Thu | Apr 19, 2018

Another high-profile executive departs Sagicor

Published:Friday | December 29, 2017 | 3:52 PMAvia Collinder

 

Amid rumours that the Playa hotel group has expressed interest in buying hotels owned by Sagicor Group Jamaica, informed sources said Friday that Rohan Miller had separated from the financial conglomerate.

Gleaner Business understands that while Miller, the CEO of Sagicor Real Estate X Fund Limited, wanted to continue to grow and expand the hotel portfolio, Sagicor Group’s President & CEO Christopher Zacca and Chairman Richard Byles wanted to “head in another direction”.

The consequence of their disagreement was Miller deciding to leave, it is understood. His final day on the job is officially December 31, Gleaner Business was told.

Miller, who also bears the title of executive vice-president and chief investment officer of the group’s flagship company, Sagicor Life Jamaica Limited, was in October seconded to the exclusive management of the group's hotel portfolio.

He was responsible for each of Sagicor's hotel projects, from planning through acquisition and renovation.

At the time, Christopher Zacca said the group's expanding investments in the resort sector made it necessary "to have someone with the talent, experience and expertise totally focus on building on the successes achieved to date". His task was to optimise the earning potential of the properties acquired within the last five years.

On Friday when Gleaner Business reached out to Zacca for comment on Miller’s departure, he was said by his assistant to be unavailable. Byles said he could not comment on the reasons for Miller’s separation from the company before advising the Jamaica Stock Exchange.

The group, through various managed funds, owns four Jewel resorts, the most recent of which came on the market this summer in Montego Bay. The group also owns Hilton Resort & Spa in Montego Bay, and the Hilton DoubleTree in Florida.

Sagicor Real Estate X Fund Limited itself owns the two Hilton-branded hotels and holds minority interest in some of the Jewel resorts. The hotels deliver annual revenues of US$150 million, a figure that excludes Jewel Grande Montego Bay, which just opened for business.

A plan to spend another US$200 million to develop another 800-room hotel on a 26-acre property owned by Sagicor at Rose Hall in Montego Bay was put on hold late in the year.

Miller was also president and CEO of Sagicor Investments Jamaica Limited, a job to which he was appointed in June 2014, in addition to his other portfolios.

He is the second high-profile executive to depart Sagicor subsequent to Zacca’s appointment to the top job in May, when he succeeded Byles as president and CEO.

Donovan Perkins, who ran Sagicor Bank Jamaica Limited, departed in September.

Both Perkins and Miller had been seen as candidates to replace Byles, but the board eventually opted for outside talent.

avia.collinder@gleanerjm.com