Stephen Facey and Jeffrey Hall to remain at helm of Pan Jamaica Group Limited

 

In an update on the conglomerate’s succession plan released on January 1, 2025, the Board of Directors of Pan Jamaica Group Limited (PJG) stated that Stephen Facey and Jeffrey Hall will remain as Chairman, and Vice Chairman and Chief Executive Officer (CEO) of PJG, respectively.


In 2023 PanJam Investment Limited (PanJam) , headed by Facey, acquired Jamaica Producers Group Limited (JP), headed by Hall in a business combination, creating a group worth over $100 billion in assets.

The Group – a multinational - has categorized business interests into four distinct operating segments: Property and Infrastructure, Financial Services, Speciality Foods, and Global Services (principally logistics operations).

PJG previously indicated its intention to name a successor to Hall as CEO and simultaneously to appoint Hall as Executive Chairman of PJG with effect from January 2025.

The announcement via the Jamaica Stock Exchange stated, “The PJG Board has confirmed that both the company and the persons involved are completely satisfied with the current governance and executive leadership arrangements, and accordingly, the Board has elected to defer the planned succession.”

Pan Jamaica Group is a Caribbean-based, multinational business group with Property and Infrastructure and Financial Services interests have their primary footprint in the Caribbean. The Property and Infrastructure portfolio includes offices, retail space, hotels and other commercial real estate.

The Financial Services interests include banking, insurance, investment management and pension fund administration. The Global Services group includes shipping and logistics interests that have a Caribbean nexus but serve a global client base.

The Specialty Food and Drink segment has food manufacturing and agri-business operations in Europe and the Americas.

For the third quarter ended September 30, 2024, Pan Jamaica Group recorded consolidated net profits attributable to shareholders of $2.6 billion for the nine months ended 30 September 2024, an increase of 3 per cent relative to the comparable period in the prior year.

Management stated that the year-to-date result was affected by unfavourable market conditions impacting the Financial Services Division. All other segments experienced improved operating results.

PJG holds a portfolio of non-core investments (passive private and listed equity investments and other securities that do not fall within the four core operating segments) that are accounted for as part of the Corporate Division.

Management explained, “The current Group strategy is to divest these assets in due course and to redeploy the sale proceeds in our core operating segments. Accordingly, we undertake a periodic review of the book values of these holdings to ensure that they conform to market values.

“ During the Third Quarter we accounted for a charge to reflect the unrealised reduction in market values of key elements of this portfolio and this adversely affected the results for the quarter.”

The Group’s consolidated net profits attributable to shareholders for the three months ended 30 September 2024 was $772 million, a decline of 47 per cent compared to previous year.

Photo Caption: Stephen Facey.

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