GraceKennedy’s made changes recently to its management team across all sectors of business, in an effort to bounce back from a weak market performance in the second quarter of this year. The company recorded a loss of 19% in profits from the previous year which was attributed to business expansions. Despite this, CEO, Don Wehby, reported that the company is still on track to improving its operating performance for the rest of the year.
GraceKennedy’s poor performance may be redressed through recent changes to the business’ management team.
Andrea Coy has been appointed Chief Executive Officer of GK Foods International Business. Coy is to manage the manufacturing and distribution of GraceKennedy in the United States of America, United Kingdom, Canada, Latin America, the Caribbean, West Africa and Europe. Wehby lauded her success in locally managing and growing different companies within the group and is confident that she will continue to successfully transform and grow the company internationally.
Ryan Mack, who previously held the position of CEO of GK Foods International, was appointed CEO of GraceKennedy’s Local Business. This includes management of HiLo Stores, Grace Foods and Services, World Brand Services and the Consumer Brands Limited.
Derrick Reckford, who joined the company as a management trainee in 1987, was promoted to Acting President and CEO of Grace Foods (USA). Also, Steve Whittingham, who is currently the Chief Investment Officer of GK Group and managing director of GK Capital Management and Investment, has been appointed to the executive committee of the company. Finally, Margaret Campbell, who previously held the position of Chief Financial Officer for GraceKennedy Money Services the Western Union agent in Jamaica, is now the country manager for that subsidiary.
The company is currently trading at $43 on the Jamaica Stock Exchange and is looking forward to a strong finish in performance for 2017. Time will tell.
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