Witco managing director sent on paid leave

THE West Indian Tobacco Company (Witco) has placed managing director Raoul Glynn on paid administrative leave, pending an internal investigation.

The announcement was made through a notice of material change on the TT Stock Exchange (TTSE) website on June 26.

According to the TTSE notice, Glynn’s leave took effect from June 24 and Hiram Murillo, British American Tobacco (BAT) country manager, will carry out the duties of the managing director during the investigation.

Witco’s share price has dipped by $1.50 since June 26, according to the TTSE’s website. Shares went from $9.99 on June 26 to $8.90 on June 27.

At the close of the market on June 28, Witco’s share price went down again, to $8.50 a share.

In April, the company’s share price was at a high of $15.63.

Glynn was appointed managing director in October 2022. He served in several senior roles within the BAT group – the company with the majority share in Witco.

Witco saw a 5.9 per cent increase in profits after tax for the year ended December 31, 2023, at $227.08 million.