Ian Kelly appointed new CEO of Derrimon Trading

 


The Board of Directors of Derrimon Trading Company Limited (DTL) on January 13 announced the appointment of Ian C. Kelly, CD, as Chief Executive Officer effective January 1, 2025.

Kelly, who joined Derrimon in 2011, most recently served as Group Chief Financial Officer, Executive Director, and Divisional Director at Sampars, Corporate Planner and Finance Director.

Derrick Cotterell, the outgoing CEO and Chairman, will assume the role of Executive Chairman after 26 years of leadership at the helm of the company.

Management stated in its notice on the Jamaica Stock Exchange, “This leadership transition aligns with Derrimon’s robust corporate governance and strategic succession planning, ensuring the separation of the roles of CEO and Chairman.

“As Founder and CEO, Derrick Cotterell transformed Derrimon from a small trading business into a diversified enterprise spanning multiple industries, including retail, distribution, manufacturing, and logistics. His visionary approach and commitment to excellence have cemented Derrimon as a leader in the Jamaican marketplace, and his contributions have been instrumental in the company’s success. Derrick’s journey, is a testament to his entrepreneurial spirit and dedication to innovation.”

Ian Kelly, it is indicated spearheaded the execution of many key mergers and acquisitions, the initial IPO in 2013 and negotiating and securing funding for Derrimon’s transformative projects, including the J$4.076 billion Additional Public Offering in 2021.

“His commitment to innovation and operational excellence positions him as a transformative leader for Derrimon’s next chapter,” it was stated. The announcement coincides with Derrimon’s 25th anniversary.

Derrimon Trading Company Limited reported consolidated revenues of $11.57 billion for the nine-month period ended November 2024, reflecting a decrease of $2.53 billion compared to the $14.09 billion recorded in the same period in 2023.

This reduction in revenue is largely due to the inactivity of subsidiary Marnock USA operations since March 22,2024 which has been undergoing extensive repair activities following the collapse of the roof.

Management said that had this subsidiary been actively contributing to the Group’s top line, consolidated revenue would have met budget expectations.

Subsidiaries Caribbean Flavours and Fragrances Limited (CFF), Woodcats International, Arosa and Spicy Hill Farms businesses were reported to have had mixed performances as the Jamaican economy recorded contraction in demand during this reporting period, which was exacerbated by the impact of Hurricane Beryl and the impact of the travel advisory to the tourism sector.

Net profit attributable to shareholders declined by 62.23 per cent to $89.79 million with the Group recording an earnings per share of $0.02 relative to the $0.05.

The Group’s total assets grew by 19.04 per cent to $18.77 billion compared to the $15.77 billion reported for similar period in 2023.

Total liabilities increased from $9.12 billion to $11.78 billion while equity attributable to shareholders moved from $6.37 billion to $6.72 billion.

 Photo: Ian C. Kelly

 Caribbean Money Daily

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