Massy Moves: Parent company right-sizes board

 

Caribbean News Daily- Following a commissioned governance review Massy Holdings on Monday November 2024 announced a move to change the structure and composition of the (parent) company’s board.


The new structure will feature a smaller number of directors which the company said reflects the board’s “commitment to a more efficient decision-making, improved accountability and engagement, enhanced communication and stronger alignment.”

The review it was said recommended the need for better portfolio governance and that the role of the portfolio chairman be separated from the role of the portfolio chief executive officer.

The company also moved to adjust senior officers. Marc Rostant’s role as group executive vice-president and chairman Motors and Machines Portfolio will change to group executive vice president and portfolio CEO, Motors and Machines Portfolio, effective November 19.

Meanwhile Vaughn Martin’s roles at group executive vice president and chairman Gas Products Portfolio will change to group executive vice president and portfolio CEO, Gas Products Portfolio, effective November 19

Also, Ambikah Mongroo’s roles at group executive vice president and chairperson Integrated Retail Portfolio will change to group executive vice president and portfolio CEO, Integrated Retail Portfolio, effective November 19.

Meanwhile, the number of directors will move from 13 to nine. Outgoing directors will be Peter Jeewan, Sureash Maharaj, Vaughn Martin and Bruce Melizan.

The changeover is slated for the close of the conglomerate’s 101st annual meeting when directors are expected to retire on rotation.

The board, when reduced, will feature 30 per cent executive directors and 70 per cent non-executive directors.

Massy Holdings has a market cap or net worth of JMD 171.68 billion. The enterprise value is 237.71 billion. The next estimated earnings date is Tuesday, November 26, 2024. The stock's EV/EBITDA ratio is 5.35, with an EV/FCF ratio of 14.08.

For the financial year ended September 30, 2024, the company which comprises 60 subsidiaries reported top-line growth with third party revenue from portfolios increasing by 11 percent, from TT$14.2 billion in FY 2023 to TT$15.7 billion in FY 2024, driven largely by Gas Products and Integrated Retail Portfolios, which recorded 19 percent and 10 percent growth, respectively.

At the Group consolidated level, one-off costs saw an 8 percent decline in the Group’s Profit before Tax, from TT$1.2 billion, to TT$1.1 billion in FY 2024, that reduced Profit for the year by 12 percent, from last fiscal’s TT$813 million to TT$712 million.

The company highlighted major strategies as including the new organisational design and group governance s structure; and a “review of our Executive Compensation/Renumeration philosophy, with a view to creating better linkages between pay and performance in the markets in which we operate.”

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