Massy shake-up: conglomerate cuts board roster

Massy Holdings Ltd has announced a major shake-up to its board of directors, saying it will reduce their number from 13 to nine.

The international conglomerate made the announcement in a media release on Monday.

The transition is set to take place at the close of the conglomerate’s 101st annual meeting, when directors are expected to retire on rotation.

The outgoing directors will be: Peter Jeewan, Sureash Maharaj, Vaughn Martin and Bruce Melizan.

The release said in March, the board commissioned a governance review to facilitate the company’s continuous improvement. One of the main recommendations of the review was board optimisation by improving the structure and composition of the parent-company board.

“Recommendations coming out of this review will improve the structure and governance of the Massy Group, which, when implemented, will better the group for sustainable growth and enhanced shareholder value,” the release said.

The board, when reduced, will consist of 30 per cent executive directors and 70 per cent non-executive directors.

“This adjustment reflects the board’s commitment to more efficient decision-making, improved accountability and engagement, enhanced communication and stronger alignment,” the release said.

In a second release, Massy announced changes in the portfolios of three senior officers, in alignment with the recommendations mentioned.

The release said group executive vice-president and chairman of its motors and machines portfolio Marc Rostant will become group executive vice president and CEO, motors and machines.

Group executive vice-president and chairman, gas products portfolio, Vaughn Martin will be group executive vice-president and CEO, gas products portfolio

Group executive vice-president and chairperson, integrated retail portfolio, Ambika Mongroo will be group executive vice-president and CEO, integrated retail portfolio.

Over the last year Massy has seen a swathe of changes to its management roster, starting with former CEO Gervase Warner, who decided to retire early in February.

After an investigation into training modules for the company’s executive, former general counsel and executive vice-president Angelique Parisot-Potter, who raised issue with the training modules at the company’s AGM last year, took administrative leave. In January she was replaced by Wendy Kerry, who later took up the role permanently.

David O’Brian, vice president of global expansion, announced his resignation in March.

Albert Rojo, senior vice president of strategy and business development in gas products, retired on June 30.

Julie Avey, senior vice president of group, people and culture, announced her retirement in September. The company named Nadia Mc Carthy as her replacement, and she took up the role in November.

In August Massy Holdings recorded nine-month profits after tax of $465 million for the year ending June 30.