RAFAEL DIAZ has resigned as a director of Kingston Wharves Limited (KWL).
Mr. Diaz resigned 'with immediate effect' from his post as director, in a letter which reached the Jamaica Stock Exchange on Monday. That letter was dated last week Wednesday, September 17.
Mr. Diaz could not be reached for comment. A former chairman of the KWL board, he resigned from that post in June, replaced by Brian Young. He had served as chairman for 14 years and as deputy chairman for 11 years before that.
When he stepped down in June, Mr. Diaz had said he would remain, "for a while as a director, and continue to serve the company to the best of my ability."
Grace, Kennedy & Company, the single largest shareholder in Kingston Wharves, had controlled the board for over half a century. But a group of shareholders, including Charles Johnston, chairman of Jamaica Fruit & Shipping, had demanded a change in the structure of the board to accommodate others with substantial investment in the company. Mr. Diaz had stepped down as chairman to accommodate the subsequent agreement. He remains a director of Grace, Kennedy.
