businessuite magazine top 10 ceo's for 2012

Businessuite Magazine December 2012 1

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editorialThe Top Ten CEO for 2012, as in previous years, are deter-mined by the rate of growth of their respective companies over the previous year -measured by after tax profits. These companies have experienced an increase that range from a high of 216% in the case of the number one ranked CEO, Jef-fery Hall of Jamaica Producers Group; to 15.8% in the case of the tenth placed JMMB boss Keith Duncan.

The list reflects a wide range of CEOs in a variety of sectors including gaming, banking, finance and food and beverage. The fact is, what these companies all have in common is not what they do, but who does what. Excellence in performance is set from the person who wears the crown. As further read-ing of this issue will attest, heavy indeed is the head that wears the proverbial crown. We envy the salary, balk at the fancy title, and consider them tyrants who reign over an evil empire. Well maybe the last bit is a little bit of an exaggera-tion. The point is, being a CEO is for the most part a meritoc-racy fraught with as much pressure as there are perks. These professionals have gotten to where they are today by virtue of sheer knowledge, experience and hard work and therein lies the success stories. These are simply put, people who know their job and do it very well.

They also perform against the backdrop of what is arguably the most difficult economic times locally and globally, for both consumers and business. In a contracting economy, the shrewd leader must steady the ship, instill confidence in his crew and chart a course for success.

We salute the repeat placements for their consistent high performance, the Hyltons and Halls of this list who provide an example of how to lead large, complex, dynamic organi-zations. Credit also to those new to the list. For making the arduous climb to join an elite club of managers and leaders in your field – we salute you. Success is not a singular act but a habit. We are what we repeatedly do. It is therefore fair to anticipate your presence in successive years.

Congratulations to Anya M. Schnoor, this year’s number four placed CEO. Schnoor was promoted to country manager of the Trinidad arm of Scotiabank. Her performance is proof that success will indeed be rewarded in the business sector.

At the same time we commend Ms. Schnoor, Businessuite laments the absence of female leaders in this year’s crop of leaders. We are certain, by virtue of the Top 50 women in business listing in the previous issue, that women are a force to be reckoned with in the business world. While 40 percent of the top ten CEOs on the Junior Stock exchange are women, just one percent of the persons in the main list-ing are women, just one in ten. We certainly look forward to seeing more women being given the opportunity to manage companies at the very top of their respective fields and show what they can do.

The Numbers

Here are the top 10 companies and a comparison of the after tax profits in 2011 to 2010 and the rate of change. To learn about the CEOs responsible for these impressive numbers, continue reading.

Ranking Company 2011 after tax profits*

2010 after tax profits*

Percentage change

$ change*

1 Jamaica Producers Group

955,767 302,104 216.3 653, 663

2 Supreme Ventures Limited

606, 326 421,267 43.93 185,059

3 Pan-Jamaican Trust 1,758,990 1,244,498 41.34 514,4924 Scotia Investment Jamai-

ca Limited 1,985,092 1,487,348 33.47 497,744

5 Desnoes and Geddes Limited

1,015,690 789,398 28.67 226,292

6 Capital and Credit Finan-cial Group

364,132 287,674 26.58 76,458

7 GraceKennedy Limited 2,992,473 2,396,256 24.88 596,2178 Sagicor Life Jamaica 5,754,467 4,871,467 18.13 883,0009 National Commercial

Bank13,034,429 11,074,798 17.69 1,959,631

10 Jamaica Money Market Brokers

1,142,930 986,378 15.87 156,552

*’000

Businessuite Magazine December 20124

The CEO’s second duty is building culture. Work gets done through people, and people are profoundly affected by culture.

“The executives are a vastly different breed than the average person,” said International Business Professor Campbell Harvey.

Having vision isn’t enough. Communicating the vision is the key. When people ‘get it,’ they know how their daily job supports the vision.

table of contents

06. What’s in a title: The Job De-scription of a CEO

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Feature StorieS

12. Optimism: The Key trait in a successful CEO?

22. Getting it Done: How does a CEO Mea-sure his or her own Performance?

28. Potential Pitfalls of a CEO

36. Top 10 CEOs on the Junior Stock Exchange

39. The World’s Top 10 CEOs

42. TECHnO-LOGiC: Tech Gadgets for the CEO on Top

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CrEDITS:Publisher: Aldo Antonio - [email protected] Editor: Damian Wilson- [email protected] Design/Layout: MD Studio - www.mdstudioja.comPhoto credits - Sourced from the internet and contributedAdvertising Sales - [email protected]

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Businessuite would like to thank all our readers, subscrib-ers and advertisers for their support throughout the past year. We look forward to your continued support in 2013 as we embark on our most ambitious plan of action to date to better serve you.

We Wish you a safe and happy holidays and a properous new year!!!

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“while we are proud of our successes, our focus remains on reaching higher heights.

Of the future and certainly the coming year, Group CEO Keith Duncan remarked, “For 20 years, JMMB has been setting standards of achievement.

“We see these challenges as unique opportunities to grow to become the global consumer food group and regional financial network that we all envision.”

It is something of a changing of the guard as this stalwart of the financial sector sees his company taken over by another juggernaut in the financial sector.

table of contents

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07 : Building on a Legacy:

#10 - Keith Duncan

09 : A Mainstay on the top 10

#9 - Patrick Hylton

13: A Customer & Community Centric -CEO

#8 - Richard Byles

15: The Value of Suc-cession Planning:

#7 - Don Webby

18: A Changing of the Guard

#6 - Ryland Campbell

24 : A CEO Takes her Skills Abroad

#4 - Anya M. Schnoor

26: A Solid investment

#3 - Stephan Facey

31: A Supreme Leader

#2 - Brian George

Counting Down The Top 10 CEOS In Jamaica for 2012

20: The Rotating door of Leadership

#5 - Alan Barnes & Renato Gonzalez

33: The chips Fall into Place

#1 - Jeffrey Hall

“We will embark on initiatives to improve the convenience and efficiency with which customers can access our products and services,”

“She has over 17 years of experience in the areas of investments, financial services and banking.

“red Stripe continues to make a significant difference in the communities they serve through the various programmes and projects of the D &G Foundation –

“Shareholders’ equity as at December 31, 2011, was $28.29 billion, compared to $25.20 billion as at December 31, 2010 (12% increase).”

Cash Pot remains the top player in its lottery portfolio, as it represents 76.64% of total lottery revenue. Cash Pot increased by 12.31% when compared to the previous year of $16.798 billion, total sales being $18.866 billion.

Nowhere is a company’s success more directly attributable to the strategic moves of its leadership than the Jamaica Producers Group Ltd.


The fact is most people feel a tinge of awe when someone has the CEO title. More importantly we are im-pressed by what comes along with that title: the power, the salary, and the chance to be “The Boss”. Indeed it is worthy of awe!

Unfortunately not everyone who has this title is cut out for the job or even the ones who hold the title, it can be argued are not really good at what they do. Some are not even aware of what the job entails and those who do have a difficult time pulling it off. So the question is therefore, what really is the job of a CEO?

Probably more than with any other job, the responsibilities of a CEO di-verge from the duties and the mea-surement. The fact is, quite simply the CEO is responsible for every-thing, especially in a startup. The CEO is responsible for the success or failure of the company. Opera-tions, marketing, strategy, financ-ing, creation of company culture, human resources, hiring, firing, compliance with safety regulations, sales, PR, and the list goes on - it all falls on his/her shoulders.

The CEO’s duties are what he or she actually does, the responsibilities that are not delegated to someone else. Some responsibilities should not and cannot be delegated. Cre-ating culture, building the senior management team, strategic plan-ning, long term (and short term) goal-setting, indeed, the execution of certain function can only be done

at the very top.

What is the CEO’s main duty? - set-ting strategy and vision. The senior management team can help develop strategy. Investors can approve a business plan. But the CEO ulti-mately sets the direction. Which markets will the company enter? Against which competitors? With what product lines? How will the company differentiate itself? The CEO decides, sets budgets, forms partnerships, and hires a team to steer the company accordingly.

The CEO’s second duty is building culture. Work gets done through people, and people are profoundly affected by culture. A lousy place to work can drive away high perform-ers. After all, they have their pick of places to work. And a great place to work can attract and retain the very best.

Culture is built in several ways, and the CEO sets the tone. His or her ev-ery action—or inaction—sends cul-tural messages. Clothes send signals about how formal the workplace is. Who he or she talks to signals who is and isn’t important. How he or she treats mistakes sends signals about risk-taking. Who he or she fires, what is put up with, and what is rewarded shapes the culture pow-erfully.

Let’s say a project team worked weekends launching a multimedia web site on a tight deadline. Their CEO was on holiday when the site

launched. He or she didn’t call to congratulate the team or get a last minute update. To the CEO, it was a matter of keeping his or her person-al life sacred. To the team, it was a message that personal life was more important than the weekends and evenings they had put in to meet the deadline. Next time, they may not work quite so hard. The emo-tion and effect on the culture is very real, even if it wasn’t what the CEO intended. Congratulations from the CEO on a job well done can moti-vate a team like nothing else. Silence can demotivate just as quickly.

Team-building is the CEO’s #3 duty. The CEO hires, fires, and leads the senior management team. They, in turn, hire, fire, and lead the rest of the organization. The CEO must be able to hire and fire non-performers. He or she must resolve differences between senior team members, and keep them working together in a common direction. The CEO sets direction by communicating the strategy and vision of where the company is going. Strategy sets a direction. With clear direction, the team can rally together and make it happen.

If vision is where the company is going, values tell how the company gets there. Values outline acceptable behavior. The CEO conveys values through actions and reactions to others. Companies such as JMMB (who has the tenth ranked CEO on this list) are famous for the corpo-

What’s in a title: The Job Description of a CEO

Feature


continued on page 8

Building on a Legacy:

The Keith Ducan-run Jamaica Money Mar-ket Brokers Ltd. (JMMB) created one of the largest waves in the financial sector last year

when it completed the purchase of 100 per cent of the shares in the Capital and Credit Financial Group at a price of $4.55 per share or $4.22 billion. This saw JMMB gaining CCFG’s Merchant Banking and Unit Trust Licences as well as its portfolio of loans, deposits and investments and repo portfolio.

The Merchant Bank Licence will enable JMMB to offer services they have long sought to offer since they ap-plied for a commercial bank licence back in 2008. The merchant bank licence is in fact a good substitute and permits them to offer credit card and debit card facili-ties. In addition, it opens up an avenue to get cheaper balance sheet funding while allowing them to expand their loan offerings.

An additional benefit of a JMMB/CCFG deal is that JMMB will be able to delve into the restricted unit trust market with CCFG’s three established products. This is in addition to JMMB’s two indexed funds which are both incorporated as companies in Cayman. The attrac-tiveness of this business line is that it enables the com-pany to deleverage its massive balance sheet in light of tighter capital requirements by the FSC. JMMB is the most leveraged of all players in its peer group.

JMMB’s audited Financial reports for 2011 extend into the first quarter of 2012, with a reported Group operat-ing profit of J$2.78 billion and net profit of J$2.24 bil-lion for the year and a 96% increase compared to the previous year’s result. Shareholders’ equity increased from J$9.4 billion in the previous year to J$10.87 bil-lion. Their achievements have been the direct result of a strategy focused on

#10 - Keith Duncan Top 10 CEOS

rate values they espouse. JMMB continues to be guided by the prin-ciple ‘vision + values = phenom-enal success.’ People take their cues about interpersonal values such as trust, honesty, openness, etc. from CEO and his or her actions as well.

Capital allocation is the CEO’s #4 duty. The CEO sets budgets within the firm. He or she funds projects which support the strategy, and ramps down projects which lose

money or don’t support the strat-egy. He or she considers carefully the company’s major expenditures, and manages the firm’s capital. If the company can’t use each dollar raised from investors to produce at least $1 of shareholder value, the CEO de-cides when to return money to the investors. Some CEOs don’t consid-er themselves financial people, but at the end of the day, it is their deci-sions that determine the company’s

financial fate.

The management of these functions ultimately contribute to the failure or success of the company he or she manages. This is why the CEO’s du-ties require that he is responsible for all aspects of the business. This year’s Top 10 CEOs have made it here by no small feat. They have clearly managed their duties and responsi-bilities to the highest standard. BM<

Feature


business line diversification, expanded regional growth, operational excellence and exceptional client service delivery.

All their business lines reported higher contributions to profits. The operations in the Dominican Republic continue to grow with a client portfolio of US$80.71 million and a strong base of retail and institutional cli-ents, including Banks, Savings and Loans Associations, Securities Dealers and Pension Funds. In Trinidad and Tobago, their operations also posted satisfactory results.

Their client base continues to grow and exceeds 190,000. This is a testament to the trust and confidence that the Jamaican people and wider regional clients have placed in the JMMB brand. During the year, they also deep-ened their presence in the Dominican Republic with the addition of the Santiago Branch. As JMMB expands throughout the region, they continue to dedicate our-selves to the company’s core values of honesty, integrity, openness and love, and recognizing their prominent role in sustaining their success.

In May 2011, JMMB launched the Joan Duncan School of Entrepreneurship, Ethics and Leadership (JDSEEL) at the University of Technology (UTECH), in memory of its founder Joan Duncan.

The Company continued to diversify its offerings by launching several new products, including the JMMB Car Solution, JMMB Education Solution and JMMB Debt Consolidation Loan. JMMB Insurance Brokers (JMMB IB) launched the Smart Choice Home Insur-ance product and continued with its JMMB Motor Smart Pak through partnerships with select insurance companies.

Perhaps the thing that has always made JMMB unique, is their recognition that their clients are the cornerstone of their success and as such they continue to deepen cli-ent intimacy initiatives and implement new ones to en-sure that they are provided with holistic financial solu-tions. They recognize that only by maintaining genuine relationships and applying their financial expertise to the solution of financial problems will they reap a win-win solution for all.

During the year JMMB provided continued support to organizations and groups in the areas of social transfor-mation, sports, health, education and cultural events. In Jamaica, they continue to support the Committee for the Upliftment of the Mentally Ill (CUMI), which enhances standards of living for the mentally ill and

the homeless. Their support for the Youth Upliftment Through Employment (Y.U.T.E.) programme continues not only with funding but by providing leadership in specific areas.

Of the future and certainly the coming year, Group CEO Keith Duncan remarked, “For 20 years, JMMB has been setting standards of achievement. Throughout this time, we have been building for the future, a future which in our view has never held a greater measure of promise for those with a stake in our success.” He went on to say that JMMB Group’s future will encompass growth, broader financial services offerings and profes-sional and exceptional service delivery to the thousands of clients they serve. “We are committed to meeting and embracing the challenges ahead, as our team continues to work together to maximize returns for all our share-holders, stakeholders and investors.”

Keith Duncan joined JMMB as Trading Manager in 1993 and in 2000, became the Deputy Managing Direc-tor. In 2005, he was promoted to Group Chief Executive Officer and has responsibility for overall performance and charting the strategic direction of the Group. As a strategic thinker and visionary leader, he has built one of the strongest trading teams in Jamaica. His financial expertise has not only benefited the JMMB Group, but also the Jamaican financial sector. He is a former presi-dent of the Jamaica Securities Dealers Association and was involved in the partnership with the Financial Ser-vices Commission (FSC) in designing and implement-ing new structures and models to enhance the effective-ness of Jamaica’s market players.

Known for his commitment to youth development, Keith served as Chairman of the National Youth Service from 2003 to 2009 and worked closely with the respec-tive boards and teams to fulfill the mission of creating and reforming Jamaica’s youth to become purposeful citizens.

In continuing his service to Jamaica’s youth, he joined efforts to design and implement the Youth Upliftment Through Employment programme (Y.U.T.E), a private sector led initiative, and now serves as a board member of the Y.U.T.E. Project. Keith holds a B.A. (Economics) from the University of Western Ontario in Canada and is a Chartered Financial Analyst.

His is a legacy that has been passed down from his mother, who founded the company some twenty years ago, and now after the leadership of his sister, continues to take the company to new heights. BM<

Top 10 CEOS


A Mainstay on the top 10

#9 - Patrick Hylton

There are very few CEOs that we can pencil into this list on a year to year basis. Such is the level of con-sistency of the NCB boss that he has become some-

thing of a fixture on this list and we assume will be for years to come, as long as he remains at the helm of the banking giant. Hylton is the only CEO to maintain a pres-ence on the list every year since 2005. He peaked at #4 on the 2006 list and placed sixth last year.

Patrick Hylton first received local and international ac-claim when he was appoint-ed a leading role by the Gov-ernment in the rehabilitation of the Jamaican financial sector during the mid 1990s. The wealth of his experience in all facets of the financial services industry led to him being named the Managing Director of FINSAC for five (5) years, where he had responsibility for the re-struc-turing and divestment of intervened financial institu-tions and the acquired assets. His successful completion of that undertaking culminated in the national award of the Order of Distinction, Commander Class, being bestowed on him by the Prime Minister and Governor General of Jamaica in 2002.

In 2002 he joined the island’s largest commercial bank, National Commercial Bank Jamaica Limited (NCB), as the Deputy Group Managing Director, where his re-sponsibilities included the Bank’s investment and insur-ance subsidiaries. On December 1, 2004 Mr. Hylton was

appointed the Group Managing Director of NCB and since then he has led the organization to achieve record growth in profitability.

Complementing his strategic business acumen and an empathetic but firm leadership style, are his academic achievements as an Honours Graduate in Business Ad-ministration and as an Associate of the Chartered Insti-tute of Bankers (ACIB) London. He is a Past President

of the Jamaica Bankers Association and in ad-dition to being a Direc-tor of NCB, Mr. Hyl-ton is the Chairman of Harmonisation Lim-ited and sits on several boards including the Caribbean Informa-tion and Credit Rating Services (CariCRIS).

The National Commercial Bank, under the direction of Managing Director, Patrick Hylton, stands heads and shoulders above local banks. Chairman Michael Lee-Chin gushed about the track record that his company had established in the banking sector over the years, in his message to shareholder in the last annual report he said. “I invite you to join me in celebrating the fact that during the past year NCB continued to lead the local financial services sector by recording world-class per-formances in key areas of its operations. We welcomed the accolades that came from prestigious organizations such as “The Banker” magazine which recognized us not only in respect of our

Top 10 CEOS

“while we are proud of our successes, our focus remains on reaching higher

heights. In this way, each of you can be confident that your financial fortunes

will grow as NCB grows.”

continued on page 11


outstanding performance regionally, but internation-ally as well. Being named as one of the top performing banks in the world is a highly commendable achieve-ment!” Lee-Chin beamed.

Here is how the different segments of their business operations performed over the year starting with the Consumer and SME segment which includes the Retail Banking and SME and Payment Services operations of their business. This incorporates the provision of bank-ing services to individual and small and medium busi-ness clients, money remittance services and card related services. Operating profit reported for the segment was $3.22 billion which increased by $589 million or 22%. Our external operating revenue increased by 13% or $1.73 billion over the 2010 financial year. Net interest income for the segment grew by $801 million or 8% to $10.24 billion mainly due to reduced interest costs. In-terest income experienced an overall decline of 4% as a result of reduction in loan yields; this was however partially off-set by the 35% and 9% growth in the Retail Banking loan and credit card receivables portfolios, re-spectively. Total operating expenses of $7.86 billion in-creased by $500 million or 7%, and this increase in op-erating expenses was primarily as a result of increased technical consultancy costs associated with sales related initiatives undertaken during the year.

Their Corporate Banking segment, which offers bank-ing services mainly to large corporate clients, generated operating profits of $2.10 billion for the 2011 financial year, representing a decline of $826 million or 28% from the 2010 financial year. The decrease is attributed to a reduction in net interest income due to lower loan bal-ances, as well as a reduction in interest earning loans due to a large loan being classified as non-performing during the year. External revenue decreased by $1.26 billion or 24%, and accounted for the $990 million re-duction in net interest income. Net fee and commission income grew by $151 million or 46% mainly due to in-creased credit related fees. Total operating expenses in-creased by $45 million or 16%.

Their Treasury and Correspondent Banking segment incorporates the Bank’s liquidity and investment man-agement function, management of correspondent bank relationships and relationships with other financial in-stitutions as well as foreign currency dealing activities. This segment experienced growth in operating profits of $1.01 billion or 30%, mainly as a result of increased gains on foreign currency and investment activities. Net interest income grew by $316 million or 12% primarily

due to reduced interest costs. Total operating expenses increased by $354 million primarily due to the impair-men losses on securities booked for $264 million.

Their wealth management segment recorded operating profits of $4.67 billion for the 2011 financial year, an in-crease of $1.12 billion over the previous financial year. Included in this segment are stock brokerage services, securities trading, investment management and other financial services provided by overseas subsidiaries. This improved performance was driven by increased net interest income and gains on investment activities.

For the 2011 financial year, their insurance and pension fund management segment achieved operating profits of $2.39 billion, an increase of 20% or $406 million. This segment incorporates the results of the life insur-ance, pension and investment management services of the Group. Total operating income grew by $2.64 billion or 87%. The main contributor to this improved perfor-mance was premium income which grew by $2.46 bil-lion over the prior year primarily due to increased in-come from annuity premiums. Total operating expenses went up by $2.23 billion which was mainly attributable to the large annuity contracts entered into in the 2011 financial year.

Of the 2010/2011 financial year, Hylton said: “The growth in revenues and profitability of the organization has remained strong. We have maintained or achieved leading market share in key areas such as loans and deposits, while maintaining a strong capital base and strong liquidity. NCB was recognized by The Banker Magazine as Bank of the Year – Jamaica and as one of the top performing banks in the world. Our organiza-tion ranked 3rd and 14th, respectively, in the world among the contenders on returns on capital and return on assets and number one for both metrics among Cen-tral American banks.”

Among the highlights for the financial empire, Hylton identified: Leading the market in reducing interest rates in select product areas such as auto loans

• Reducing commitment fees, offering principal payment moratoriums and providing up to 100% financing to make vehicle purchases more afford-able for customers

• Educating customers about the opportunity to reduce or eliminate banking fees by utilising Au-tomated Banking Machines (ABMs), Customer Care Centre, Internet Banking site or their web-

Top 10 CEOS


Have you ever wondered what is the key characteristic that makes CEOs? Since it’s a position to which so many strive but few achieve, the an-swer must be an overwhelming yes! A new study by the Duke Universi-ty’s Fuqua School of Business thinks it may have found the answer. The study reports that Chief Executive Officers, at least in the US, are more optimistic about life than members of the general population

The study was conducted by Profes-sors Manju Puri, Campbell Harvey and John Graham. The researchers analyzed 3,000 personality test re-sponses to draw their conclusions. The completed results will be pub-lished in a paper called “Managerial Attitudes and Corporate Actions,” which will be published in an up-coming issue of the Journal of Fi-nancial Economics.

The professors also found that the CEOs, besides being optimistic about life in general, were upbeat about the prospects of their busi-nesses and were more willing to take risks than members of the general population. Those traits, in turn, influence companies’ financial poli-cies and decisions, according to the paper.

According to the personality test re-sults, 80% of CEOs are what the re-searchers dub “very optimistic” peo-ple. That compares with only 65% of chief financial officers who are pre-sumably less optimistic than CEOs because they have to deal with the nitty gritty of companies’ finances. Though the paper doesn’t say what percentage of the lay people consid-ers themselves optimistic, they note that the CEO and CFO numbers are well above the mean.

“The executives are a vastly dif-ferent breed than the average per-son,” said International Business Professor Campbell Harvey.

The study also looked at how fi-nance executives rate their CEOs. “Finance executives go so far as to say that their CEOs are more opti-mistic about almost everything in life,” says Finance Professor Puri, “even beyond their outlook on busi-ness prospects.”

The researchers also found that companies tend to attract CEOs who reflect a firm’s “personality,” in-cluding risk aversion and optimism. In turn, company policies are close-ly related to executives’ personality. That includes traits like risk toler-ance and outlook on future financ-

ing. A risk-tolerant CEO might initiate more mergers and acquisi-tions, for instance, according to the research. Adds John Graham, who is also a finance professor at Fuqua, risk-tolerant CEOs initiate more mergers and acquisitions because “they are more content to ‘roll the dice,’” on business deals.

The researchers also evaluated how CEO personality traits affect pay structure. The study looked at risk-taking versus non-risk-taking CEOs, and at CEOs who are patient and those who are impatient. Risk-taking CEOs are much more likely to be paid with a greater share of their package made up of stock, options and bonuses, and less in the form of salary. Also CEOs who are impa-tient tend to earn a greater share of their compensation in the form of salary, than do patient CEOs.

The researchers concluded that it costs companies more to compen-sate risk-averse CEOs because the companies have to pay more in sal-ary and go the extra mile to encour-age their chiefs to take on expensive investment projects that have more risk. Ultimately, firms match their CEOs’ personality traits in a way that cuts the cost of incentive com-pensation.BM<

Top 10 CEOSenabled mobile phones to conduct certain trans-actions.

• Suspending dormant charges on local and foreign currency accounts

• Collaborating with ActionCOACH to provide training to over 40 small and medium enterprises island-wide to help them build stronger business-es

• Partnering with Women Business Owners of Ja-maica Limited and the IDB to develop women owned businesses nationwide

In his closing message in the 2011 Annual Report, Hyl-ton promised that “while we are proud of our successes, our focus remains on reaching higher heights. In this way, each of you can be confident that your financial fortunes will grow as NCB grows.” With that in view we can be sure Mr. Hylton will again feature on next year’s list. BM<

Optimism: the Key trait in a successful CEO?


This year’s # 8 comes in two places higher than his 2008 tenth place debut. That’s nothing to look down on. After all, Byles only oversees a company

that is known largely as one of the largest insurance com-panies in region. Though the largest, insurance is but one slice of the Sagicor pie. Sagior manages and is involved in Employee Benefits, investments, individual insurance, banking and property management.

The Employee Benefits Division provides group health, life and personal accident insurance to institutional clients for their employees. The Division also provides pension funds administra-tion services and annuity products to corporate cli-ents. The Division focuses on building financial securi-ty programmes that balance the needs of both employer and employees. Sagicor Life Jamaica is the largest pro-vider of these services in Jamaica.

Sagicor Investments exists to assist individual investors in attaining their personal goals by allowing them to follow their own investment philosophy by tailoring products to meet their goals and match their appetite for risk. Sagicor manages the

investments portfolios for all Group Companies with the exception of the Pan Caribbean Financial Services.

The Individual Insurance Division provides individual clients with life and health insurance policies, individu-al pensions, investment opportunities, and other insur-ance related solutions through a wide range of products, and a large distribution network of Financial Advisors and Broker/Agency channels in Jamaica and the Cay-man Islands.

On revenues of $14.5 billion, a profit contribution of $2.0 billion was gener-ated by its employee benefits division dur-ing 2011. Revenue was up 20% on prior year, helped by a large single premium. The Division wrote $3.53 billion of new business during the year compared to $1.94 billion in 2010. By year-end 2011, the Invest-ment Division managed total assets of $146.25 billion on behalf of in-dividual policyholders, group insurance clients, pension clients, annui-tants and shareholders. The net profit produced

A Customer & Community Centric -CEO

#8 - Richard Byles

Top 10 CEOS

“We will embark on initiatives to im-prove the convenience and efficiency with which customers can access our

products and services, reduce wait times in branches, introduce new products to provide additional financial protection

options, and provide competitive in-vestment propositions and improve our ability to meet the needs of each client

through a Single Customer View..”



from individual insurance was $2.57 billion, up from $1.66 billion in 2010. These results were generated from revenues of $9.49 billion and $8.52 billion, respectively. During 2011, earned premium income was $8.32 bil-lion, an increase of 12% over the 2010 amount of $7.40 billion. The Pan Caribbean Financial Services Group (PCFS Group) delivered very good results in 2011. After tax profits were $1.72 billion, an increase of 13% above the prior year’s $1.52 billion. These earnings were de-rived from revenues of $4.1 billion, up 10% from $3.71 billion in 2010. The book value of the PCFS Group’s shareholders’ equity at December 2011 was $11.96 bil-lion. The return on average shareholders’ equity was 15%.

Byles insisted that for 2011, his company made a stra-tegic commitment to consistently deliver a world-class customer experience. A number of initiatives focused on lifting their service delivery and customer experi-ence were implemented. To this end the CEO proudly reported that significant progress in this area to the tune of:

Achieved 97% call answer rate at the new contact centre and 95% call resolution rate

Improved health benefits processing turnaround time to 95% in 5 days

Increased customer loyalty by 14% over prior year

Said Byles “customer service excellence will remain our key strategic priority for 2012. We will embark on ini-tiatives to improve the convenience and efficiency with which customers can access our products and services, reduce wait times in branches, introduce new prod-ucts to provide additional financial protection options, and provide competitive investment propositions and improve our ability to meet the needs of each client through a Single Customer View.”

In 2011 SJL assets grew 13% to $161 billion and the cap-ital of SLJ improved by 12% to $28.3 billion after paying a dividend of $2.44 billion to their 8,312 shareholders. SLJ continues to exceed the risk-adjusted capital re-quired by their regulators.

Byles also expressed faith and confidence in his team and their work under his leadership, noting that “the Board of Directors and its various Committees met reg-ularly and executed their responsibilities with diligence. They deliberated on matters of proper governance,

management performance, business strategy and risk management.”

The CEO is as proud of his company’s socially respon-sibly programmes as he is of its financial performance. “We are proud of our nation-building efforts during the year. Sagicor continued its sponsorship of the JTA/Sagi-cor National Primary, All-age and Junior High Schools’ Athletics Championships. We also embarked on a Sagi-cor School Tour aimed at connecting with primary schools across the island to provide reading material, health checks and to share positive messages to help motivate and encourage these young citizens.” Since the launch, Sagicor volunteers have shared with 10,000 boys and girls in 22 schools and conducted over 2,200 health screenings.

Richard Byles, has been the President and Chief Execu-tive Officer of Sagicor Life Jamaica Ltd. (formerly, Life of Jamaica Limited (LOJ), a subsidiary of Sagicor Finan-cial Corp., since March 2004. He served as the President and Chief Executive Officer of Pan Jamaican Investment Trust Limited (Pan Jam), from 1991 to February 2004, where he chaired the trading, banking and insurance subsidiaries, pursued a strategy of mergers, acquisition and divestments. ... He served as Vice President of the Private Sector Organisation of Jamaica and represents them on the country’s development council. Byles also serves as the Chairman of Red Stripe, the National Wa-ter Commission and Harmonization Limited, a Resort Development Company, owned by the Government of Jamaica. He serves as the Chairman of Desnoes and Geddes Ltd., Pan-Caribbean Financial Services Lim-ited, LOJ Property Management, Sagicor Reinsurance Limited (Cayman) and Sagicor Insurance Managers (Cayman). He has been a Director of Air Jamaica Lim-ited since January 14, 2008, Sagicor Life Jamaica Lim-ited since 2004, RBA Limited, Pan Jamaican Investment Trust Ltd, Life of Jamaica Limited and Pan Jamaican In-vestment Limited. He also served as Member of Gover-nance Committee at First Jamaica Investments Ltd. He has been a Director at Pan Caribbean Financial Services Limited since 1996.

Byles holds a BSc. in Economics from the University of the West Indies. He holds a BSc in Economics and an MSc in National Development from the University of Bradford, England.

Premium income represents about 90% of total rev-enue. BM<

Top 10 CEOS


The Value of Succession Planning:

#7 - Don Webby

The success of the Don Wehby at GraceKennedy shows how important is it for leaders, especially those who have been successful over the long haul

– to judiciously and calculatedly select his or her succes-sor to take over the mantle of leadership.

Don Wehby became Group Chief Executive Officer of GraceKennedy Limited on July 1, 2011. Prior to this appointment, Wehby was Group Chief Operating Of-ficer, a position he took up when he rejoined the com-pany on October 5, 2009.

The company Wehby man-ages in no ordinary com-pany. GraceKennedy gen-erates revenue from diverse operations in over 60 coun-tries across the world. Its operations are structured as follows:

a) Grace Foods: This comprises production of various food items through manufacturing arms, the distribu-tion of Grace owned brands internationally and domes-tically and the operation of retail outlets through their Hi-Lo Supermarket chain in Jamaica. The Group also manufactures and distributes third party brands inter-nationally and domestically. Grace Foods operates in Jamaica, the Caribbean, Central America, North Amer-ica, Europe and Africa, while sourcing products from these locations and Asia.

b) GraceKennedy Financial Group: This comprises gen-eral insurance, insurance brokerage, commercial bank-ing, securities, remittance, cambio and payment servic-es businesses. GraceKennedy Financial Group operates primarily within the English-speaking Caribbean.

c) Hardware and Lumber Limited: This is a publicly listed company on the Jamaica Stock Exchange engaged in the retail and wholesale of build-ing materials, home improvement supplies, household items and ag-ricultural products.

Mr. Wehby first joined GraceKennedy Ltd. in 1995 as Group Finance Manager. He was ap-

pointed Deputy Finance Director in 1997 and in that same year was appointed to the Board of Directors of GraceKennedy Ltd. The following year, he was ap-pointed Group Chief Financial Officer and in 1999 un-dertook the additional role of Chief Operating Officer for the Financial Services Division. In addition, he was charged with the responsibility for leading the Group’s local and international expansion especially as this re-lates to banking, investments and insurance services. He has directed the listing of the company in Jamaica, Trinidad and Tobago, Barbados and the Eastern Carib-bean Securities Exchange sited in St. Kitts. Under his leadership, GraceKenne-

Top 10 CEOS

“We see these challenges as unique op-portunities to grow to become the glob-

al consumer food group and regional financial network that we all envision.”



dy acquired 100% ownership of First Global Bank Ltd., now a wholly owned subsidiary of the Company. In De-cember 2005, Mr. Wehby relinquished his role as Chief Operating Officer of the Financial Services Division to take on expanded responsibilities as Group Chief Fi-nancial Officer, which included heading a new Strategic Planning Unit. In 2006, following the reorganisation of GraceKennedy he was appointed Deputy Chief Execu-tive Officer, GraceKennedy Ltd. and Chief Executive Officer, GK Investments.

In September 2007, Mr. Wehby resigned from his posi-tions at GraceKennedy Ltd. and its Board of Directors to serve for two years as Government Senator and Min-ister without Portfolio in the Ministry of Finance and the Public Service. Following his two-year stint in pub-lic service, he was reappointed to the Board of Directors of GraceKennedy Ltd. on his return to GraceKennedy on October 5, 2009.

His current professional affiliations include Chairman of the Taskforce on Tourism Contribution and Link-ages. He is also Vice-President of the Private Sector Or-ganization of Jamaica (PSOJ). He previously served the PSOJ as a member of its Economic Policy Committee

and Honorary Treasurer. He also served on the board of directors of his alma mater St. George’s College.

A Fellow Chartered Accountant, Mr. Wehby gained his early auditing experience at Touche-Ross Thorburn. He holds both a Bachelor of Science (Hons.) and a Master of Science degree in Accounting from The University of the West Indies and has completed an Advanced Man-agement College certificate course at Stanford Univer-sity.

Don Wehby echoed the sentiments of many of his coun-terparts on this list, making note of the challenges faced by his company as a result of external financial difficul-ties which reverberated across the world. However great leaders never use challenges as an excuse, but instead see them as one more hurdle to surmount.

For the financial year ended December 31, 2011 the company reported net profit attributable to sharehold-ers of $2.75 billion, an increase of 22.2% compared with the prior year. This was derived from revenue of $58.2 billion, which, compared with prior year, grew by 5.2%. Earnings per share increased by $1.50 to total $8.33. Supporting this revenue growth were assets of $100.2 billion, representing a

Top 10 CEOS



growth of 2% for the year. Financing these assets were liabilities of $69.6 billion, which declined 1%; and capi-tal of $30.6 billion, exhibiting growth of 10%. Capital comprises shareholders’ equity of $29.3 billion and non-controlling interest of $1.3 billion. Return on equity for 2011 was 9.8% compared to 8.9% for 2010.

The Group’s revenue growth was primarily driven by the Grace Foods division with growth of 11%. This represented the major contributor to growth in over-all revenue. The Insurance and Financial Services seg-ments saw a decline of 11% and 12% respectively. Ex-penses grew 4%, primarily due to staff costs, inventory costs and occupancy. The growth in staff costs was due to salary increases and higher than prior year incentive payments, which, given the performance based nature of the incentives scheme, were associated with the im-proved performance during the year. Non Operating (Expense)/Income comprised finance cost, finance in-come and share of profits in associated companies. The Group’s finance cost declined by 25% due to lower bor-rowings and favourable terms on existing loans. The Group’s share of profits from associates rose 48%. The Group saw improved operating margins overall and on all business lines. This was a result of better expense

management and revenue growth in major markets.

In summing up 2011, Wehby said “Natural disasters and political unrest in many parts of the world created external shocks which reverberated across all markets. Through a combination of centering on customers’ needs, frugal management of expenses, and increased risk management processes, has produced creditable re-sults for the year. We are pleased to report that all busi-ness segments showed improved performances over the prior year. This was achieved through effective leader-ship by your management team and the work of our committed employees.”

This year’s seventh place CEO is just as positive about the outlook for 2012 based on the confidence he has in his own management and that of his team. “We an-ticipate that, regardless of the challenges that may arise in 2012, your company has a competent team and the infrastructural base to successfully navigate them. We see these challenges as unique opportunities to grow to become the global consumer food group and regional financial network that we all envision.” BM<

Top 10 CEOS


A Changing of the Guard

#6 - Ryland Campbell

The most highly publicized occurrence for the Capi-tal and Credit Financial Group during 2011 is not its 27% increase in profitability over last year, but

the fact that the company helmed by the #6 placed CEO was sold to the Jamaica Money Market Brokers (JMMB). But a closer look at the numbers will show that the CCFG faired incredibly well in a difficult and dynamic financial environment.

The Capital and Credit Financial Group (CCFG) re-corded a 27% increase in Profit after Tax for the finan-cial year ended December 31, 2011. This is an increase to just over $364 million, up from the approxi-mately $288 million re-ported for 2010. CCFG’s achievement comes on the heels of its 18th An-niversary milestone in January this year and ce-ments the Organization’s consistent performance in profitability, quarter over quarter, since in-ception.

The Capital and Credit Merchant Bank (CCMB) Group also made achievements in the year under review. The Banking Group recorded a modest increase in profit of approximately $2.2 million after Tax of just over $346 million, up from the $344 million reported for 2010.

CCFG’s Chairman and CEO Ryland T. Campbell, in

commenting on the Company’s performance, noted that “the Group’s Cost Containment strategy achieved its objective, as there was a 6% decline in Non-Interest Expenses in 2011, amounting to approximately $1.2 billion, compared to $1.3 billion in 2010.”

The Group Chairman also attributed Capital and Cred-it’s positive performance to the 59%, increase recorded in Total Other Operating Income, of approximately $805 million, from approximately $507 million achieved in 2010. The Merchant Bank Group achieved an almost similar increase of 58% for its Total Other Operating

Income, moving to just over $651million, from approximately $412 mil-lion in 2010.

Another significant achievement for CCFG was a 170% growth in Securities Trading in 2011, moving to just over $529 million, up from approximately

$196 million in 2010 and a 10% increase in Foreign Exchange Trading, which moved from $89.6 million reported in 2010, to just over $98 million for the 2011 reporting period.

As it relates to the Capital and Credit Merchant Bank, the Bank’s CEO Curtis Martin, noted that the major contributor to the increase in Profit for the CCMB was the 124% growth due to gains in Securities sold for the

Top 10 CEOS

The Capital and Credit Financial Group’s Total Stockholders’ Equity in 2011 in-creased by 4% to just under $7 billion, over the $6.7 billion achieved in 2010.


year of approximately $434 million, up from approxi-mately $193 million in 2010.

According to Mr. Martin, “there was also a significant reduction in CCMB’s Loan Loss Provision, moving to a net recovery of just over $13 million as at December 2011, from the negative position of approximately $80 million in 2010.”

He stated further, that notwithstanding the adverse im-pact that current economic conditions are having on loan customers in the Banking sector, CCMB has been able to stabilise its level of past-due loans and expects significant recoveries as it continues its efforts to regu-larise these loans and expedite collections.

The Capital and Credit Financial Group’s Total Stock-holders’ Equity in 2011 increased by 4% to just under $7 billion, over the $6.7 billion achieved in 2010.

Ryland Theophilus Campbell or RT as he is affection-ately called by his close friends and family, has lead CCFG since inception. Campbell is a distinguished teacher, banker, entrepreneur, philanthropist, com-munity service leader and a passionate cultural devel-opment facilitator. He is best known as the Chairman, Group President and CEO, as well as co-founder of the Capital and Credit Financial Group Limited, an invest-ment holding company comprising Capital and Credit

Merchant Bank Limited and six other subsidiaries.

He is a Director of other private companies including CARI-MED Limited, which is the largest Pharmaceuti-cal Distributor in the Caribbean; Kirk Distributors Ltd and also the Founder and CEO of Weststar Group of Companies, which are the major shareholders in the Capital and Credit Financial Group Limited.

Campbell, who won the Jamaica Observer Business Leader Award for 2005, has been referred to as “The Steady Hand,” for his role in safely steering a small, in-digenous bank through Jamaica’s most turbulent finan-cial sector crisis and for guiding its transformation into a highly capitalized and profitable publicly traded com-pany.

Campbell’s formal education began at Teacher Jamie-son’s Infant School, then on to Carmel Primary School and by private study, before entering the Mico in 1962 for a three years course of studies and leadership prepa-ration. At the Mico, Mr. Campbell became House Cap-tain, Assistant Scout Master, Member of the Male Voice Choir and a Member of the Mico College Volleyball team.

Campbell’s passion for education as a transformational tool for a country and the means of social and economic mobility especially for individuals from challenging cir-cumstances mirrors his own journey from Carmel in earning a Teacher’s Diploma from The Mico University College. As well as, a Certificate in Management Stud-ies from the University of the West Indies and through Distance Education, a Bachelors Degree in Business Administration from Columbia State University.

Campbell serves as Deputy Pro-Chancellor and Vice Chairman of the Board of The Mico University College; Member and Deputy Chairman of the Council of the University of Technology, Commissioner of the Early Childhood Education Commission and Adviser to the Council of The Jamaica Association on Intellectual Dis-abilities.

It is something of a changing of the guard as this stal-wart of the financial sector sees his company taken over by another juggernaut in the financial sector. He can forever be proud of the company he built and led for so many years and its performance in its last year as an in-dependent entity, a performance that sees him placing sixth on this prominent list. BM<

Top 10 CEOS

“It is something of a changing of the guard as this stalwart of the

financial sector sees his company taken over by another juggernaut in the financial sector. ”


The Rotating door of Leadership

#5 - Alan Barnes & Renato Gonzalez

Unlike the other companies on this list, the #5 placement must be shared by two CEOs. Des-noes and Geddes Ltd (D&G) was led by Mr. Alan

Barnes, Managing Director of the company which trades as Red Stripe, and replaced upon his resignation effective July 1 by Mr. Renato Gonzalez, a Brazilian national, who is a seasoned Diageo leader with vast experience in man-ufacturing and a sterling leadership record.

Desnoes and Ged-des Ltd (D&G) which trades un-der the Red Stripe name, is the manu-facturer of a range of premium alcohol brands, spanning beers, stouts and other beverages. They also market and distribute a collection of internationally renowned premium spirit brands from their parent company Dia-geo plc, the world’s foremost premium drinks compa-ny. Diageo is listed both on the London and New York Stock Exchanges.

On July 1, 2009 Barnes took control of Diageo’s in-terests in the Northern Latin America and Caribbean zone. Coincidentally, in major restructuring months before the leadership shakeup, Jamaica had added to the NorthLAC Zone.

Alan Barnes has twenty years experience in the alco-hol beverage industry and has worked across sales, in-

novation, marketing and general management in busi-nesses in thirty-one countries throughout Europe and Africa. Alan was previously on the boards of Sierra Le-one Breweries Ltd., Phoenix Beverage Ltd. (Mauritius), C.M.M.U.D.V (Reunion) and Seychelles Breweries Ltd. He has represented the private sector on government para-statal boards covering the Environment and Waste Management in Seychelles. He has a Bachelor of Arts with Honours degree in Economics from the University

of Nottingham, England.

Renato Gonzalez also has twenty years experience in the consumer goods market in large multinationals across the world. He has a wide range of experience in supply chain management having designed and successfully implemented procedures and processes. Prior

to his appointment, he was the Customer Operations Director of Diageo’s Global Supply Chain based in Am-sterdam. He was responsible for order management and supply planning of Diageo’s number one brands and export from multi-plants worldwide. While he was Supply Chain Director for Diageo, Mexico he received two leadership awards for excellence in execution and inspirational leader. He has a degree from the Universi-dade de Cidade, Rio de Janiero, Brazil and speaks fluent Portuguese and Spanish.

D&G earned after-tax profits in 2011 of over $1 bil-lion million reflecting an increase of 26.6%. Trading

Top 10 CEOS

“Red Stripe continues to make a signifi-cant difference in the communities they serve through the various programmes and projects of the D &G Foundation –


profit was $1,423 million, a 36% year-on-year increase, primarily driven by reductions in sales and marketing costs.

Cost of sales reduced by $332 million or 5% when com-pared with last year. In July 2010 a restructuring was implemented in the Supply function to help right size the business in light of the volume reduction. This, cou-pled with additional production and distribution effi-ciency initiatives helped deliver the decrease in the cost of sales. Procurement savings were also supported by the revaluation of the Jamaican dollar. The gross profit margin improved by 3 percentage points on last year to 31%.

The total marketing cost was $1,484 million (2010: $1,499 million), of this amount $832 million was spent in the domestic segment as they continued to invest be-hind their core brands.

Red Stripe continues to make a significant difference in the communities they serve through the various pro-grammes and projects of the D &G Foundation – Dia-geo Learning for Life projects and the Red Stripe Em-ployees: Advocates of Care and Hope (REACH).

Through the Red Stripe Employees Advocates of Care and Hope (REACH) and the Diageo Learning for Life (DL4L) programmes, Red Stripe continued its rich leg-acy of supporting long-term sustainable initiatives in its communities. DL4L programmes moved from impact-ing 80 lives in 2010 to graduating 1,234 students this year. In addition to the graduates, an additional 469 stu-dents were enrolled in the programme at the end of May bringing to 1,705 the number of at-risk young people in depressed communities islandwide enrolled in 2011 alone.

According to Gonzalez, “we enter the new financial year with increased drive and optimism, which we have branded as “The Year of the Beer”. During this year our major focus will be on transformation of our business through three main areas: (i) Brand Value Creation; (ii) End-to-End Efficiencies; and (iii) Profitable Export Growth. Brand Value Creation – We will revive the Red Stripe brand through an aggressive media advertising campaign, major sponsorships, and an increased fo-cus on activations and visibility in our communities. End-to-End Efficiencies will see us further reducing operational costs. The funds saved from this cost reduc-tion will be reinvested in our brands. We will also con-tinue to focus on equalization of the taxes on alcohol beverages, and will be seeking alternatives to be more cost competitive in the Caribbean. Profitable Export Growth – We will be reviewing our US export model and strengthening our export partnerships across dif-ferent major beer players in the UK, Germany, and Bra-zil while seeking other major opportunities to enhance our brand penetration. This new focus will ensure that we have a stronger more profitable business in 2012, with an even stronger international brand.”

Interestingly enough, in August 2012, Red announced that it would change leadership for the third time in three years, following the appointment of Cedric Blair as head of the beer manufacturer. Blair, the then supply chain director at Red Stripe, took over as in Septem-ber as general manager of the brewing giant from Re-nato Gonzalez, who returned to his native Brazil to lead newly acquired Diageo company Ypioca. We wait to see if Blair can follow other Red Stripe CEOs before him in recent years, to a place on this list. BM<

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Top 10 CEOS


In the article ‘What’s in a title: The Job Description of a CEO,’ we looked at the duties and responsibilities of the CEO. But while knowing the job description is a good first step for a CEO, he or she must of acutely aware of his or her own performance and design a mea-surement system of that performance – ultimately for his or her own good and that of the company.

Unlike lower-level jobs, no one tells the Chief Executive how he/she is doing. Do managers let the CEO know he or she is mak-ing poor decisions, or communicat-ing poorly? Not likely. Even when a CEO asks for honest feedback, the fear is that non-flattering feedback

may stall a promising career or lead to some kind of victimization. Even when a company uses 360-degree feedback, no one penalizes the CEO if he or she doesn’t act on the feed-back.

The Board of Directors supposedly oversees the CEO, but they are far removed from day-to-day actions of the CEO and activities of the com-pany. Over time, they can evaluate performance, but they look mainly

at share price and company strat-egy. They are rarely interested in - (or qualified to comment on) - the CEO’s daily behavior.

But the CEO’s daily behavior will make or break the company. The CEO’s duties don’t change because they are unmeasured. Indeed, lax measurement makes it easy for the CEO to feel confident, even when he or she shouldn’t. Good feedback is the only way to know what’s working, but share price simply won’t do it. External mea-sures measure the company, not the link between the CEO’s ac-tions. A low share price tells that

something’s wrong, but it doesn’t help figure out what that is.

By measuring performance based on duties, a CEO can

Getting it Done: How does a CEO Measure his or her own Performance?

Feature


“Having vision isn’t enough. Com-municating the vision is the key.

When people ‘get it,’ they know how their daily job supports the vision.”


learn to do his or her job better. As explained in the previous article, the CEO’s job is setting strategy and vi-sion, building culture, leading the senior team, and allocating capital. The last of these is easy to measure. The first three are more of a chal-lenge.

Having vision isn’t enough. Com-municating the vision is the key. When people ‘get it,’ they know how their daily job supports the vision. If they can’t link their job to the vision, that tells a CEO that his or her com-munication is faulty, or she hasn’t managed to turn the vision into actual tasks. Either way, a CEO can monitor his or her success as a vi-sionary by questioning and listening for employees to link their jobs with the company vision.

Culture building is subtle; the cul-ture a CEO sees may be very dif-ferent from the culture of the rank-and-file. Surveys about openness, values, and morale can be used to develop a measure of culture. There are books and websites that offer great questionnaires for measuring overall culture. Also, check turn-over. When 95% of a workforce says they can’t wait to get to work, some-thing is going right. If people rarely leave, and if it’s easy to attract top

talent at below-market prices, you can be sure the culture plays a large role. If people leave (especially top performers), again - look to culture. And don’t underestimate the power of walking around and examining the expression on people’s faces. If people are having fun, it will show.

The CEO’s success at team-building can often be measured through the team. Teams usually know when they’re effective. They can also rate their team using assessments that measure specific behaviors. For ex-ample, “I can trust my teammates.” “My teammates deliver their part of the project on time.” “Every member knows what is expected of them.” Regular team self-assessments can help the CEO track the team’s prog-ress and hone his or her abilities to keep the team running smoothly.

Easiest to measure is a CEO’s capi-tal allocation skill. In fact, financial measures are the ones made public: earnings and share price. But how can a CEO link those to her actual decisions? Working with the CFO, a CEO can devise financial measures appropriate to the business. Some-times traditional measures are most appropriate, such as economic value added or return on assets. Other times, the CEO may want to invent

business-specific measures, such as return on training dollars, for a company which values state-of-the-art training for employees. By moni-toring several such measures, a CEO learns to link budget decisions with company outcomes

In startups, earnings begin low to nonexistent, and share price is more about salesmanship and vision than earnings. So the CEO gets almost no useful feedback about her capital al-location wisdom. He or she doesn’t know whether a dollar spent on a slightly nicer-than-necessary copy machine is wasted or is a wise in-vestment in a long-term. Careful at-tention to the design and tracking of financial measures can help prepare for the transition to an earnings-driven company.

As we again examine the Top 10 list for this year, while it is clear that all have exceeded and excelled as far as financial performance, one can only assume that these CEOs have also excelled in the other areas such as team building and vision setting - which has undoubtedly contributed to the success of their respective companies. BM<

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Top 10 CEOS

It is pretty much certain that this year’s #4 ranked CEO will not make a return to next year’s list. Not because of some precipitous slide in performance

or expectations. On the contrary, it is expected that this high achiever will continue to achieve at a very high level. However, this CEO will be making a move that will see her ineligible for this listing.

Schnoor took over the country operations of Scotia-bank, but not in Jamaica. Instead, she replaced Rich-ard Young as head of Scotiabank Trinidad and Tobago Limited, when Young retired on October 31, 2011. “Her extensive background in wealth management and in-surance combined with her strong leadership skills will serve her well as head of Scotiabank Trinidad and Tobago,” read a statement from the Scotia Group read in regard to her promotion.

In fact, as the transition to her promotion neared, there was some amount of market chatter that she was head-ed back home to take over from Bruce Bowen, head of Scotia Bank in Jamaica. The bank however refuted that suspicion, stating that no succession was imminent.

The market has long expected that Schnoor would run Scotia Group some day, especially after former heir ap-parent Minna Israel jumped ship to take over the coun-try operations of rival RBTT Jamaica, now rebranded

RBC Royal Bank Jamaica.

Of her involvement with the banking giant, Schnoor said when she first set foot in the banking institution, she never saw this day coming. However, she knew that Scotiabank was a place one aspired to be because “it was the biggest bank; the best bank, the bank that had been around the longest and the bank that had done the most to Jamaica and the one that had played the most impor-tant role in the country’s development”.

Prior to taking up the posi-tion, she underwent intense training in Canada. At the time, here’s what she had to say: “I have been focused on the wealth management and insurance sides of the bank but my superiors now want me to learn more about the retail, corporate and com-mercial banking aspects of

the business, so those will be my main areas of focus for training in Toronto.”

Ms. Schnoor served as Chief Executive Officer of Scotia Investments Jamaica Ltd. (formerly, Dehring Bunting & Golding Ltd.) from July 1, 2007 to November 1, 2011. She served as Executive Vice President of Wealth Man-agement and Insurance at Scotia Group Jamaica Ltd. since February 2010, where she was responsible for the Group’s Wealth Management Division which includes Scotia Insurance, the provider of ScotiaMINT, Scotia Private Client Group and the newly acquired invest-

A CEO Takes her Skills Abroad

#4 - Anya M. Schnoor

“She has over 17 years of experience in the areas of investments, financial ser-vices and banking. She served as Gen-

eral Manager of Eagle Unit Trust.”


Top 10 CEOS

ment company. She served as Senior Vice President of Wealth Management and Investments at Scotia Jamaica Life Insurance Co. Ltd.

She has over 17 years of experience in the areas of in-vestments, financial services and banking. She served as General Manager of Eagle Unit Trust. She served as the Chief Operating Officer and Senior Vice President at Pan-Caribbean Financial Services Ltd. and was respon-sible for its operational functions, marketing, branch distribution and technology.

She is actively involved in the financial services com-munity. She served as the President of the Primary Dealers Association. She serves on the board of Heart Trust NTA. Ms. Schnoor is a Member of the HEART/NTA Finance Committee. In terms of her training, she holds an MBA from Barry University and a BA in Fi-nance and International Business from Florida Interna-tional University.

Scotia Investments Jamaica Ltd. is a subsidiary of Scotia Group Jamaica Limited (Scotiabank Group) and repre-

sents the investment arm of the Group. Scotia Invest-ments currently offers the widest array of investment products and services in Jamaica which includes: mon-ey market investment products, unit trust and mutual funds, stockbrokerage and equity trading services, pen-sion and asset management and cambio services.

Scotia Investments is also an authorized primary dealer, through which the Bank of Jamaica (BOJ) conducts its open market trading operations. They have five branch-es islandwide and Investment Advisors positioned in 26 Scotiabank locations. An integral area of Scotia Invest-ments is their cadre of talented, experienced and mo-tivated professionals, who deliver the firm’s menu of products and services based on comprehensive training.

It should be very interest to see how Scotia Investments new CEO Lissant Mitchell, places on the next year’s list. From all indication he is already off to a flying start. The company reported a 15 per cent increase in second-quarter net profit to $536 million, boosted by opera-tional efficiencies and growth in non-interest income. The wealth management arm of Scotiabank Jamaica posted total revenues of $1.06 billion for the three-month period ending April 2012, seven per cent more than the 2011 second quarter.

Scotia Investments reported that for the financial year ended October 31, 2011. Net income for the year amounted to $1.985 billion representing an increase of $498 million or 33.5% over the $1.487 billion that was reported for last year. The increase year over year is due to improved non-interest revenue and lower taxation charges. Net income pre-tax was $2.647 billion up $203 million from the previous year. Net income for the fi-nal quarter amounted to $577 million, up $102 million or 21% above the $475 million earned in the previous quarter. Earnings per share (EPS) for the year was $4.69 compared to $3.51 for last year. The company’s return on average equity (ROE) stood at 20.39% at the end of the financial year versus 17.64% for the previous year.

In commenting on the results, new CEO Lissant Mitch-ell stated, “We have produced another solid perfor-mance for this financial year. I am especially pleased given that our results were achieved in a challenging economic climate. We continue to streamline the op-erations of the company to reflect market realities and ultimately diversify away from reliance on net interest income. BM<

“Scotia Investments reported that for the financial year ended October

31, 2011. Net income for the year amounted to $1.985 billion repre-

senting an increase of $498 million or 33.5% over the $1.487 billion that was

reported for last year. The increase year over year is due to improved

non-interest revenue and lower taxa-tion charges. Net income pre-tax was $2.647 billion up $203 million from

the previous year.”


Top 10 CEOS

How many CEOs can successfully, over time, manage a diverse portfolio of entities that include, investment, insurance, banking,

property management – development and rental of commercial property, retail hardware, coffee pro-duction and foods. This is what makes this year’s number three ranked CEO, Stephen Facey so special. Facey was ranked number 8 on the 2009 listing. Fac-ey makes a stellar return to the list at number 3.

Mr. Stephen Facey is President and Chief Execu-tive Officer of Pan-Jamaica Investment Trust Limited. Pan-Jamaican Investment Trust Limited (Pan Jam) is a multi-faceted holding corporation that owns and operates businesses across a range of industries. Pan Jam ranks among the larg-est publicly listed com-panies in the Caribbean. Through their subsidiaries and associated companies, they engage in property development and manage-ment, banking, manufacturing, retail, trade, financial services and investment.

A graduate of Rice University and University of Penn-sylvania, Mr. Facey brings over 30 years experience to his current position. He is a Director of Sagicor Life Ja-maica Limited, Hardware and Lumber Limited, Pana-cea Insurance Company Limited, New Kingston Civic Association and Kingston Restoration Company Lim-

ited. An Architect by training, he is also a Director of the Jamaica Developers Association and a member of the Jamaican Institute of Architects.

Pan Jamaican Investment Trust reported that for the year ended December 31, 2011, net profit attributable to equity holders was $1,759 million, compared to $1,244 million in the previous year, a 41% increase, while basic earnings per stock unit of $9.37 for 2011 compared to the 2010 level of $7.27. Pan Jamaican Investment Trust’s balance sheet was also quite strong, with total assets amounting to $15.9 billion, up 5% on the $15.2 billion at December 31 2010. Stockholders’ equity increased by 38% to $14.6 billion (2010: $10.6 billion), which

equates to a book value per stock unit $68.68 as at December 31, 2011 (2010: $61.98).

For 2011, Pan Jam prop-erties enjoyed overall occupancy levels aver-aging 98% for the year. Property income in-creased $121 million,

10%, to $1,370 million, which more than offset the 22% increase in property operating costs experienced. This was attributable to increases in energy costs as world oil prices continued to escalate, as well as inflationary increases in other expense categories. Facey believes that holding the majority of its investment securities in foreign currency continues to be the most effective me-dium and long-term value-maximizing strategy for its stockholders.

A Solid investment

#3 - Stephen Facey

“Shareholders’ equity as at December 31, 2011, was $28.29 billion, compared

to $25.20 billion as at December 31, 2010 (12% increase).”


“We have moved away from traditional advertising to compelling conversations and experiences between Brands and consumers.

Contact us at: 1-876-631-5418 (P & F) I 1-876-280-9192 (M) I [email protected] is owned and operated by AMK Communications Limited

Top 10 CEOS

Pan Jam holds 24.81% shareholding in Sagicor Life Ja-maica Limited (SLJ). SLJ once again performed above Pan Jam’s own expectations, growing profits for the tenth consecutive year, despite the challenging environ-ment in which it operates. SLJ’s net profit attributable to shareholders amounted to $5.52 billion, an increase of 18% over the previous year, representing a 21% return on average Stockholders’ Equity, while basic earnings per stock unit were $1.47 up from $1.24 for the same period in 2010. These good results were driven, in the main, by strong insurance and annuities new business; improved conservation of business in-force; insurance benefit experience which has been generally favorable; controlled operating costs and some expenses not re-curring at the same level as in 2010. In addition SLJ’s

85% ownership of Pan Caribbean Financial Services Limited (PCFS), generated after tax profits of $1.72 bil-lion, an increase of 13% above the prior year, despite the lower interest rate environment. Shareholders’ equity as at December 31, 2011, was $28.29 billion, compared to $25.20 billion as at December 31, 2010 (12% increase). During the year, the SLJ Board of Directors declared in-terim dividend distributions of $2.44 billion to stock-holders or dividends per stock unit of 65 cents.

Pan Jam’s share of profits from the operations of the new Walkerswood Group was $12 million in 2011. The group continues to build new and existing markets while attempting to satisfy customer demand.

In the 4th quarter of 2011, Facey and his company made a shrewd business move by partnering with Jamaica Producers Group in the acquisition of The Mavis Bank Coffee Factory Limited along with its Jablum brand. Mavis Bank is the country’s premier processor and sell-er of Jamaica Blue Mountain coffee. Of the move, the CEO says “we are confident that together we can be suc-cessful in building on the world class status of Jamaica Blue Mountain coffee.”

In his outlook, Facey made a pledge to his stakeholders and shareholders that if kept, and based on the type of wisdom that the #3 placed CEO has showed over the years, we are likely to see him back on this list next year, “We will continue to manage our risks prudently, and keep operating expenses in line with revenues. We con-tinue to believe that, regardless of the challenges, op-portunities will be prevalent both in Jamaica and over-seas. We will be focused on taking advantage of these opportunities as appropriate when they present them-selves.” BM<

“We will continue to manage our risks prudently, and keep operat-

ing expenses in line with revenues. We continue to believe that, re-

gardless of the challenges, oppor-tunities will be prevalent both in Jamaica and overseas. We will be focused on taking advantage of

these opportunities as appropriate when they present themselves.”


Ask any CEO on the Top 10 CEO list, and they will tell you being a CEO is far from an easy job. The du-ties and role of a CEO, though glitzy and glamorous from the outside looking in, can present its own share of pitfalls. It’s said that power cor-rupts, and few positions are more powerful than CEO. While it is in-deed the ultimate in power, the po-sition can take a very large human toll on anyone who manages to find him or herself in that position.

It’s all too easy for the CEO to be-come, to his/her subordinates any-way ….well, something that can’t be printed here. Most of the time that can be a matter of perception as well as reality. The CEO can soon forget - if they ever knew - what it was like to have a boss. They are free to ig-nore feedback that they don’t want to hear, and no one will call them

to task for it. They can bypass the chain of command when they want to meddle. They can give themselves raises and genuinely believe they de-serve it. And most dreadfully, they can forget what it is like to be “one of the little people”:

Listed here are some, not all, poten-tial pitfalls of the CEO.

A CEO can become arrogant by blaming others

Having no day-to-day accountabil-ity for his or her actions can also turn a CEO sour. When things go wrong, the tendency is to blame ev-eryone around without facing their own shortcomings. “My employees just don’t get it,” proclaims the CEO, never thinking for a moment that he or she is the one who hired them. “Market conditions have changed,”

a CEO might declare. A nice ex-cuse, but isn’t it the CEO’s job to an-ticipate the market and position the company for success under a variety of scenarios? Without someone to keep him or her honest, the CEO can gradually absolve him or herself of all responsibility.

Believing in a title can lead to over-confidence

Arrogance also threatens a CEO. “Because I am CEO, I must know the business better than anyone else.” It has been said, but it just isn’t true. No CEO can be an expert in all functional areas. If he or she knows the details better than her employ-ees, she’s either hiring the wrong people or spending her time at the wrong levels of the organization. It’s appropriate for a CEO to manage operations if absolutely necessary,

Potential Pitfalls of a CEO


Feature


but he should quickly hire good op-erational managers and return to leading the whole business.

If the CEO also comes to believe that the title grants infallibility, watch out. CEOs can reinforce their delusions of grandeur by giving themselves higher salaries. Then when layoffs come, the CEO wants applause for having the moral strength to make “hard choices,” quietly overlooking how his or her own poor decision making led to the need for layoffs.

CEOs can stop learning well

Of course, once infallible, there’s no more to learn, and a CEO may quietly stop learning. Without daily oversight and high quality feedback on how he or she does the job, the individual can mistakenly believe that his or her actions lead to suc-cess. In reality, he or she may be do-ing the wrong thing, but staff may be working around the clock to cover for his or her mistakes.

Furthermore, sins of omission aren’t penalized. A CEO who does an ade-quate job, but far less than she could/should have done - goes unnoticed. In hindsight, Jamaica Inc. Software could have had a $1 billion market niche, and gone public with a valu-ation of billions. Instead, it stuck to one product, had little understand-ing of its markets, and ignored com-petition. Yet it still went public in a $300-million IPO. Was manage-ment penalized for a lack of vision and market responsiveness? Hardly! The top managers walked off with $60 million apiece, reinforcing the notion that they had done a great job. Yet with a slightly grander vi-sion, the company might have been 10 or 100 times its size.

Setting vision is the CEO’s job, but nothing tells him or her if expec-tations are too low. The CEO isn’t penalized for missing the grander vision. Such sins of omissions are a CEO’s worst enemy. He can be lulled into mediocrity by not know-ing what would have been possible. The 9.5+ 100m was considered im-possible…until Usain Bolt ran it. A CEO may limit him/herself by not realizing that he/she can do a better job.

Though salary benchmarks are com-mon, performance benchmarks are surprisingly rare. Quality learning demands a CEO benchmark herself against other superb CEO’s. His or her central learning question is not “are you doing a good job?” but “are other CEOs doing a better job and if so, how can you learn to measure up?” The best place a CEO in the lo-cal industry could start looking for benchmarks are in this year’s (or any other recent) Businessuite’s Top 10 CEO ranking.BM<

Feature


Top 10 CEOS

The name Brian George is no stranger to the Top 10 CEO list, having become a regular on the list since 2007. That year George, CEO and

President of Supreme Ventures Ltd (SVL), made a commendable debut, interestingly at the same place he finds himself in this latest list, number 2. Subse-quently, he was number 3 in 2008 before sliding to number ten in 2009.

The 55-year old Trini-dadian national has a first degree in physics of all things from Tulane University. He went on to pursue various man-agement development programs, including Executive Development programs at the Ivy League, Stanford Uni-versity.

George was appointed Chairman of the Board of Directors of the Ports Secu-rity Corps and as a Director of the Development Bank of Jamaica Limited in March 2012. He is also a Board member of the CHASE Fund which finances projects in the area of Culture, Health, Arts, Sports and Early Childhood Education.

In 2011, Supreme Ventures Ltd. celebrated 10 years of loyal service in the business of customer excitement and entertainment, with a product portfolio which in-cludes: lottery games, sports betting, video lottery ter-minals (VLTs); electronic PINs and hospitality services. Supreme Ventures Ltd. is listed on the Jamaica Stock Exchange and was cross listed on the Trinidad and To-bago Stock Exchange up until February 2, 2012. The company still remains the leading provider of lottery

and gaming operations in the Caribbean.

SVL continues to be one of the most respected and recognizable brands in Ja-maica. Under George’s as-tute leadership, 2011 was also a year of eliminating costs and relooking at their strategy in order to focus on the core business of lot-tery and gaming. In August 2011, the Group rational-

ized its gaming lounge operations to improve efficiency and productivity. Acropolis May Pen was downsized to a betting lounge with 19 VLTs and now offers an inte-grated gaming lounge, lottery and sports betting opera-tions. In September 2011, the Acropolis Portmore gam-ing floor was re-configured.

A Supreme Leader

#2 - Brian George

“Cash Pot remains the top player in its lottery portfolio, as it represents 76.64%

of total lottery revenue. Cash Pot in-creased by 12.31% when compared to the previous year of $16.798 billion,

total sales being $18.866 billion.


Top 10 CEOS

On November 23, 2011 SVL signed an agreement with Lasco Financial Services Limited to conduct Money Gram remittance services at SVL’s Regional Offices through Lasco’s license. The company also voluntari-ly surrendered its Cambio licenses and discontinued these services under Supreme Ventures Financial Ser-vices Limited. The decision was implemented in order to improve and focus on the core business of lottery gaming, betting and gaming lounge operations. Cash Pot remains the top player in its lottery portfolio, as it represents 76.64% of total lottery revenue. Cash Pot in-creased by 12.31% when compared to the previous year of $16.798 billion, total sales being $18.866 billion.

The fact that a company was able to wade through an assortment of financial challenges due to the local and global economic climate says a lot about the its leader(s) and its management. Consider the following: there was a decrease in discretionary income due to econom-ic factors; unexpected high Cash Pot payouts above the game design of 72.2%, and delay in sports betting Regulations, which resulted in the inability to expand the network of agents. Despite these challenges, which would have toppled companies devoid of strong lead-ership, SVL ended on a satisfactory financial note and continues to be optimistic, with focus on its growing product portfolio, to ensure future profitability.

The Supreme Ventures Group reported $27.962 billion in total revenues, a 10.66% increase over the $25.267 bil-lion achieved in 2010. As a result, the Group’s net profit after tax was $606.326 million or a 43.93% increase over the previous year’s net profit after tax of $421.267 mil-lion.

Other benchmarks were:

•Return on Equity of 17.4% compared to 12.7% in 2010.

•Earning per Stock Unit of $0.23 compared to $0.16 in 2010.

•Dividend payments amounting to $0.17 compared to $0.14 in 2010

Chairman, Paul Hoo, noted that the company has had “a singular and significant achievement which we be-lieve demonstrates our commitment to providing our shareholders with sustainable and increasing returns well into the future. This is the extension of our licence to operate from 2016 to 2026.” This commitment and

its accompanying achievement of the extension of its li-cences means that Supreme Ventures will be a mainstay in Jamaica’s betting and gaming industry well into the future and with George at the helm, this bodes well for the future for SVL.

The major benefits to this notably achievement include:

A negotiated significant reduction in the rates and ex-tension of SVL’s agreement with GTECH to 2026.

The signing of a long-term agreement with Intralot that would upgrade its lounges along with the implementa-tion of the World Class IGEM online VLT monitoring system in Jamaica.

The acquisition of land in downtown Kingston that will allow SVL to construct a head office building, while tak-ing advantage of the incentives provided such as: Con-solidation of offices; ability to exploit tax incentives on Urban Renewal Project and access to preferential inter-est rates.

SVL not only boasts strong financial reports but consid-ers itself a responsible corporate citizen through various sponsorships and donations to worthy causes during the year. This included the handing over of motor ve-hicles to the police force, the Supreme Ventures Court-ney Walsh

Cricket Clinics for youngsters under 15 years of age and a Christmas treat for children from the Maxfield Park Children’s Home, in addition to other social projects.

So can we expect to see the talented and business sav-vy Brian George on the List next year? Certainly, if he continues to show the same level of dynamism that has served the company well during his tenure. “2012 will be a year of strategic growth and expansion. Our goal is to continue to expand the sports betting network, while simultaneously increase the revenue per terminal. The focus is on expanding third party betting shops, as SVL-owned and operated betting shops would require extensive capital expenditure to put in place. Maximiz-ing the full potential, with an increase in terminals, will boost and enhance profits.” The CEO opined about the company’s outlook for 2012. “We will continue to cater to the preferences of our customers creatively and be in-novative in executing game enhancements and promo-tions within our lottery portfolio.” BM<


Top 10 CEOS

Last year’s number 4 ranked CEO is back with a bang, climbing his way to the top spot on this year’s list. Jeffrey Hall was appointed Group

Managing Director of Jamaica Producers Group in July 2007 after joining the Board in 2004 and join-ing the Group in 2002. Hall serves on the Board’s Audit, Compensation and Executive Committees. He is also a Director of the Scotia Group Jamaica Limited, Kingston Wharves Limited, Blue Power Group Limited, JAMPRO and Agro-Invest Corpora-tion. Mr. Hall received his Bachelor of Arts degree (summa cum laude) in Economics from Washing-ton University, his Masters degree in Public Policy from Harvard University and his Juris Doctorate from Harvard Law School. He has practiced law as a member of the New York Bar.

The Jamaica Producers Group is a Jamaican-owned and operated company which came into being on April 1, 1929, as a direct descendant of the Jamaica Produc-ers Association formed in 1925, under which separate co-operatives- one for the marketing of each agricul-tural product - were set up. It had an initial member-ship of 6,145.

It has since grown from strength to strength, diversify-ing into shipping, and moving up the value chain to

provide processed foods like smoothies, banana chips and juices.

For the year 2011, JP generated total revenues of $6.18 billion, an increase of 5% relative to 2010. With profits attributable to shareholders in 2011 of $963 million, JP experienced a 208% increase over 2010. The single largest contributor to this increase was a gain on the disposal of long-term investments.

What has placed this company on the fast track to unprecedented productivity and a number one CEO placing is a number of strategic initiative implemented by Hall and his team during the year 2011.

In November 2011, JP, through its Dutch subsidiary, A.L. Hoogesteger Fresh Specialist B.V. (Hoogesteger), commissioned a new juice processing plant aimed at extending the shelf-life of freshly squeezed juice. This juice processing facility is the first of its kind in the world and is designed to use electrical impulses as an alternative to traditional heat or pressure treatments (such as pasteurisation) to destroy the bacteria that may develop in fresh juice. The difference between the traditional treatments and JP’s new Fresh Micro Pulse technology is that their process does not lead to the destruction of the natural cells found in fresh fruit juice and results in fresh juice with a taste comparable to untreated juice and an extended shelf-life of approx-

The chips Fall into Place

#1 - Jeffrey Hall


Top 10 CEOSimately 21 days.

The introduction of this technology is unquestionably a long-term investment for JP, but it is expected to begin to make a positive contri-bution to profits in its sec-ond year of operation. The capital investment associat-ed with this project totalled $300 million and included the purchase of plant and equipment as well as the acquisition of a 32,000 square foot building to al-low for the general expan-sion of their operations. JP expects to achieve its tar-geted return on investment by leveraging the extended shelf-life of its juices to ex-pand its sales outside of the Netherlands. During 2011 JP successfully introduced the new product in Ger-many and Belgium and expects to achieve the required throughput levels by the end of 2012.

In October 2011 a joint venture owned by JP and Pan-Jamaican Investment Trust Limited acquired the as-sets and certain liabilities of Mavis Bank Coffee Fac-tory Limited (Mavis Bank). Mavis Bank is the largest

processor of Jamaican Blue Mountain Coffee. The company exports its green bean products to Asia, the USA and Eu-rope. Its roasted coffee products are also sold internationally under the Jablum brand as well as in Jamaica where we have a strong presence in the travel retail channel. JP’s direct investment in connection with its 50% share of the Mavis Bank acquisition will amount

to $122 million, which includes $56 million incurred prior to the end of 2011. Prior to the acquisition, the company had been loss-making. Although Mavis Bank was able to achieve an immediate operational turn-around since the acquisition, in the short-term it will

Jamaica Producers Groupwww.jpjamaica.com

TasteJamaica

Proudly Serving Jamaica Since 1929

“Nowhere is a company’s success more directly attributable to the strategic moves of its leadership than the Ja-

maica Producers Group Ltd. More than enough reason to place CEO Jeffery Hall at the very top of this year’s CEO listing.


Top 10 CEOS

require the ongoing re-investment of a considerable share of its profits if it is to achieve the growth poten-tial as well as quality and efficiency standards that we feel are appropriate for this iconic Jamaican business.

The Group’s initial capital investment program for the business will see the commissioning of a state-of-the-art waste-water treatment facility at a cost of $59 millon. We feel that this facility sets a bold new envi-ronmental standard for the Jamaican coffee industry. Future development plans will centre on factory effi-ciency, product and market development, and exten-sion services to improve their supply base and gener-ate productivity gains for local coffee farmers.

Mavis Bank is treated as a joint venture company in JP’s consolidated accounts and accounted for under the equity method.

The company also make certain critical moves in the area of land management and logistics. In March 2011 their subsidiary, Four Rivers Mining Company Limited (Four Rivers), commissioned its aggregate extraction and processing plant. This entity is located at their Agualta Vale farm in St. Mary. The business has already developed a solid base of customers along the North Coast and has become a leader in its key product categories. The business experienced start-up losses in the first half of 2011 but generated a positive contribution to the Group’s results in the second half of the year. The total investment by JP in connection with the start-up of this project was $90 million.

Subsequent to the close of 2011, Kingston Wharves Limited (KW), a company listed on the Jamaica Stock Exchange, accepted an offer by JP to subscribe for 357,550,000 ordinary shares of KW at a price of $5.00 per share. The total amount of the investment is $1.79 billion and will result in JP holding 26% of the issued shares of KW (after taking into account its share-holding prior to the transaction). This investment is a long-term strategic investment for JP, and follows their plan to leverage their asset base and manage-ment knowledge to diversify their business and im-prove overall shareholder returns.

KW is recognized as a leading private multi-purpose port terminal operator in the Caribbean. The compa-ny operates a comprehensive range of terminal equip-ment across 260,000 square metres of open storage space, 24,000 square metres of covered warehousing

and cold storage, and 53,000 square metres of off-dock storage for motor vehicles. The KW terminal has a 1,655 metre continuous quay that provides nine deep-water berths for roll-on-roll-off, lift-on-lift-off, general break bulk, containerized cargo and bulk car-go, vessels.

The KW port facility was, however, built in the mid-1960s and was designed primarily to process break bulk and non-containerized cargo. As a consequence, the near 50-year old facility requires some rehabilita-tion of its infrastructure and a redesign of key aspects of its operations to effectively compete in a market for logistics services that is increasingly dominated by containerized cargo.

At the same time as it seeks to rehabilitate its core in-frastructure, KW will focus on growing revenues by intensifying the development of trans-shipment op-erations, developing strategic synergies with trans-Pa-cific lines and increasing its operating efficiency. The ability to process increased numbers of vessels and larger vessels will enable KW to grasp the opportunity presented by the expansion of the Panama Canal and thus grow cargo volumes, expand into new services and participate in the creation of an international lo-gistics and distribution hub in Kingston.

In order to re-position the port for growth and im-proved returns as a trans-shipment terminal, KW has developed a five-year development plan that will benefit from the proceeds of JP’s investment. The key elements of the project include the refurbishment of berths, the relocation of the existing warehouses and the procurement of additional equipment, including cranes, stackers, trucks and other haulage equipment to process and move an increased volume of contain-ers through the port.

Nowhere is a company’s success more directly attrib-utable to the strategic moves of its leadership than the Jamaica Producers Group Ltd. More than enough reason to place CEO Jeffery Hall at the very top of this year’s CEO listing. Asked in a local newspaper about what defines him as a manager, Hall said: “I guess ... other people will say that I have the ability to do what is required to develop new strategy, to be strategic, that is, to identify the strategy at the macro level tak-ing into account the effect at the local level and see to the execution.” BM<


#2 - Sharon Donaldson is the Managing Director of the General Acci-dent.

Ms. Donaldson has been with the General Accident for over 20 years, first joining as the Financial Controller in 1989 before becoming Managing Di-rector in 2001. In addition to her responsibilities at the Company, Mrs. Donaldson is a Director of Musson (Jamaica) Limited. She also represents the local general insurance industry in discussions with the FSC and chairs the Finance and Accounting Committee of the Jamaica Association of Gen-

#1 - Mark Hart, CEO, Cargo Handlers Limited

Mark Hart founded Caribbean Producers Jamaica Limited in 1994. Mr. Hart serves as the Chief Executive Officer of the Hart Group of Companies in-cluding Caribbean Producers of Jamaica Limited. He has considerable ex-perience in management. He serves as the Chairman of Montego Bay Ice Company Limited, a JSE Main Market listed company. Mr. Hart serves as the Chairman of the Airports Authority of Jamaica. He served as a Member of the Board of Directors of Dehring Bunting and Golding Limited (now Scotia DBG Investments Limited) and Scotia DBG Investments Limited (Formerly, Dehring Bunting & Golding Ltd.) since 1992. He served as Di-rector of Scotia Investments Jamaica Limited. Mr. Hart is a graduate of the University of Miami.

Ranking Company 2011 after tax profits*

2010 after tax profits*

Percentage change

$ change*

1 Cargo Handlers Ltd. 51,919 1,326 3815.46 50,5932 General Accident Insur-

ance Co. Ltd.1,217,926 122,055 897.85 1,095,871

3 Lasco Manufacturing 401,201 109,823 265.32 291,3784 Lasco Distributors Ltd. 306,398 97,721 213.54 208,6775 Dolphin Cove Ltd. 204,477 69,170 195.62 135,3076 Lasco Financial Services

Ltd.29,775 10,363 187.32 19,412

7 Blue Power Group Ltd. 54,607 29,199 87.02 25,4088 Honey Bun (1982) Ltd. 27,630 17,190 60.73 10,4409 Jamaican Teas Ltd. 82,563 58,035 42.26 24,528

10 AMG Packaging & Paper Co.

31,265 22,606 38.30 8,659

*’000

Top 10 CEOs on the Junior Stock ExchangeSimilar to our annual listing of Jamaica’s Top 10 CEOs, the Top 10 CEOs of companies listed on the Ju-nior Stock Exchange, are based on after tax profits for 2011 compared to 2010. Also captured below is the percentage change between the two years and the numeral value of the increase in profitability between the two years.

Feature


#6 - Jacinth Hall-Tracey, CEO and Managing Director of LASCO Financial Services Limited

Ms. Hall-Tracey also serves as the Compliance Officer at LASCO Financial Services Limited and Vice-President of the Jamaica Money Remitters Asso-ciation. Prior to this, Ms. Hall-Tracey was the President of the Cambio Asso-ciation of Jamaica. She serves as a Director of LASCO Financial Services Lim-ited. She is also a member of the Miss Jamaica Festival ... Queen Committee where she assists in programmes to develop young Jamaican women and the Grace Morrison Foundation for Early Childhood Development (Grantspen and Shortwood Communities). Ms. Hall-Tracey holds a B.A (Hons) in French and Economics from the University of the West Indies, and is certified in cor-porate treasury and cash management, having attained the status of Certified Treasury Professional (CTP).

Feature

eral Insurance Companies (JAGIC), the local industry association. Ms. Donaldson holds an LLB from the University of London, England, an MBA from University of Wales. She is a Chartered Ac-countant, a fellow member of the Institute of Chartered Accounts of Jamaica and an attorney at law.

#4 – Peter Chin, Managing Director Lasco Distributors

#5 – Stafford Burrowes, CEO - Dolphin Cove Limited

Stafford Burrowes CEO of Dolphin Cove started the company from a mere idea in 1991. “We started by just fantasizing about it, then we decided to make things happen. In 1999, we opened our doors with just 4 dolphins and 22 em-ployees, and Dolphin Cove was an instant success.” The company grew ten-fold within a few years, and today, Dolphin Cove is a hit! Dolphin Cove hosts approximately 250 staff members in various departments, including front of-fice staff, trainers and tour guides, all trained and experienced in their field. But the key component to Dolphin Cove’s success is their excellence in the hospitality industry and their passion for dolphins. This, added to their sense of professionalism and their dedication, puts them on top of list for swimmers and dolphin.

#3 – Eileen A. Chin, Managing Director of LASCO Manufacturing Limited

Dr. Eileen A. Chin, MD, MBA serves as Managing Director at LASCO Man-ufacturing Limited and served as its Chief Executive Officer. Dr. Chin also serves as a Non-Executive Director of Lasco Financial Services Limited and LASCO Manufacturing Limited. She serves as a Non-Executive Director of Lasco Distributors Limited. Prior to this, she taught medical students from 1993 to 1998 in Giron School of Medicine, Havana. She specialized in histol-ogy. She has furthered her knowledge ... and skills development with Lean Six compliance training and advanced negotiation skills training. Dr. Chin holds a Medical Degree from Havana University’s School of Medicine and an MBA in Global Management.


#7 – Major noel Dawes, Managing Director of Blue Power Group Limited

Major Dawes has been the Managing Director Blue Power Group Limited since March 6, 2012. Dawes served as General Manager of Blue Power Group until March 6, 2012. He was instrumental in the construction and start up of the Lumber Division at Papine in 1999. He has over twelve years military experience with The Jamaica Defence Force (JDF) and has served in several Units throughout the organization. He received military training in Canada, the United Kingdom and ... the United States. He has held senior manage-ment positions in other business organizations including: General Manager of Securicor Jamaica Limited, and Operations Officer for Gand International (Norway). He has been a Director of Blue Power Group Limited since 1998. Maj. Dawes holds a Diploma in Management Studies from the Jamaica Insti-tute of Management.

#8 – Michelle Chong, CEO of Honey Bun Jamaica

Mrs. Michelle Chong was recently dubbed “Endless Giver, Restless Enthui-ast” in Stocks and Securities recent campaign highlighting successful Jamai-can entrepeneurs. Educated at York Univeristy in Toronto, Ontario, Michelle has been the absolute driving force behind the company’s success. A self pro-claimed workaholic, Michelle is a shining example that hard, honest work pays off. A serious business woman with a kind heart, Michelle has spent endless hours developing and advancing staff and has ensured that a Christian spirit is maintained within the organization and that positive family values are always promoted through the company’s marketing activities. A true leader, who is both loved and respected, commands performance through example and mo-tivation.

#9 – John Mahfood, CEO of Jamaican Teas Limited

John P. Mahfood has been the Chief Executive Officer of Jamaican Teas Limit-ed since January 2007. Mr. Mahfood served as Chief Operating Officer (COO) for the Retail and Trading Division of Grace Kennedy Ltd. until July 2006. During his tenure at Grace Kennedy he headed its international division, and led the merger of Rapid Sheffield and Hardware & Co. Ltd to form the largest hardware group in the Caribbean. Mr. Mahfood also led the successful expan-sion and turnaround ... of the Hi Lo Supermarket chain. He is a Certified Pub-lic Accountant and is a fellow of the Institute of Chartered Accountants

#10 – George Hugh, CEO of AMG Packaging and Paper Company Limited

In 2005, George spearheaded the formation of the Company, based on his re-search and survey of the local market. He saw the potential for a packaging company offering services to commercial customers. A founding shareholder in 2005, he joined the Board a year later in 2006 and became the Chief Execu-tive Officer of the Company in 2009. As Managing Director of the Company, George is responsible for overseeing its day to day operations with support from the senior management team, and for its strategic direction. He is com-mitted to the expansion of the product range and production capacity of the Company.

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So we have presented the Ten CEOs in Jamaica. But who are the top 10 CEOs in the world? We did some research and came up with the following list. One invented early versions of Google while writing his dissertation. An-other dreamed up the coffee giant Starbucks after expe-riencing the charms of Milan’s coffee-bar culture. One is the third African-American leader of a Fortune 500 company. These are the world’s top CEOs, according to a list ranking the approval ratings of each on Glassdoor.

While the Businessite Top 10 list is based on financial performance, for this particular list, more than 280,000 employees were asked to answer a simple question: “Do you approve of the way your CEO is leading the com-pany?” All of those who made the top 10 have an ap-proval rating that tops 89%. Glassdoor is a jobs/career community that features company reviews and salary information.

#10 Blake W. nordstrom of nordstrom inc. Approval Rating: 89%

Nordstrom’s employee handbook only contains 75 words, with this section on rules: “Rule #1: Use your best judgement in all situations. There will be no ad-ditional rules.” Mr. Blake W. Nordstrom has been the President of Nordstrom Inc. since August 2000 and also serves as its Principal Executive Officer. Mr. Nordstrom is an Officer of Nordstrom Inc. since 1991. The 51 year old CEO has been employed by Nordstrom Inc. since June 1976. He began his career working in the stock-room of the downtown Seattle store.

#9 Howard D. Schultz of Starbucks Approval Rating: 89%

Howard D. Schultz is chairman, chief executive and chief global strategist for Starbucks. Joining the coffee chain in 1982 when it had just four stores, Mr. Schultz engineered the company’s rise and worldwide expan-sion. Mr. Schultz helped make the arrival of a Starbucks in a community a major event, a recognition that a town or neighbourhood was worthy of the chic Seattle-based chain

#8 Paul Martiz of VMware Approval Rating: 90%

Born and raised in what is now know as Zimbabwe, Maritz also serves as chairman of the board of the Gra-meen Foundation, which sponsors third-world devel-opment projects. He was responsible for essentially all of Microsoft’s desktop and server software, includ-ing such major initiatives as the development of Win-dows 95, Windows NT, and Internet Explorer during his tenure from 1986-2000. Maritz was the recipient of the 2011 Morgan Stanley Leadership Award for Global Commerce, “which recognizes individuals whose per-

The World’s Top 10 CEOs

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sonal leadership has made a critical contribution to the effective use of information technology throughout the world.”

#7 Pierre nanterme of Accenture Approval Rating: 91%

Pierre Nanterme is Accenture’s chief executive officer. Mr. Nanterme is responsible for managing the compa-ny, formulating and executing long-term strategies, and interacting with clients, employees, investors and other stakeholders. Nanterme is Accenture’s primary decision maker and policy maker, setting the tone for the com-pany’s values, ethics and culture. He serves on Accen-ture’s Board of Directors and leads Accenture’s Global Management Committee.

#6 Paul S. Otellini of intel Approval Rating: 93% Paul S. Otellini is president and chief executive officer of Intel Corporation. He became the company’s fifth CEO on May 18, 2005. Since joining Intel in 1974, Otellini has managed several Intel businesses, including the company’s PC and server microprocessor division and the global sales and marketing organization. He’s

focused on driving the company’s growth and mission to deliver innovative, energy-efficient products. Under Otellini’s guidance, Intel also aims to usher in a new era when portable wireless computing is available anytime, anywhere. The company also is focused on bringing the next billion people online with affordable computers tailored to their needs. He is credited with launching partnership which resulted in IBM using Intel micro-processors for the world’s first personal computer in 1981.

#5 Larry Page of Google Approval Rating: 94%

As Google’s chief executive officer, Page is responsible for Google’s day-to-day-operations, as well as leading the company’s product development and technology strategy. He co-founded Google with Sergey Brin in 1998 while pursuing a Ph.D. at Stanford University, and was the first CEO - growing the company to more than 200 employees and profitability. From 2001 to 2011, Larry was president of products. Page holds a bachelor’s degree in engineering from the University of Michigan, Ann Arbor and a master’s degree in computer science from Stanford University. He is a member of the Na-tional Advisory Committee (NAC) of the University of Michigan College of Engineering, and together with co-founder Sergey Brin, Larry was honoured with the Marconi Prize in 2004.

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#4 Ken Chenault of American Express Approval Rating: 94%

Kenneth Chenault was born June 2, 1951 in Mineola, N.Y. He accepted a job in 1981 with American Express. He rose through the ranks and implemented strategies that revived the firm in an era of cutthroat competition. By the time of his appointment as CEO and president in 1997, it was evident that he would likely be chosen as American Express’s next CEO, which he was in 2001.

#3 Paul E. Jacobs of Qualcomm Approval Rating: 95%

Jacobs is the rare public company CEO who succeeded his father without stumbling. Qualcomm was founded by MIT engineering professor Irwin Jacobs, who de-veloped the CDMA wireless-communication standard. Paul Jacobs is a distinguished electrical engineer in his own right, with more than 40 wireless-technology and -device patents to his name. Today, all 3G handset mak-ers must pay royalties to Qualcomm if they want their phones to connect to CDMA networks. Sales rose 28.7% over the past year.

#2 Jim Turley of Ernst and Young Approval Rating: 95%

James S. Turley is Chairman and Chief Executive Of-ficer of Ernst & Young, a leading global professional services organization providing assurance, tax, transac-tion and advisory services. With approximately 152,000 people in 140 countries, Ernst & Young is one of the largest professional services organizations in the world. He has worked to create a high-performance work en-vironment with a highly visible leadership commitment to “Quality in Everything We Do.” Ernst & Young has been consistently recognized by Fortune magazine as one of the 100 Best Companies to Work For.

#1 Tim Cook of Apple Approval Rating: 97%

Cook joined Apple in March 1998 as SVP of World-wide Operations and also served as EVP of World-wide Sales and Operations and was COO until he was named the CEO of Apple on August 24, 2011, succeed-ing Steve Jobs. Cook had previously served as acting CEO of Apple after Jobs began a medical leave in Janu-ary 2011. In early 2012, he was awarded compensa-tion of 1 million shares, vesting in 2016 and 2021, by Apple’s Board of Directors. As of 2012, Cook’s total compensation package of $378 million makes him the highest paid CEO in the world.

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Today’s CEO at the top of his or her game must rely on a number of gadget and tools to get the job done as effectively and efficiently as possible. Here are but a few of the tech toys that can make a CEO’s life a who lot easier

Nothing makes a statement in a CEO’s room like a large-screen sliver-thin television. Presentations made on one of those gleaming pieces of hi tech would be instantly convincing. But apart from the glitz, a big television makes more sense today because CEOs are increasingly switching to small laptops, whose screens are barely able to grab the attention of anyone sitting a few feet away. Kit a TV of say 40 or 46 inches with an HDMI cable connectable to a laptop and you have a place to video conference, make presenta-tions, and discuss documents with others. It also makes sense to ensure your television is Internet capable.

Although it may seem like overkill to carry both a laptop and a tab-let, there are some things only a tablet can do. You can choose to go either of two ways. Get a tablet to whip out when you’re on the go and don’t want to unsheathe a laptop. That means something small, like the Samsung Note. While there are many Android tab-lets in the market, none yet has a significant advantage over the iPad and its ecosystem. The Note’s hybrid size gives it the edge of handiness. E-mail, messaging, browsing, quick-marking docu-ments, and even precision work is possible because of its stylus S-Pen. For a more full-fledged tablet experience, the iPad is a fantastic companion, giving the CEO not only alternative ways of working when they needs to, but enriching their activities, whether they involve kicking back to read a book or watching a movie on the airplane. The over 500,000 apps cater to needs you didn’t even know you had.

With everything be-ing about on-the-go, here’s one that isn’t. A personal coffee machine in your room not only means you can work in peace and quiet without interruption

but that you can disarm visitors with coffee of their choice, always a great aid to discussion. Cheap drip filter coffee machines don’t result in great taste and manual espresso machines may give great tasting coffee, but are too tedious and time-consuming. Automatic and semi-automatic machines have a strength and volume that is electronically controlled but one still needs to work with coffee grounds. The top end machines are repositories for coffee beans that are automatically ground while making the coffee and mix the milk with a single touch. Top brands include are DeLonghi, Sie-mens and Philips. A new breed of machines are the ones that use coffee ‘capsules’. Drop the capsule into the machine and press a button. A wonderful espresso is ready quite quickly. No mess, no fuss. The coffee is delicious and several flavours and strengths, including decaf are available.

Where smartphones are concerned, the CEO is spoilt for choice. And yet, as a person who needs to be connected with colleagues all the time, they need a smartphone that works well with those of others, is reliable, a known quantity and secure. That mostly means the BlackBerry, perhaps the top-of-the line Bold 9900. While BlackBerry maker research in Motion’s troubles are no secret, it is a fact that professionals still lean towards BlackBerry phones. That doesn’t mean it has to be the only smartphone. Pick either the iPhone 5 or go the Android way with the Samsung Galaxy S3. Until another smartphone becomes as preferred, the work phone of choice is a still BlackBerry.

This year, ultrabooks, light, thin stylish SSD-based notebooks based on Intel’s specs began to flood the market. For profession-als on the move, they make tremendous sense. Quick-starting and working fast, these are designed to make working through the day more effortless. Battery life is not less than 5 hours, making it easier to carry the device around without worrying about heavy power adaptors. Today, one can think of an ultrabook-desktop or Ultrabook-notebook combination, provided you use cloud storage to move your data between devices - very easy to do. Many ul-trabooks will be coming soon, to add to the list of Asus, Samsung, HP, Dell and Lenovo. Many point out, however, that ultrabooks are only an imitation of the MacBook Air, which is what you might like to consider in 11- or 13-inch configurations. BM<

Techno Logic

Tech Gadgets for the CEO on Top


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