Pan Jam appoints new CFO
Conglomerate Pan Jamaican Investment Trust (Pan Jam) split its chief operations and chief financial positions this month following the recruitment of Stephen Phillibert, a former GraceKennedy manager.
Pan Jam discussed the possibility of separating the positions over a year ago amid the increased roles of management with the passing of chairman Maurice Facey.
The team chose Phillibert, who was head of corporate planning strategy at conglomerate GraceKennedy.
"The role of CFO takes [into account] the overall portfolio view of Pan Jam which is comprised of investments in various companies," Phillibert told the Observer on Wednesday. "But in addition to that there is the reporting element, of having oversight for the accounting of the company, including to the board and external, and also oversight for the risk and control systems of the business."
Last April, chief executive Stephen Facey assumed the additional position of chairman while then CFO Paul Hanworth assumed the additional newly created role of chief operating officer (COO). Hanworth also joined the board on April 10 that year.
"Mr Hanworth was straddling both roles and I don't think it was intended to be a permanent situation and now it has been resolved. He will have the COO role exclusively and I will have the CFO position," said Phillibert.
Hanworth told this reporter a year earlier that the creation of his COO position reflected the formalisation of his activities, particularly with increased investments in associate companies, including insurer Sagicor Life Jamaica, sauce-maker Walkerswood, Mavis Bank Coffee Factory and Chukka Caribbean Adventures.
Maurice Facey died in April, 2013. He founded Pan Jam in the 1960s following the sale of his father's company, then embarked on building landmark commercial high-rise towers and expansive shopping centres in Kingston.
"The new role covers areas of responsibility that are additional to what I have done before so that will provide me with an opportunity to grow and stretch myself. To learn new things," Phillibert told the Observer.
Pan-Jam's management structure currently comprises of chairman/CEO Stephen Facey, Vice president investments Paul Facey, COO Hanworth; CFO Phillibert; director, accounting services Camelia Nelson; and group treasury manager Claudette Ashman-Ivey, according to the website.
Pan-Jam, among the richest listed companies holds assets totaling $23 billion.
The conglomerate made some$2.5 billion profit last year due to the performance of its associated businesses led by Sagicor Life Jamaica.
The company's ongoing project entails building a Courtyard/Marriott hotel in New Kingston.