Steven Jackson, Business Reporter
Pan-Jamaican Investment Trust will determine its future strategy and management structure by September, following the passing of its founder and chairman Maurice Facey.
The result could see the emergence of a younger executive structure, according to newly appointed director Paul Hanworth who now holds two executive positions.
"It is now time for us to go back and look at the strategy of the company and decide what will be the appropriate structure going forward," said Hanworth in an interview with Wednesday Business.
His job as chief financial officer was expanded to incorporate the newly created post of chief operating officer. And he also joined the Pan-Jam board on April 10. Stephen Facey was also named chairman and he also retains his position as chief executive officer.
Maurice Facey, who transitioned on April 2, founded the company in the 1960s after selling his father's company. Facey then embarked on building landmark commercial high-rise towers and expansive shopping centres in Kingston.
DIVERSITY
In recent years the company has diversified its revenue streams into insurance, tourism and manufacturing. And last year, the company merged its property subsidiary First Jamaica into the group.
"The person who founded this company is no longer with us ... and we need to make sure that we can put the company in a position that it can survive for the next 10, 20 or 30 years," said Hanworth.
Essentially, two of the three core executives ? Hanworth and Stephen Facey ? are some five years from retirement age. The third, Paul Facey, the vice-president of investments, is in his mid-forties, said Hansworth. As such, the strategic planning could entail succession planning.
While Pan-jam evaluates its strategy for the future, the company will determine "whether to hire someone internally or from outside; and whether Stephen and I will plan to retire," Hanworth said.
Asked whether the dual roles that both he and Stephen Facey now hold would be split once the future direction is determined, he said: "That question is better answered when we do our strategy planning".
"For Stephen's positions maybe it would be split one day, but that is based on what comes out of the strategy redesign," he told Wednesday Business. "But I think my position will be split".
Stephen Facey was off the island and not immediately available for comment.
Hanworth indicated that the creation of his COO position reflected the formalisation of the job he has done for the conglomerate over the years, particularly with the new and increased investments in associate companies, including insurer Sagicor Life Jamaica, sauce-maker Walkerswood, Mavis Bank Coffee Factory and Chukka Caribbean Adventures.
J$21B IN ASSEts
"We are a fairly developed organisation and our revenue streams come from diverse sources. It's good from a governance perspective that you separate those functions," he said of his dual roles.
Pan-Jam's management structure currently comprises five members: chairman/CEO Stephen Facey, VP Paul Facey, CFO/COO Hanworth; director, accounting services Camelia Nelson; and group treasury manager Claudette Ashman-Ivey, according to the website which was updated to notify of the passing of the elder Facey, and new announced positions.
Pan-Jam is the 11th richest Jamaican stock market company by assets totalling J$21 billion, according to Wednesday Business estimates. The conglomerate made more than J$2 billion profit last year due to the performance of its associated businesses led by Sagicor Life Jamaica and Chukka Adventures.
The company's next big project is a Courtyard/Marriott hotel to be constructed in New Kingston this year.
steven.jackson@gleanerjm.com
Source: http://jamaica-gleaner.com/gleaner/20130424/business/business6.html
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