[UPDATED] Massy Holdings cuts board roster

Monday 25 November 2024

In this file photo, Massy Group CEO David Affonso and CFO James Mc Letchie, speak to Business Day on August 16. - Photo by Angelo Marcelle

Massy Holdings Ltd has announced a major change 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.

A non-executive director is a member of a company's board of directors, who is not part of the executive team, which means, the director does not engage in the day-to-day running of the organisation.

The responsibilities of a non-executive include monitoring the executive directors, assisting with policy-making and acting in the company's best interest.

About Massy Holdings

The Massy group is an investment holding/management company with three main investment portfolios which include integrated retail, gas products and motors and machines.

The company has been in operation since 1923. It has businesses throughout the region as well as in Columbia and South Florida. It is the holding company for over 75 businesses including gas distribution company IGL (St Lucia) IBC Ltd, which was acquired in 2022 for US$140.3 million, Rowe’s IGA Supermarkets – a chain in Florida – acquired for US$47 million and Air Liquide TT Ltd – a French multinational company that provides industrial gases such as oxygen, nitrogen, argon and hydrogen for the healthchare sector – acquired for US$58 million.

In a recent interview with Newsday group CEO David Affoso and chief fnancial officer James Mc Letchie said the 100-year-old group plans to expand its business into a $25 billion company by the year 2030. The executives said the company intends to go into the next 100 years by expanding in a responsible manner.

In August Massy Holdings recorded nine-month profits after tax of $465 million for the year up to June 30 from an $11 billion revenue.

This story has been adjusted to include additional details. See original post below.

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