Witco MD to step down in March

West Indian Tobacco Co Ltd (Witco) managing director Jean-Pierre du Coudray will step down from the executive post in March, next year.

He is leaving to "pursue personal interests", the company said in a statement on Wednesday.

"It was a privilege to have served as managing director of the West Indian Tobacco Co Ltd. It's people and products continue to be a beacon of what Trinidad and Tobago can achieve as a local manufacturing company with a regional outlook," du Coudray, popularly known as "JP", said.

He has been the MD for 13 years, assuming the post after being Witco's territory manager for the English-speaking Caribbean and area manager, trade marketing and distribution. He has been with the company for 19 years, "functioning in various senior roles while at all times demonstrating exemplary and pioneering leadership to both the commercial and manufacturing portfolios," said Witco.

The company commended du Coudray for helping to maintain the sustainability of the business.

"Innovation in the company's products and excellence in the manufacturing operations will certainly be part of the legacy JP will leave behind," it added.

Witco hailed his leadership in overseeing a three-way stock spilt which was finally approved in November. This achievement, the company said, "redounded to the benefit of shareholders as well as the wider market."

In October 2018, du Coudray said the stock split was meant to make the publicly-traded company's stock more attractive and competitive for investors.

At the time, Witco's stock was priced at $90 per share. It traded on Wednesday at $42.50.

Du Coudray has kept Witco on a profitable path, during his stewardship, and at its AGM in April, he said it recorded a strong profit of $405.1 million last year.

He however, noted the illicit tobacco trade continued to affect Witco operations.

He said then that he estimated the share of the illicit trade to be as much as ten per cent, claiming this was “a lot higher than it was three years ago.”

He warned the illicit trade also affected government revenue in lost taxes as high as $50 million, and the profits of the industry as well. Witco had hoped to address this problem with the police and health minister.