GraceKennedy group CEO steps down

Jamaican-founded food and finance company GraceKennedy Ltd (GK) has announced its group CEO Don Wehby will retire, effective February 14.

In a notice published on the TT Stock Exchange’s website on Wednesday, GK said he will also be stepping down from the board of directors, effective on the same date.

The current CEO of the company’s domestic foods division and former group chief financial officer Frank James will take his place as group CEO and be appointed to the board on the same date.

Webhy joined GK in 1995 and was appointed group CEO in 2011.

During his tenure, the release said, the company went from J$58 billion in revenue to J$155 billion in 2023.

"Expansion through mergers and acquisitions has been a hallmark of Wehby’s leadership, enabling the company to grow regionally and globally," the release said.

It said under his guidance the company became one of the largest and most dynamic companies in the region with operations spanning the Caribbean, North and Central America, the UK and Europe.

Webhy took a temporary leave of absence late last year, during which time chief financial officer Andrew Messado took the helm.

Webhy expressed pride in the progress the company made during his tenure and said he was confident that its new leadership will take the company even further.

James said he was honoured to take on the role of CEO

"We will continue to focus on delivering value to our customers, shareholders and the communities we serve," he said.

In an earlier notice, GK announced the appointment of Debra Dodd to the role of divisional chief financial officer – GraceKennedy Financial Group (GKFG); and Kerry-Ann Lincoln to the role of divisional chief financial officer – GraceKennedy Foods (GK Foods), effective January 1.

"Within their respective divisions, Dodd and Lincoln will provide key support to strengthen financial management and business outcomes, and maintain robust internal controls."

"These appointments underscore our focus on cultivating strong leadership and ensuring robust succession planning across the group," Messado said.

GK said Dodd and Lincoln bring extensive experience and proven expertise, along with strategic and operational capabilities, to their new roles.

Dodd’s career in finance spans over 20 years, including the past 12 years at GK in various leadership roles.

Whereas, Lincoln has over 20 years of experience in finance and joined GK in 2014 as senior accounting manager.

"We are confident that their leadership will strengthen the group’s performance, contributing meaningfully to our continued growth and long-term goals," Messado said.

For the nine-months ended September 30, 2024, GK recorded a net profit of J$6.62 billion, an increase of 11.1 per cent.

Earnings per stock unit for the period was J$6.70, compared to J$6.02 in 2023.

Commenting on GK’s financial performance, Messado said, "As we continue our journey towards becoming the number one Caribbean brand globally by 2030, GraceKennedy's strong nine-month performance is a testament to the steadfast dedication of our exceptional team. Their tireless efforts and innovative spirit have been instrumental in driving our growth and success."