has consistently introduced new products and services to its extensive client base of over 200,000 – individual, corporate and institutional.

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

PERFORMANCE REVIEW (edited from 2013 annual report)

“It was a very successful year. Net profit increased by 72% to $3.86 billion, and shareholders’ equity grew by 58% from $10.87 billion to $17.21 billion” The JMMB Groups’ performance outside Jamaica was particularly impressive. In the Dominican Republic (DR), there was significant growth in the volume of business and in profit, while the InterCommercial Banking Group in Trinidad and Tobago reported its highest ever recorded profit level. Both DR and Trinidad & Tobago, contributed $659.1 million to the Group’s profits. This sterling performance of non-Jamaican business operations is a vindication of management’s regional diversification policy and the company will continue to take advantage of the opportunities in these markets to lay the foundation for cautious excursions elsewhere. The Group’s impressive performance is also a reflection of its business line diversification strategy. Regional and business line diversification are key elements in JMMB’s ability to combat market uncertainties and to respond to everchanging demand patterns by focusing on business aspects, here and abroad, that offer the greatest potential for long-term success. There were three significant events during the period.

1. JMMB celebrated its 20th Anniversary on November 6, 2012. 2. The acquisition of the Capital & Credit Financial Group (CCFG) was successfully accomplished and allowed JMMB to venture into a new business line in Jamaica i.e. banking. The Group expects to realize the synergies from this acquisition through the build out of an Integrated Financial Services Model with a unique delivery of banking, investments and insurance brokering services. 3. JMMB re-entered the Securities business in Trinidad and Tobago. Management hopes to recapture the success once enjoyed prior to its exit from that market in 2009. PROJECTIONS FOR 2014(edited from 2013 annual report)

JMMB clients continue to remain at the centre of its business model, the hallmark of its existence and success. Building on the strong performance in 2012/13, the JMMB Group remains well positioned to weather any economic tailwinds. Management will continue its strategic efforts to meet the financial needs of its many clients and to secure good returns for shareholders by soundly building out an integrated financial services model and delivering on its Client Value Proposition. BM

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

ACHIEVING THE HIGHEST EVER CONSOLIDATED FINANCIAL PERFORMANCE

#7 GREGORY N. HILL, Managing Director, ANSA Merchant Bank Limited – Trinidad and Tobago

SCORE CARD Rank

2014 Chief Executive Offier (CEO) 7

Gregory N. Hill

COMPANY ANSA Merchant Bank Limited

Profit After Tax LC$'000 2013 2012 Change %

Profit After Tax US$ '000 2013 2012 Change %

266,414

41,513

148,401

79.52%

23,124

Gregory N. Hill, with over two decades of executive and managerial experience in all areas of banking and financial services, coupled with an extensive business and client network throughout the Caribbean, US, UK and Asia, has been Managing Director of ANSA Merchant Bank since March 19, 2013. He previously served as its Deputy Managing Director from December 19, 2012 to March 19, 2013 and also served as Executive Director of Merchant Banking at ANSA Merchant Bank Limited until December 19, 2012. His Honors & Awards include Top MBA Graduate, Arthur Lok Jack Graduate School of Business for 2004. ANSA MERCHANT BANK Businessuite Top 100 Company 2014 Rank (US$000 Gross Revenue) 43

ANSA Merchant Bank Limited

45,527

The Bank is a member of the ANSA McAL Group of Companies and is one of the Caribbean’s leading financial institutions, with its roots in well-known local and international finance houses. Fleming ANSA Merchant Bank was a joint venture between ANSA McAL Limited and Robert Fleming & Co. Limited of Great Britain. This company’s main areas of business were Investment Banking and Investment Management Services. In March 1998, ANSA McAL purchased the shareholding of Robert Fleming and Company, paving the way for the creation of ANSA Finance & Merchant Bank, through the merger of ANSA Finance and ANSA Merchant Bank.

79.52%

COV E R STO RY: TO P P E R FO R M I N G C E O â&#x20AC;&#x2122; S

ANSA Finance, formerly Amalgamated Finance, operated a portfolio that included installment loans via hire purchase, mortgage bills of sale and lease facilities. In June 2004, ANSA Finance and Merchant Bank were once again rebranded as ANSA Merchant Bank, when ANSA Finance & Merchant Bank acquired Tatil and Tatil Life Insurance, also of the ANSA McAL Group of Companies.

The strength of this new entity has thrust ANSA Merchant Bank into a new competitive arena, providing the impetus for a broader range of financial services to be expertly presented to the local and regional markets. PERFORMANCE REVIEW (edited from 2013 annual report) The results in 2013 represent the highest ever consolidated financial performance by ANSA Merchant Bank and its subsidiaries and this was due to the best delivery by all banking and insurance business lines. This produced consolidated profit after tax and earnings per share of $266.4 million (2012: $148.4 million) and $3.11 (2012: $1.73) respectively, an increase of 80% year over year. All of the business lines produced very strong contributions to profit in 2013 resulting in a consolidated profit before tax of $338.9 million which reflects an 80% increase over 2012 ($188.2 million). The balance sheet also showed quality growth in 2013 with total assets increasing 10% to $6.1 billion (2012: $5.5 billion) supported by liabilities of $4.4 billion (2012: $4.0 billion) and equity of $1.7 billion (2012: $1.5 billion). PROJECTIONS FOR 2014(edited from 2013 annual report) The 2013 results demonstrate the potential of the companyâ&#x20AC;&#x2122;s combination of banking and insurance and are exemplified by the success of the management team in capitalizing on opportunities in competitive and challenging markets. BM

COV E R STO RY: TO P P E R FO R M I N G C E O â&#x20AC;&#x2122; S

THE BEST FINANCIAL PERFORMANCE SINCE THE 2008 GLOBAL ECONOMIC DOWNTURN

#6 GABRIEL FARIA, Managing Director, Guardian Media LimitedTrinidad and Tobago

SCORE CARD Rank

2014 Chief Executive Offier (CEO) 6

Gabriel Faria

COMPANY Guardian Media Limited

Gabriel Faria demitted office April 30, 2014 having served for five years as Managing Director of Guardian Media Limited. His new assignment is that of managing director of Carib Brewery Ltd, which is a subsidiary of ANSA McAL Ltd. He previously served as the Head of Marketing at Angostura Holdings Ltd. Faria has a wealth of experience, having operated in top executive positions at major corporations in Trinidad & Tobago. He serves as Director of St. Lucia Distillers Limited & Angostura Canada Inc. He also serves as a Director of Guardian Media Limited and Angostura Holdings Ltd. A former Board Member of Trinidad & Tobago Manufacturers Association, Gabriel J. Faria holds a B.SC. and an MBA, (Editors Note: Gabriel Faria is succeeded at Guardian Media by Lisa Agard, the former vicepresident of mobile and legal at telecoms provider TSTT. She was appointed chief executive officer of Guardian Media Ltd (GML), effective May 1. Agard, an attorney, holds a postgraduate degree in Law from the London School of Economics. She has had executive management training from the Wharton School of Business and Columbia

Profit After Tax LC$'000 2013 2012 Change %

Profit After Tax US$ '000 2013 2012 Change %

54,045

8,421

30,019

80.04%

4,678

80.04%

University, USA, and from INSEAD, France.) GUARDIAN MEDIA LIMITED Businessuite Top 100 Company 2014 Rank (US$000 Gross Revenue) 73

Guardian Media Limited

The company engages in publishing newspapers and operates through Print and Multi-Media segments. It publishes the Trinidad Guardian and the Sunday Guardian, as well as provides printing services for other publishers. It is the oldest media organization in the country (97 years), and is generally regarded as the media company leading change in the rapidly evolving industry. With a multi-platform media business spanning print, radio, TV and online, Guardian Media Limited ensures that itsâ&#x20AC;&#x2122; audiences have the information and entertainment they want, when they want it. The company also operates six radio broadcasting stations comprising Inspirational Radio 730 A.M., 95.1 F.M. The Best Mix, the Vibe CT105 F.M., Sangeet 106.1 F.M., Aakash Vani 106.5 F.M., and SLAM 100.5 F.M. In addition, it operates the

9,170

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

television station CNC3. The former Trinidad Publishing Company Limited, which was incorporated in 1917, changed its name to Guardian Media Limited in April, 2010. Based in Port of Spain, Trinidad and Tobago Guardian Media Limited is a subsidiary of ANSA McAL Limited.

value per share increased from $7.02 to $7.80 – an increase of $0.78 or 11.1% per share. The company continues to generate healthy cash flows with cash reserves at the end of 2013 amounting to $134.7million. PROJECTIONS FOR 2014(edited from 2013 annual report)

PERFORMANCE REVIEW (edited from 2013 annual report)

“The significant factors impacting this performance were the emergence of CNC3 as the leading television station in Trinidad and Tobago, the continued dominance of the radio division in its sector, the generation of new products at our print division and increased revenues from four election campaigns.” In 2013, Guardian Media continued to improve its content across all media platforms through enhanced training for many of its Journalists by trainers who have worked with the major news organisations globally, and engagement sessions with leading local experts. The Company also invested in the development and acquisition of programming to satisfy audience needs and made capital investments in all its media platforms, to ensure that the physical infrastructure was in place to drive the future growth of the business. Guardian Media achieved revenues of $210 million, the highest in the history of the company, and income before tax of $58.8 million. These results represent 12% and 26% growth respectively over the comparative period. Earnings per share were $1.12, compared to $0.88 in 2012. Balance sheet reflects growth in assets from $365 million in 2012 to $393 million, an increase of $28 million or 7. 5% and Net asset

“Our future thrust will be focused on competitive alignment with this technological revolution and we will therefore continue to tailor our products and methods of delivery in line with these trends.” The growth of the Internet, coupled with the launch of a myriad of smart devices, has been rapidly revolutionizing the way that information and entertainment are being accessed and consumed. Mindful of the evolving media landscape in this transient technological era, and its evidential impact on media consumption patterns, Management devoted considerable resources during 2013 to the re-engineering of the e-paper. Additionally, they have been making increasing use of social media to communicate with listeners, viewers and readers, and will seek to optimize these efforts in 2014 and beyond. Future thrust will be focused on competitive alignment with this technological revolution and will therefore continue to tailor products and methods of delivery in line with these trends. Guardian Media entered 2014 clearly recognized as the leading media and marketing solutions Group in the industry. The company is strong, it has a clear perspective on the future and its role in it; confident that it will continue to deliver increased value to shareholders.BM

COV E R STO RY: TO P P E R FO R M I N G C E O â&#x20AC;&#x2122; S

EXPLORING NEW AREAS OF ACTIVITY AND OPPORTUNITIES TO SERVE NICHE MARKETS

#5 DR. DHIRU TANNA, Executive Chairman, Blue Power Group Limited, Jamaica

SCORE CARD Rank

2014 Chief Executive Offier (CEO) 5 Dhiru Tanna

COMPANY Blue Power Group Limited

Profit After Tax LC$'000 2013 2012 Change %

Profit After Tax US$ '000 2013 2012 Change %

103,980

1,032

47,105

120.74%

529

94.94%

Dr. Dhiru Tanna is the founder, executive chairman and CEO of the Blue Power Group Limited. In 2012 Major Noel Dawes took over as Managing Director, operating in the role of Chief Operating Officer. Dr. Dhiru Tanna is however very much involved in the operations and is the principal driving force behind the company. A graduate of the Universities of London and California, Dr. Tanna is an Economist. He is a former Director and Chairman of a number of Jamaican companies. His career spans assignments in Uganda, the U.S.A., and several organizations in Jamaica and other Caricom states including the University of the West Indies, Jamaica National Investment Co. Ltd. (JNIC) and Capital Development Fund. BLUE POWER GROUP LIMITED Businessuite Top 100 Company 2014 Rank (US$000 Gross Revenue) 71

Blue Power Group Limited

10,369

The Company is engaged in the retail trade in Jamaica focusing on lumber, construction material, hardware supplies, and related products. It manufactures and sells a range of laundry and beauty soaps and fragrances under the Blue Power label. The Blue Power Group also produces a range of products under license for various distributors. The company, which is headquartered in Kingston Jamaica, was formerly known as Lumber Depot Limited. It was rebranded to Blue Power Group Limited in April 2010.

COV E R STO RY: TO P P E R FO R M I N G C E O â&#x20AC;&#x2122; S

PERFORMANCE REVIEW (edited from 2013 annual report)

The Blue Power Group recorded sales in excess of J$1 billion and profits in excess of J$100 million. Combined sales for the year ended April 30, 2013 was $1,045 million compared to $863 million for the same period the previous year, an increase of $182 million or 21%. For the year, the lumber depot division achieved sales of $742 million versus $620 million the previous year, an improvement of 20% while the soap division moved to $303 million from $243 million an increase of 25%. Profits for the financial year stood at $104 million compared to $47 million in the same period the previous year, an increase of 121%. The contribution of the lumber depot division to this tally was $61 million, improving by 111% over the previous year while the soap division added $43 million which was an improvement of 137% over the previous year. The extraordinary enhancement in both sales and profits in the lumber depot division was due to two main factors, the first and most important being the award of a significant supply contract by an international agency and the second being the prudent management of the purchases of materials for resale. The overall increase in sales and profits

of the soap division was achieved largely as a result of a significant increase in sales of bathing soaps which are slowly but surely gaining acceptance in the market place. As a result of the substantial improvement in profits, the companyâ&#x20AC;&#x2122;s balance sheet is healthy which will allow liquidity for expansion as well as placing the company in a position to make purchases at reasonable prices, of finished goods for resale and raw materials for manufacturing. PROJECTIONS FOR 2014(edited from 2013 annual report)

The toilet soap market in Jamaica is substantial and the country imports almost 90% of what is consumed locally, suggesting that there is considerable room for expansion in the production of good quality and economically priced bathing soaps. Obtaining an additional share of this market will continue to be the companyâ&#x20AC;&#x2122;s focus in 2013-14 as it makes further improvements to the manufacturing process and offers customers a wider choice in terms of products and packaging. With respect to the lumber depot division, management expects the construction industry to be flat although the company will continue to explore new areas of activity and opportunities to serve niche markets.BM

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

MOVING FORWARD TO A BRIGHTER FUTURE Strategic Initiatives Aimed At Safeguarding The Future Of The Company

#4 ROBERT WONG, Chief Executive Officer, Angostura Holdings Limited - Trinidad and Tobago

SCORE CARD Rank

2014 Chief Executive Offier (CEO) 4 Robert Wong

COMPANY Angostura Holdings Limited

Profit After Tax LC$'000 2013 2012 Change %

Profit After Tax US$ '000 2013 2012 Change %

411,071

64,054

201,505

104.00%

31,399

104.00%

Robert Wong, a long time executive at Angostura Holdings Limited, took over as CEO in 2012, replacing former CEO and managing director Wayne Yip Choy.

won over 50 international rum awards for taste in the last five years, making it one of the most liked rum manufacturers in the world.

(Editor Note: Wayne Yip Choy was terminated in 2011. See our Special Report in this issue, “What’s The

In addition, Angostura® aromatic bitters continue to be the last word in flavouring when it comes to drinks and food that have that “je ne sais quoi”...

Best Way To Fire The CEO?” for more on this matter)

Wong has more than 20 years experience at Angostura, the Laventille based spirits company and has worked in the areas of distilling, blending, packaging and international bulk product sales, “strengthening the commercial and technical aspects of the business.” Wong hold a BSc in Chemistry and a Master’s in Business Administration and is well known in the manufacturing sector and the rum industry internationally. ANGOSTURA HOLDINGS LIMITED Businessuite Top 100 Company 2014 Rank (US$000 Gross Revenue) 29

Angostura Holdings Limited

103,345

Angostura is one of the leading producers of aged rums in the Caribbean, exporting to more than 50 international markets. Angostura’s fine rums have

PERFORMANCE REVIEW (edited from 2013 annual report)

“Reported an after tax profit of $275.7 million for the year ended December 31, 2013, an increase of $76.6 million over the last financial year. Revenue grew by $14.9 million and gross profit by $24.3 million, compared to 2012.” 2013 was another landmark year for Angostura, achieving success in the areas of profitability, debt management, brand growth, employee welfare and overall corporate development. Core business continues to perform steadily and non-core areas are being managed to yield tangible, measurable returns. The Company’s strong performance over the past year (and the two preceding years) has been the result of thoughtful investment in the business and its key resources; innovation of processes and products;

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

networking to benefit the business, the industry and the environment; and support of our resource base through tooling, training and talent management.

in the business.

Investment strategy covers the following broad categories: • Brand investment • Capital investment • Business development investment

Current strategic initiatives are aimed at safeguarding the future of the Company and ensuring its continued success in the long term with high quality products and services.

Angostura Holdings’ balance sheet reflects a healthy financial position with significant equity backed by a solid asset base. All Euro-denominated debt was settled during the year, relieving income statement from the burden of foreign exchange fluctuations and generating a financial gain of $44.4 million plus foreign exchange gains of $17.7 million. Additionally, the associate investment in Burn Stewart Distillers was converted to cash, generating a realised gain of $83.8 million. Profitability has continued to improve as demonstrated by the strong growth of revenue, gross profits and results from continuing operations. The company has signaled it intention to share its success with shareholders and has steadily increased dividend payments over the past three years signaling that the return of wealth is among its key objectives. Earnings Per Share has improved notably over the past three years, from $0.72 in 2011 to $1.34 in 2013, an 86% improvement. The use of cash has been carefully planned to reduce the Company’s debt burden and to fund investments in the business. A net cash position of $37.9 million after debt is evidence of the effective use of liquidity

PROJECTIONS FOR 2014

The non-alcoholic segment of the Business Lemon Lime & Bitters (LLB) - continues to grow globally and is expected to return substantial earnings in the medium to long term. LLB has had success locally and in its major export market, Australia. Efforts have been undertaken to increase the reach of this unique beverage to additional export markets with Canada being the first for activation. For its taste, quality, and association with bitters, management is confident that this brand will generate positive returns for the foreseeable future. Rum brands and other alcoholic beverages continue to perform well with improved distribution and penetration of new markets. These products are poised to join the best spirits brands globally. Agency brand portfolio will be further developed towards the enhancement of the Company’s overall product offering. The achievements thus far are a result of thoughtful planning and execution by a talented and dedicated workforce, under the guidance of an astute Board of Directors moving forward to a brighter future.BM

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

ALL THE PIECES ARE NOW IN PLACE

#3 MARCUS STEELE, Managing Director, Carreras Limited. Jamaica

SCORE CARD Rank

2014 Chief Executive Offier (CEO) 3 Marcus Steele

COMPANY Carreras Limited

Profit After Tax LC$'000 2013 2012 Change %

6,538,244

2,597,220

151.74%

Profit After Tax US$ '000 2013 2012 Change %

64,883

29,186

122.31%

Marcus Steele first joined Carreras Group Limited in the Tobacco division of Cigarette Company of Jamaica Limited, as a Management Accountant in April 1998. In June 1999, he was promoted to Finance Planning Manager and 2 years later, Marketing Finance Manager. In May 2002, Marcus assumed overall responsibility for management of Marketing and Operations Finance. In March 2004, Mr. Steele was seconded to British American Tobacco Caribbean and Central America’s Area Office in Costa Rica as the Country Readiness Manager for the Caribbean with the responsibility for leading the migration of the Caribbean legal entities into the regional shared service centre. In July 2005, he was appointed Finance Planning and Reporting Manager for BAT’s operations in the Caribbean and Central America where he focused on financial reporting, strategy and planning. Marcus Steele was appointed to the Carreras Board of Directors on October 1, 2007 and served as Finance Director and Company Secretary until August 2011 when he was seconded to the Trinidad branch of another BAT company, Carisma Marketing Services Limited, in the position of Country Manager with responsibility for the general management of the Company’s businesses across 24 markets in the English, French and Dutch Caribbean. Marcus graduated from St. Jago High School and is a qualified Chartered Accountant. He has a Bachelor of Science degree in Accounting from the University of the West Indies and a Master of Business Administration from Florida International University. Mr. Steele also completed an Executive Programme in General Management at the Harvard Business School. CARRERAS LIMITED Businessuite Top 100 Company 2014 Rank (US$000 Gross Revenue) 27

Carreras Limited

121,480

Carreras Limited is incorporated and domiciled in Jamaica and is listed on the Jamaica Stock Exchange. It is a 50.4% subsidiary of Rothmans Holdings (Caricom) Limited, which is incorporated in St. Lucia. The ultimate parent company is British American Tobacco plc,

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

incorporated in the United Kingdom and listed on the London Stock Exchange.

of Sales includes product costs and excise taxes. The specific tax remained at $10,500 per thousand.

The principal activities of the company are the marketing and distribution of cigarettes.

OPERATING EXPENSE The Jamaican currency experienced a significant 13% devaluation over the year which impacted underlying costs of sales and operating expenses. Notwithstanding the impact of currency devaluation and overall inflation during the fiscal year of 9.1%, the Group was able to contain overheads to $2,041.4 million a 15% increase over prior year.

PERFORMANCE REVIEW (edited from 2013 annual report)

This performance was the outcome of management’s strategic objective to deliver sustainable growth through portfolio diversification and innovation even amidst the continuing challenges posed by declining consumer purchasing power, competition from other FMCG’s for the trades spend as well as competition from illicit cigarettes and raw tobacco.

Profit after Tax Profit after tax of $6,538.2 million represented a 152% improvement over the prior year. The significant increase in after tax profits was due to receipt of pension surplus refund.

Brand portfolio is now, more than ever, poised to PROJECTIONS FOR 2014(edited from 2013 annual fully address these challenges, most notably with the introduction of the low price offer of Pall Mall report) and the launch of Matterhorn Click & On to lead “The four building blocks of our strategy are Growth, innovation. This robust portfolio has so far been Productivity, Responsibility and developing a Winning successful in keeping the different segments of the Organization. These are interdependent and essential for market satisfied with their brands. creating shareholder value, delivering profit growth and long term business sustainability.” REVENUE The Carreras Group delivered revenues of $12,241.5 million for the year to March 2013, an 11% increase over the prior year. Revenue for the year represents a recovery in our volumes after years of decline consequent on successive excise increases. Costs of sales increased by 12% to $6,563.0 million as a result of increased sales and devaluation. Cost

By combining a robust portfolio with cutting-edge technology in product offerings, while continuing focus on preparing and engaging stakeholders for the realities of a new regulatory environment, along with an unfailing commitment to empowering the communities in which they do business, management will continue to strengthen the company.BM .

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

IT WILL NOT BE BUSINESS AS USUAL UNDER NEW LEADERSHIP

#2 MOKESH RAMLAL, Chief Executive Officer, up to June 30th, 2014 succeeded by Kelvin Mahabir, National Flour Mills Limited (NFM) -Trinidad and Tobago

SCORE CARD Rank

2014 Chief Executive Offier (CEO)

COMPANY

2 Mokesh Ramlal/Kelvin Mahabir National Flour Mills Limited

Profit After Tax LC$'000 2013 2012 Change %

Profit After Tax US$ '000 2013 2012 Change %

21,197

3,303

8,323

154.68%

1,297

154.68%

“We searched for a Chief Executive Officer who has an Editors Note - The National Flour Mills Limited established track record for leadership and enterprise (NFM) informed the Trinidad Stock Exchange (TTSE) turnaround, particularly in manufacturing operations” that the acting appointment of Mokesh Ramlal as Chief Executive Officer ended on June 30th, 2014 and that Kelvin Mahabir was appointed Chief Executive Mr. Kelvin Mahabir has been the Chief Executive Officer of National Flour Mills since July 1, 2014. Prior to that Officer on July 1st, 2014. Mahabir served as General Manager of International While the 2013 Annual Report was presented by Kelvin Business & Marketing at Trinidad Cement Ltd and Mahabir, the Editorial Team felt that Mokesh Ramlal as the Sector Head of Manufacturing and Director of should also be acknowledged and credited for the 2013 Manufacturing at Ansa McAL Limited. He served as Secretary of TCL Trading Ltd., a subsidiary of Trinidad results since it occurred under his watch. Cement Ltd and as Director of TCL Trading Ltd. Mr. Mokesh Ramlal has been Financial Controller Incorporated in the Republic of Trinidad and Tobago, of the National Flour Mills since August 2012 and National Flour Mills Limited is engaged in the served as the Chief Executive Officer for the period production and distribution of food products, and March 31, 2013 to June 30, 2014. He has over ten animal and poultry feeds in Trinidad & Tobago and years of management experience, having served as internationally. It operates through three (3) main Deputy Financial Controller at ADM Caribbean Agro business segments. Industries Limited (Grenada); Financial Controller at Jamaica Beverages Limited; Manager, Finance and Administration at the Central Equipment Rentals Limited and Senior Internal Auditor at ANSA McAL Group. Mr. Ramlal is a Fellow of The Association of Chartered Certified Accountants (FCCA); Certified Member of the Institute of Chartered Accountants of the Eastern Caribbean and holds a Diploma in International Financial Reporting and Auditing.

1. The foodstuff segment manufactures and distributes flour, flour by products, and rice. 2. The animal feed segment manufactures and distributes feed products for animals. 3. The other segment purchases and sells imported dry goods and grains. The company offers its products primarily under the brand names of Lotus, Ibis, Good N’ Natural, Lion,

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

NATIONAL FLOUR MILLS LIMITED Businessuite Top 100 Company 2014 Rank (US$000 Gross Revenue) 36

National Flour Mills Limited

National, Hibiscus, Winner’s Choice, and Command Performance. PERFORMANCE REVIEW (edited from 2013 annual report)

“It was a very profitable year for the company with sales of $458M, net after-tax profits of over $18.8M and total comprehensive Income of over $21M. Higher sales revenue and lower costs of doing business drove the expansion in profits despite an extremely competitive and turbulent market.” As the incoming CEO in the latter half of 2014, Kelvin Mahabir reported that the opportunities coming out of the work started during the fiscal year 2013 with worker and union involvement, the need to change the culture to one of accountability and high performance will be fully developed. NFM’s organisation culture has been steeped in the mode of a monopoly organisation creating stagnation with a consequent inability to effectively meet the needs of a changing competitive environment. In 2013 the organisation was steadied as the impact of the changes in operational practices, market strategy and management worker relations improved. Fiscal year 2013 was a good year for NFM with the achievement of: · A significant increase in net profit after tax over the previous year · An increase in the earnings per share from 10 cents in 2012 to 16 cents in 2013 · An improvement in shareholder’s return on equity. This was due primarily to increased sales and lower selling and distribution expenses.

REVENUE Total sales revenue for 2013 was $458M as compared to

71,350

$446M in 2012, an increase of $12M or 3%. The increase in sales could be attributed primarily to the development of new product lines which are gaining traction in the marketplace. Operating Profit Operating profit increased by $5.3M from $31.4M in 2012 to $36.7M in 2013 primarily due to a 24% reduction in selling and distribution expenses and a 31% increase in other operating income.

PROJECTIONS FOR 2014(edited from 2013 annual report) The changes made by the Board and Management in 2013 have laid the foundation for the performance improvement targeted for 2014. Management has committed to a new era of enhanced customer offerings, better people and asset productivity, and an improved plant environment. This should drive a steadily improving bottom line while continuing responsibilities as a good corporate citizen. In going forward, NFM will be focused on increasing sales of its main product lines in the domestic market as well as in the export market. The rationalization of product lines will be accelerated as the company seeks more profitable niches. In an effort to increase performance and to provide shareholders with value for money, they will continue to redesign their manufacturing strategy to achieve lower costs of production, efficient delivery of products, flexibility in operations and the attainment of the highest quality standard in the food industry. This will allow NFM to achieve an unparalleled reputation in the marketplace which will be leveraged into increased sales and greater market share. The culture change to a market driven, high performance organisation based on a committed and accountable workforce will continue throughout 2014 and 2015. BM

THE BEST

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

FINANCIAL PERFORMANCE IN OVER A DECADE. ERNEST ASHLEY TAYLOR, PRESIDENT, Point Lisas Industrial Port Development Corporation Limited (PLIPDECO) – Trinidad and Tobago

SCORE CARD Rank

2014 Chief Executive Offier (CEO) 1 Ashley Taylor

COMPANY PLIPDECO Limited ***

Profit After Tax LC$'000 2013 2012 Change %

236,788

30,744

670.19%

Profit After Tax US$ '000 2013 2012 Change %

36,897

4,791

Ernest joined the Point Lisas Industrial Port Development Company in 2008 where he served as Vice President of Port Operations before being elevated to the President’s office in 2010.

Prior to joining PLIPDECO, he served as Group Director for FIMI Wireless Ltd. Headquartered in Jamaica; FIMI is Digicel Group’s largest retail chain with operations in some six countries. Before getting into the telecommunications sector, Ernest spent twelve years in Jamaica, three of which were at KPMG as a Management Consultant and nine at the Port Authority of Jamaica in the position of Assistant Vice President - Operations. At the Port Authority he was integral to the process that saw the transformation of the Port operations from a 500,000 teus per year facility to one in excess of 1.5M teus per annum.

670.19%

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

Mr. Taylor’s credentials include a MSc. in Industrial Engineering (majoring in Operations Research) from the Technical University of Nova Scotia and a BSc in Industrial Engineering from the University Of The West Indies.

POINT LISAS INDUSTRIAL PORT DEVELOPMENT CORPORATION LIMITED Businessuite Top 100 Company 2014 Rank (US$000 Gross Revenue) 46

PLIPDECO Limited

41,190

PLIPDECO is a public company owned 51% by the Government of Trinidad and Tobago and 49% by private shareholders including banks, insurance companies, financial institutions, company employees and the general public. PLIPDECO’s two core activities are: · Industrial real estate management · Port management and operations, including cargo handling services PLIPDECO is the owner and landlord of the 860-hectare Point Lisas Industrial Estate, located on the west coast of central Trinidad. The Estate houses more than 103 tenants comprising a mix of world-class methanol, ammonia and urea plants, three steel plants, a power plant, and smaller light manufacturing and service companies.

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

Port Point Lisas, the second major port in Trinidad and Tobago, consists of six general cargo and container berths. The facility handles a variety of cargo including containerised, break bulk, lumber, paper, consumables, dry bulk and steel. The Port is the proud winner of the Caribbean Shipping Association’s Port of The Year Award for three successive years 2002, 2001, & 2000. PERFORMANCE REVIEW (edited from 2013 annual report) The operations of the Corporation under his stewardship were for 2013 a combination of consolidation and further implementation of key strategic initiatives. The result has been the best financial performance in over a decade. There were considerable improvements in a number of areas inclusive of a substantial increase in containerised throughput. In fact, the Port had total containerised throughput of 192,887 teus, representing not only a 9% increase over the previous years, but also a record throughput for the Port. This performance was buoyed by increases in all types of cargo, with transhipment leading the way with a 25% increase. Transhipment of containerised cargo represented 18% of the total throughput in 2013 compared with 15.3% in 2012. Imports and exports had increases of 5% and 8.2% respectively compared to 2012. Imports and exports each represented 41% of the total volumes handled. Four out of the five major customers that call at Point Lisas recorded increases in volumes. These were Seafreight (20%), Tropical (17.8%), Maersk (11.5%) and Crowley (6.7%). Seaboard on the other hand recorded a drop of 6.5% to represent 31% of the Port’s overall volumes for 2013 compared with 36% in 2012. The throughput for general cargo declined by 14% for the year to 316,183 tonnes mainly as a result of a 58% decrease in exports. The key subset of the reduction is due to the substantial decrease in steel exports by ArcelorMittal. It must be noted that imports of finished steel products increased by 51% to 52,905 tonnes. The other major contributor to the general cargo throughput – bulk cargo decreased to 165,710 tonnes, representing an 11.5% decrease. PROJECTIONS FOR 2014(edited from 2013 annual report) Looking forward, several initiatives are being planned. These span the gamut of equipment procurement, infrastructure upgrade and rehabilitation, technological improvements, cost

Transhipment of containerised cargo represented 18% of the total throughput in 2013 compared with 15.3% in 2012. Imports and exports had increases of 5% and 8.2% respectively compared to 2012. Imports and exports each represented 41% of the total volumes handled.

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

COV E R STO RY: TO P P E R FO R M I N G C E O ’ S

management and process changes.

for containerised cargo operations

The equipment acquisition programme includes the purchase of an empty container handler and three terminal trucks.

Cost containment and process improvements are just as important, if not more important, than other initiatives that Companies embark upon on an annual basis. The Corporation will seek to capitalise on some of the previously implemented strategies over the last four years.

Infrastructural works for the year will include: • Repairs for estate roadways • Upgrade to safe house air bank system • Rehabilitation of berths 1A, 3 and 4 • Rehabilitation of RTG storage bays • Phase 2 of estate street lighting programme Under the area of technology, several projects are planned as the Corporation seeks to further position itself as a technology and information driven organisation. SOME OF THE PROJECTS PLANNED ARE: • Completion of server virtualisation project • CCTV cameras for critical areas on the Industrial Estate, RTG bays and LCL Warehouse • Computerised General Cargo Management System that will mirror the functionality of the Navis Terminal Operating System that is used

SOME OF THESE ARE: • Operational training and development • Process review meetings • Realignment of responsibilities • Additional use of technology to improve tasks and to make information more readily available • Continuous collaboration with stakeholders to understand their changing and dynamic needs The Management team has certainly set itself some very ambitious goals for 2014, but with the efforts that have facilitated recent operational growth and recovery, they feel confident of their success.BM

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

SPECIAL REPORT

WHAT’S THE BEST WAY TO FIRE THE CEO?

It was of course no surprise, almost to be expected when you’re a high profile CEO but very few can imagine and relate to what went through Dr. Rollin Betrand’s mind when he woke up and saw the headline of the morning papers, Rollin Betrand

out as CEO at TCL, Espinet new chairman. Compounding his dilemma is the fact that the news was now circulating around the world at lightning speed via the internet. The whole world now knew that the new board of Trinidad Cement Limited (TCL) had removed him as chief executive officer, and had installed Alejandro Ramirez as acting CEO, with immediate effect. What was he going to do this morning? Going out into the public was not at the top of his list. He needed to keep a low profile for a few days, maybe even weeks until he could figure out how to face the public and his peers. He needed a good plan of action and to begin re-construct the rest of his life. He was no longer the CEO of Trinidad Cement Limited.

The move to oust him followed the forced election of a new board in September at a special compulsory meeting masterminded by a group of shareholders, whose combined ownership in the cement operation totaled 54.7 per cent. The old TCL board had made two attempts in the courts to stop the meeting, but its application was rejected at the high court and on appeal in Port-ofSpain. The newly elected board, headed by Wilfred Espinet as the new chairman and Francisco Aguilera as his deputy immediately began to clean house and Bertrand was the first to go.

Dr. Rollin Betrand

The Espinet lead board took the decision to suspend, with immediate effect, Dr Rollin Bertrand as group chief executive officer and from all committee and executive positions within the group. And just like that he was out of the CEO’s office and the building.

The question has repeatedly been asked, What’s The

SPECIAL REPORT

Over the years we have read about many famous cases of Boards of Directors attempting to, and actually firing the CEO. Internationally the recent case of American Apparel’s move to block Dov Charney from retaking control and of course, the infamous case of the Steve Jobs’ firing from Apple, the company he founded. Regionally, the instant case of Dr. Rollin Betrand is now out. The 2001 Firing Of Seeram Ken Maharaj, Chief Executive Officer, Trinidad

(LR – Marcus James, Christopher Berry and Gary Peart)

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

Aggregate Products Ltd (TAP) is another and The 2011 Termination of Wayne Yip Choy, Former CEO and Managing Director of Angostura Holdings. Two that readily comes to mind from For the CEO, he or she would prefer that this be Jamaica are that of William “Bill” Clarke at the done away from the glare of the media and public Bank of Nova Scotia Jamaica and attempted case attention and for the Board, quick, quiet, and of Access Financial Services’ CEO Marcus James. cheap is the preferred mode. The shareholders Clarke went on early retirement in November would probably accept this route 2008 after 40 years with the bank, also but in this imperfect world, the last 13 years of which were it rarely works the way it is spent as President and Chief planned. Executive Officer. He was not due for retirement until December According to E. Pendleton James, 15, 2015 at age 65. The decision a former Personnel Director for for him to go on early retirement the Reagan White House who followed a meeting in July 2008 ran an executive recruiting firm at the bank’s headquarters in and served on several boards, Canada. Unfounded allegations William “Bill” Clarke “when a board evaluates a chief of misconduct were raised and executive’s performance, there Clarke was offered a retirement are no rights and no grays. A chief executive’s package which he rejected. departure is like a divorce, evidence of a relationship gone terminally sour. What that An offer of Can$3.7 million was later offered relationship should be, varies from company to but that too was rejected. Clarke later took company, but there are certain givens.” legal action — in what turned out to be a bitter court battle — in order to compel the bank to For J. Peter Grace, who ran W.R. Grace for 45 honour a previous agreement that the matter go years, “It is a partnership in which each side is to arbitration to determine a fair and equitable completely open with the other. No secrets and retirement package. no fooling around. If you give any director the slightest feeling that you’re not telling the whole The most recent case of Access Financial Services’ story, that’s when trouble starts.’’ Marcus James is now before the courts. James and the board at Access Financial are currently locked And the relative success of the CEO in leading in a legal battle to oust founder and CEO Marcus the company through successive annual growth James, who also happens to be the company’s in profits and shareholder values are not factors single largest shareholder. The dispute stems from, likely to protect them either. The situation is among other things, a JA$24M refurbishing of the even more complicated and often highly sensitive company’s headquarters. when the CEO is the founder and single largest shareholder of the company.

Best Way To Fire The CEO? From the perspective of the general public this should be a relatively easy thing to do.

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

SPECIAL REPORT

American Apparel Moves To Block Dov Charney From Retaking Control

American Apparel Inc. has adopted a Stockholder Rights Plan aimed at preventing ousted Chief Executive Dov Charney (Above) from seizing control of the company he founded. A special committee of the Los Angeles retailer’s board made the move after Charney stated his “intent to acquire control or influence over the company” in a Friday filing with the Securities and Exchange Commission, American Apparel said in a statement released Saturday. “The Rights Plan is designed to limit the ability of any person or group, including Dov Charney, to seize control of the company without appropriately compensating all American Apparel shareholders,” the statement said. “It is intended to provide the board of directors and stockholders with time to make informed judgments.” Charney, who owns 27% of the retailer’s stock, entered into an agreement with New York investment firm, Standard General, to boost his stake in the company, according to the filing. If Standard General acquires at least 10% of American Apparel’s outstanding shares, it will lend Charney the funds to buy the stock. That could boost Charney’s share to at least 37%. For more check this link http://www. latimes.com/business/la-fi-americanapparel-fights-back-dov-charney20140628-story.html

In a recently published comment, Christopher Berry, one of the directors and defendants named in the claim said, “Two Mayberry directors sit on the board of Access: me and Gary Peart. We felt that the interest of the company was not well served based on the things we saw. We wanted to ask questions, but CEO Marcus James filed action preventing us from asking those questions up to now.” James said in his affidavit that he received a letter from the directors requiring him to answer charges with a view to remove him from the position of CEO.

When Boards Try To Run The Company For CEOs around the world, these are days of living dangerously as the subject of how and when to get rid of an ineffective or non performing Chief Executive Officer has gripped many boardrooms. Directors are becoming more analytical, more sophisticated and more nervous about subpar performance. Hardly a week goes by without some corporate sequoia crashing to earth. The clamor over celebrated sackings heralds a broader reality.

What often times complicate the situation is when boards try to run the company and thus In one maneuver, the board of blur the lines of accountability, Access Financial, sought to have forgetting that they hired the chief Marcus James’ authority over the executive to do the job. Some may day to day running of the company argue that this is more likely to removed only to have that take place when the ceo is weak authority restored in the courts. and lacks significant power and influence on the board. A selfHigh Court Judge, Bryan Sykes, confident chief executive should ruled that the company’s Board tap the expertise of individual breached a court order not to directors all the time. The board remove him from the post. Mr. should be used ‘’as a long-range James had been stripped of his policy guide and short-range powers and one of the directors of policymaker. The board should the company, Alexander Johnson, not be allowed to get involved in appointed co-CEO. day-to-day operations. The court, in its ruling, said the appointment of Mr. Johnson on April 14 was in breach of an order made three days earlier. That order said that the Board of Directors of Access Financial should not remove Mr. James from his post of CEO or alter, vary or modify his salary and emoluments before a judgement is made in the dispute he has with certain members of the Board. The ruling also meant that Mr. Johnson would no longer be coCEO.

The Directors Want Him Out An often times detrimental and fatal situation for the CEO is failure to generate and foster support among influential board members. This becomes evident when decisions to terminate are discussed at meetings. The famous case of the Steve Jobs’ firing from Apple, the company he founded, is a celebrated and often quoted case. Jobs commanded

Older board members are used to going into boardrooms and having some respect paid them. Instead they had this young, smart-ass kid who over the years had been shouting, screaming, and throwing tantrums. The Apple board didn’t particularly like Jobs. When it came to a point of either Jobs staying or leaving, the board was not in favor of him staying. Obviously Steve felt very hurt, but in truth, he did it to himself.’’ When moving to dismiss a CEO, directors tend to move slowly, first because they want to be seen as humane and second because they are acknowledging a mistake in their judgment. Group dynamics are at work. The 2011 Termination of Wayne Yip Choy, Former CEO and Managing Director, Angostura Holdings Ltd was far from slow. Wayne Yip Choy, who had joined Angostura in early 2009, was kicked out of the CEO’s office after the board rejected what was said to be an incentive bonus of TT$20 million Yip Choy claimed he was owed for turning Angostura’s performance around. The company went from a loss of more than TT$1 billion in 2008 to a profit of TT$80 million in 2010. (Refer to side bar story for more) Peter Grace figured the average board is made up of some members who are ‘’super,’’ some who are ‘’influenceable,’’ and ‘‘one or two SOBs.’’ When a CEO’s troubles begin to mount and ‘’things start deteriorating,’’ Grace finds, ‘’the SOBs get the smell and start working on the others.’’ Grace says the situation reminds him of turkeys, of which he once owned 40,000. ‘’When one turkey starts to bleed, the other turkeys swarm all over him. It’s the same with people!”

“Search On For New Chief Executive at Angostura Holding” was the headline around the Caribbean. According to reports published in the Trinidad Guardian newspaper, Yip Choy had made the unreasonable claim on the company, and despite efforts to reach an amicable solution, the board decided to terminate his services. The contentious “incentive compensation claim,” valued at more than $20 million, was included in Yip Choy’s contract. The claim was tied to Angostura’s financial performance. Yip Choy, the Guardian was told, made his claim for the year 2010. The Guardian understands Angostura could not honour the claim, which resulted in Yip Choy issuing a preaction protocol letter to the company. Following receipt of the letter, The Angostura Holdings’ board, led by chairman Gerald Yetming “opened the door” to resolve the issue, but Yip Choy declined the offer put to him in favour of legal action against the company. Left with no option and with the Angostura board’s consent, Chairman Gerald Yetming announced that Yip Choy would no longer hold the position of managing director and CEO of the company effective September 21, 2011 and that Yip Choy would no longer serve on the board of directors of Angostura Holdings Ltd and its subsidiaries. Gerald Yetming proceed to vest day-to-day management of Angostura in its executive management team until he could find a suitable replacement.BM Source http://www.guardian.co.tt/news/2011/09/22/ angostura-boss-gets-axe

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

enormous loyalty from the people who worked directly under him, but for years he had neglected his board. Sculley who eventually replaced him did not make the same mistake. ‘’Steve simply had not built any equity with the directors,’’ says a computer industry veteran who observed the process at close hand. ‘’He was arrogant and inflexible and independent.”

Wayne Yip Choy, who had joined Angostura in early 2009, was kicked out of the CEO’s office after the board rejected what was said to be an incentive bonus of TT$20 million Yip Choy claimed he was owed for turning Angostura’s performance around. The company went from a loss of more than TT$1 billion in 2008 to a profit of TT$80 million in 2010.

The Termination of Wayne Yip Choy, Former CEO and Managing Director Angostura Holdings Ltd

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

SPECIAL REPORT

As Grace points out, dissatisfaction with a CEO usually originates with a few board members, maybe two or three; they discuss it with others, discreetly at first, then more boldly. Several directors may meet for dinner on the night before a board meeting, ostensibly for fellowship, actually to poll the jury on the death sentence.

Who Should Deliver The Bad News? Usually the chairman and one or two directors closest to the chief deliver the news. One venture capitalist who has been involved in many start-ups, in which management changes are frequent and abrupt, says he has fired 15 presidents over 20 years: ‘’It is traumatic and painful. Guys who get fired or are asked to resign are not bad guys. They are hard workers who have tried to the best of their ability to do a job and haven’t done it, or have done it for a while and then the job outgrew them.’’ Once the decision is made, or when dissident directors feel they have a majority, speed is recommended by everyone who has endured this melancholy event. One company chairman recounted how he once presented a doomed CEO with two press releases. ‘’The first said he quit, the second said he was fired. I told him we were going to hand out one of them the next day. He chose to quit. I could honestly say, honestly in quotes, that the board had not asked him for his resignation.’’ Companies will frequently tax the ingenuity of their public relations staffs to come up with a plausible explanation for the boss’s disappearance. One PR expert believes these little fictions are necessary. ‘’There’s a certain courtesy in business,’’ he says, ‘’because when you fire a Vice President or the CEO, a bit of your own credibility goes out the door with him.’’

The Golden Handshake No matter how disappointed, angry, or even humiliated a chief executive may be over losing his job, he almost without exception holds his tongue. No self- serving leaks, no TV interviews, even though his departure may be big news. How come? Pride, character, toughness and money, lots of it. Whether it’s called a golden parachute, a golden handshake, or simply a termination agreement, the sometimes astonishingly generous payoff is, as Peter Grace puts it, ‘’to keep him happy and quiet.’’ At major corporations, these severance packages include salary, stock options, fees, insurance and medical policies. When the numbers leak out or are revealed in the annual report, employees are shocked and stockholders dismayed (sometimes to the point of suing the board). Directors by and large take an Olympian view of these settlements. One director who calls them ‘’bribes to keep your mouth shut,’’ thinks that ‘’if a guy has done a hell of a job and the company has outgrown him, you’d be kind of brutal to throw him out into the street. You should try to take care of him and lubricate his passage to another job.’’ The bitter and highly publicized legal battles between William ‘Bill’ Clarke and the Canada-based Bank of Nova Scotia over his retirement package is a case in point. According to a Jamaica Observer Newspaper source, both parties reached an agreement that saw Clarke taking ownership of the bank’s home in which he lived during his tenure as head of Scotia’s local operations. In addition, Clarke was allowed to keep the two high-end vehicles that were assigned to him by the bank and also receive a monetary settlement of several million Canadian dollars. Board members who are or have been chief executives themselves are unsurprisingly, particularly empathetic towards another

Another argument for generosity is to avoid discouraging potential successors. ‘’If you rough up the CEO and kick him down the stairs, you can create a situation that scares the hell out of any possible candidate. Headhunter Pen James admits that ‘’such candidates will question me very extensively. Nobody wants to be another fallen hero.’’

Is There Life After The Executive Suite? As the ranks of vanished chief executives grow, the question inevitably rises: How do they make out after being fired? Generalizations are difficult, but most ex- CEO’s can be described as financially comfortable and professionally miserable. They are usually on the prowl for other jobs at the top, sometimes with success, although two major headhunters, who don’t want to be named, say the victim of a noisy corporate upheaval last year is virtually unemployable at the moment. He is still being blamed for the serious troubles his company continues to suffer under the new management. Some of these casualties move out of management entirely. A lot of them sadly, become consultants. BM _______________________________________________ ____________________ Original source material taken from Richard B. Stolley and Marta F. Dorion (Fortune Magazine) August 31, 1987

As we have seen, dismissing a CEO is easier said than done. Before a board decides how and when, it first has to decide why and that means reviewing its expectations of the potential victim. Dissatisfied boards have to ask: What did we expect of this executive; where did he/she fall short? According to E. Pendleton James there are four major reasons for replacing a CEO: 1. Loss Of Earnings. Among the most obvious reasons for replacing a CEO, but not always the most crucial, is poor earnings. This is often a symptom of other chronic corporate ailment. Measuring a decrease in returns or market share is pretty simple bookkeeping; figuring out why is the hard part. ‘’Directors are smart enough to know that usually there are no clear answers,’’ says one well respected university Professor. He suggests skepticism when a company concentrates on losses in explaining why the boss is leaving. 2. Dishonesty And Malfeasance. There have been reported cases of flamboyant behaviour by CEOs, though this is seldom a factor in changing a good performer. One, who left under fire, was accused in shareholder suits of financing his lavish lifestyle with corporate funds, among other charges. The 2001 Firing Of Seeram Ken Maharaj, Chief Executive Officer, Trinidad Aggregate Products Ltd (TAP) is a case in point. (Refer to article in this issue for details.) 3. Dissatisfaction Within The Company When dissatisfaction reaches such levels that the board has to get involved, it’s usually time for the CEO to go. Employee unhappiness is an important factor in the stability of any company. One corporate crisis no director can afford to ignore is revolt or dissension among subordinates. In one company three vice presidents separately petitioned the board to do something about their CEO. Such rebellion is a matter of high drama. Directors have to feel certain that a critic is not simply gunning for the CEO’s job. Such critics must tread carefully because if subordinates go behind the boss’s back, but fail to convince the board of their complaint, they can find themselves cleaning out their own offices. 4. Embarrassing Personal Or Social Behaviour. This type of behaviour by the CEO that is embarrassing to the company and by extension, members of the board, cannot be tolerated. Cases of sexual harassment are a common example and are known to be the reason for many CEOs departure. Conflicts of interest, especially where financial gain is derived, are another reason. CEO’s have been known to appear at company events and the office intoxicated, creating sensitive and, often times, embarrassing situations for the company.

Four Major Reasons For Replacing The CEO

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

member of the club. ‘’You have a certain lifestyle as a CEO. ‘You belong to clubs, you entertain, you have the big house, the lawn service, the pool service; you do things differently. The least a chief executive who gets fired should expect is two or three years to get his feet on the ground.”

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Bertrand, the now terminated CEO of Trinidad Cement Ltd (TCL), in a letter to Governor Williams, dated May 14, 2012, disclosed that Maharaj was fired from TAP 11 years ago over a string of alleged self-serving improprieties during his tenure as CEO of the Longdenville plant.

The 2001 Firing Of Seeram Ken Maharaj, Chief Executive Officer Trinidad Aggregate Products Ltd (TAP).

The 2012 appointment of Seeram Ken Maharaj to the board of the Unit Trust Corporation (UTC), reopened old wounds and triggered an internal ECA (spell out) investigation into an 11-year-old case of suspected improprieties, involving abuse of a company-issued credit card, conflict of interest and breach of fiduciary duty related to his tenure as chief executive officer of Trinidad Aggregate Products Ltd (TAP).

Maharaj’s termination letter, signed by the former TAP chairman Reuben C Dash, dated August 9, 2001, stated in part: “The company has decided to exercise its option to determine your contract of employment, under the terms of which you are entitled, to three months notice in writing of such termination. In accordance with this requirement, the company hereby gives you formal notice of the termination of your contract of employment, which period of notice shall commence immediately, that is August 10, 2001 and expires on November 9, 2001. During this period of notice, you will not be required to report for work nor undertake any task or function on behalf of the company.”

The TAP board of directors, chaired at the time by Dr Rollin Bertrand (who himself was recently terminated by Trinidad Cement Ltd (TCL)) in private correspondence to then Central Bank Governor Ewart Williams, said it was concerned about Maharaj’s appointment to the UTC Included in the laundry list of board of directors, given his less than stellar corporate record at the allegations made against Maharaj were: Longdenville company. Maharaj, a former deputy chairman of the NIB (spell out) board of directors, was fired in August 2001 for alleged breaches of fiduciary duty related to the abuse of a company-issued credit card, unauthorised removal of company property to his home in Freeport and failure to adhere to internal management procedures.

• The credit card limit of the CEO, shown to be US$15,000, was obtained in 1997 with no apparent board approval. The board subsequently approved a policy, signed by Maharaj, in October 1997 to a limit of US$5,000, but the bank was never advised and the limit not adjusted

• At the time of audit, the CEO’s account was in arrears of $72,846 and US$355. The February 2001 statement showed the card was used to settle two substantial transactions—one on behalf of the CEO’s private company, Seeramics Ltd, and the other for the purchase of building materials for the CEO’s private use. Instances of cash advances were also noted in the credit card statement • A number of instances where personal expenses incurred were not paid on time, resulting in correspondence from the bank and the consequential negative credit image of the company • The CEO approved the statements of four managers, but his own statement was not submitted to the chairman for approval as required • Failure to disclose that his private company, Seeramics Ltd, had entered into a contract with TAP for the supply of T-shirts and failure to adhere to internal management procedures, re: competitive quotations • Processing of a $20,884 cheque in favour of the CEO’s private company and signed by the CEO without the requisite purchase order • Maharaj’s explanation that his private ceramic company was given a contract for the supply of T-shirts because it had installed embossing equipment

• Breach of TAP’s policy relating to the removal of no-charge items or materials from the company’s compound. A review of gate passes for the period December 2000 to April 2001 showed 16 passes issued on Maharaj’s behalf, but only two of these were signed by a director as required by policy • The frequency with which company equipment on loan, company materials on loan, sold or described as scrap, were transported to his home on company vehicles • The use of the services of a company-hired contractor to fabricate a metal frame from material deemed to be scrap and the transport of said frame on company vehicle to his home. Maharaj at the time described his separation from TAP as a private matter and admitted to being shocked that an 11-year-old allegation that was never proved was now being resurrected to damage his good name. Maharaj denied all of the allegations of wrong-doing and dismissed the long laundry list of alleged misdeeds as “trumped-up charges” by a board unhappy with his lack of support and intent on his removal. “None of this is true,” he said, repeating several times: “This is certainly news to me. I am really taken aback by your phone call. I must say, you caught me by surprise.” He was unable to explain the paper trail related to the credit card charges or the T-shirt contract he is said to have given to his private company. Maharaj insisted “these were red-herring issues raised to get rid of him”. He promised he would have his say.

• The discovery that the CEO’s credit card was used to pay York Garments Ltd $15,138.60 for the supply of T-shirts • The $5,745.40 difference between the Seeramics Ltd invoice to TAP and the York Garments invoice represents an inflated cost of the items charged to TAP by the CEO’s private company

Edited from an article entitled “Director faces probe over firing 11-year-old allegations surface against former CEO appointed to UTC board” By Camini Marajh Head Investigative Desk Story Created: Jun 16, 2012 at 10:53 PM ECT and Updated: Jun 16, 2012 at 10:53 PM ECT published in the Trinidad Express Newspaper. http://www.trinidadexpress.com/news/Director_faces_probe_over_ firing-159326775.html

BUSINESSUITE TOP 100 CARIBBEAN CEO’S I NOVEMBER 2014

• The card was used extensively for personal transactions, notwithstanding policy-issued guidelines that such use should be limited to cases of emergency only

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