- NEWSDAY.CO.TT - A la Une - 12/Aug 17:21

McLetchie to replace Affonso as Massy CEO

CHIEF Financial Officer of Massy Holdings Ltd James McLetchie will take over as group president and CEO when David Affonso retires on September 30. A notice posted on the TT Stock Exchange website said McLetchie will take over on October 1. In a release issued by Massy Holdings on August 12, the board welcomed McLetchie, lauding his global experience and people-first approach, which is expected to guide the group through the next phase of growth. Ivette Zuniga will join as group chief financial officer, bringing world-class financial expertise from global businesses with over two decades of industry experience, the release said. The board also extended heartfelt thanks to Affonso for decades of visionary leadership. Affonso has been CEO for only a year after he replaced then CEO Gervase Warner on April 6, 2024. Warner, who had been CEO for 14 years, announced an early retirement amid investigations into training modules for the group’s executives. Former general council Angelique Parisot-Potter, the person who raised the issue at the group’s AGM in 2023, took administrative leave and was replaced by Wendy Kerry. The year 2024 also saw a significant number of changes to the group’s executive. In November, Massy announced it would reduce its number of board members from 13 to nine, with three directors – Peter Jeewan, Sureash Maharaj, Vaughn Martin and Bruce Melizan. The transition took place at the close of the conglomerate’s 101st annual meeting. In an interview with Newsday in February, Affonso and McLetchie announced plans to turn the conglomerate into an international holding company. McLetchie explained that the executive will now operate as another business under the Massy umbrella, one that is designed to ensure that all other business portfolios are performing at its best and producing cash that can pay dividends. In its unaudited financial results for the nine months ending June 30, Massy Holdings reported a four per cent increase in revenue and a 13 per cent increase in profit before tax. Massy said revenue rose to $11.8 billion, up $451 million as compared to the same period the year before. [caption id="attachment_1171769" align="alignnone" width="1024"] James McLetchie, CFO and deputy group CEO of Massy Holdings Ltd speaks at the IDB Invest signing ceremony with the group on March 17. - Photo by Faith Ayoung[/caption] It also saw profit before tax from continuing operations climb to $810 million. Massy added that its net cash generated from operations rose 27 per cent to $998.5 million. The release on the group’s financials said the metric showed its ability to turn earnings into hard cash. Massy Holdings said its performance for the nine months was attributed to its operational growth in Guyana and Colombia. "Guyana delivered volume increases across all major business lines – distribution and retail, gas products and motors – reinforcing its position as a key growth market for future investments. "Guyana’s increases in volumes offset declines in the motors and machines business and weaker demand for nitrogen in TT. "Colombia also showed growth in the motors and machines sector with revenue increasing 20 per cent. In Guyana, motors and machines revenue grew 19 per cent," the release said.   The post McLetchie to replace Affonso as Massy CEO appeared first on Trinidad and Tobago Newsday.