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Published:Friday | October 16, 2015 | 12:00 AM
Cedric Blair
Kevin Richards

Cedric Blair dropped from Red Stripe board

Desnoes & Geddes Limited, which trades as Red Stripe Jamaica, has announced changes to the board a month ahead of the annual general meeting, now scheduled for November 13.

On Monday, in accordance with the transition of D&G’s majority ownership from Diageo to Heineken NV, the following directors were added to the board: Eugene Ubalijoro, Radovan Sikorsky, Andrea Vogliazzo, Stefano Cavenati, Juan Luis Barrios, Wilbert Raajmakers and Hemmo Parson.

They replaced the following directors who resigned concurrently: Jed Dryer, Renato Gonzales, Noel daCosta, Cedric Blair, Jaime Grana, Bruce Kidner and Cristina Diezhandino.

Blair remains managing director of the company, while Kidner, who has worked with Diageo for 17 years, will continue as Red Stripe’s chief financial officer. Both men will hold their current management positions “until further advised”.

The other directors whose positions are unaffected are chairman Richard Byles, Gary Hendrickson, Peter Melhado, Peter Hall and Carol Bourke.

Hendrickson will retire by rotation at the AGM, but is up for re-election.

Heineken advised on October 7 that it had taken over Red Stripe under a US$421-million deal for Diageo’s 57.87 per cent stake in the brewery, which increased its ownership to 73.3 per cent.

Diageo owned the Jamaican asset through subsidiary Udiam Holdings.


Kevin Richards named CEO of KPEIT

The founding executive director of Jamaica’s first real estate investment trust has resigned after seven years, and has been replaced by Kevin Richards. 

Fayval Williams, who ran Kingston Properties Limited — KPREIT — from its creation in 2008, is now actively engaged in politics as deputy spokesman on finance for the opposition Jamaica Labour Party.

She is also vying for a parliamentary seat in St Andrew on the party’s ticket.

Her resignation from Kingston Properties comes as speculation mounts on whether a date for national elections will be set soon.

Richards was formerly vice-president of sales and marketing at Sterling Asset Management. His track record includes stateowned pension fund National Insurance Fund, where he held the position of investment manager.

He officially takes up the job of chief executive officer of Kingston Properties on November 2.