Dennise Williams, Staff Reporter
ORANE
CHAIRMAN AND Chief Executive Officer (CEO) of GraceKennedy, Douglas Orane, says changes in the Group's financial services division and subsidiary, Hardware & Lumber, are part of the normal course of succession planning.
Speaking last week, Mr. Orane insisted that the executive changes are not in reaction to any movement of the company's share price or market perception.
"This type of movement is part of our corporate culture. What we have done is part of a planned strategy. The words 'shake up' are inappropriate. It is simply succession planning in progress. Each of us has three to five individuals behind us as potential successors."
NEW ERA OF GROWTH
In fact, Mr. Orane described the executive changes as part of, "a new era of growth for GraceKennedy and we are preparing ourselves for that."
Looking at Mr. Don Wehby's status at the Group, Mr. Orane said, "Don has new and increased responsibilities. Previous to this change he had dual responsibly since 1999. As CFO he was responsible for the group's finances. It is one of the most important functions in the company. As COO, he also had responsibility for the operational activities for the financial services division. For Don to take on increased responsibilities we need to appoint some one to continue his great work."
'GROWS STRONG PEOPLE'
In relation to Joe Taffe, he said, "I am really delighted about someone who was with us since 1989. Mr. Taffe is respected by his peers and subordinates and it shows that GK grows strong people from with in."
In relation to H&L, Mr. Orane said, "John Mahfood was instrumental in the negotiations with the Pan Jamaican group for the acquisition of Hardware & Lumber. We felt that it was time for him to revert to his previous role as chief operations officer for retail trading; he had only become CEO because of the merger."
Joe Taffe has been appointed as deputy chief operating officer of the financial services division of GraceKennedy Limited, effective September 1.
Following a four-month transition period, Mr. Taffe will assume the post of chief operating officer (COO) of the Financial Services Division, to succeed Don Wehby, who will be taking on an expanded role as Group Chief Financial Officer.
INVESTOR MALAISE
Anthony Holness has been appointed chief executive officer of Hardware & Lumber Limited (H&L) while John Mahfood has been appointed deputy chairman of the board of H&L.
Mr. Holness will oversee the completion of the merger of H&L and Rapid & Sheffield Company Limited and develop the business going forward to solidify the company's position in the marketplace.
The conglomerate with business interests spread from food trading to banking has seen its share price suffer from investor malaise and flat performance in the last quarter.
Yesterday, GraceKennedy shares traded at $99.98 while H&L shares traded at $21.50.
