Investment holding company PanJam Investment Limited has announced new changes to the management structure.

Effective July 1, Joanna Banks will become the next chief executive officer (CEO) of the investment holding company while Stephen Facey, current CEO and chairman, will assume the role of executive chairman. The announcement was made in a recent notice to the Jamaica Stock Exchange.

Facey, in welcoming Banks to the new role, expressed confidence in her knowledge and experience from which he said the company stands to benefit significantly.

“She has led a number of our recent investments and initiatives with passion and resilience, qualities necessary for the path ahead. We have confidence that she will continue PanJam’s legacy of growing stakeholder value, and look forward to supporting her efforts to achieve greater levels of success,” he said in a news release this week.

As executive chairman Facey will oversee landmark real estate projects, including the ROK hotel & residences located in downtown Kingston while he also continues to provide guidance and oversight to Banks and the senior management team.

Banks, a seasoned professional, joined PanJam in 2016 as vice-president having responsibility for the company’s new business development and strategy and was later promoted to senior vice-president in 2018.

“I am excited to take over the day-to-day leadership of PanJam, and am honoured to be entrusted with this responsibility. Over the last 55 years, the company has grown into one of the largest and most well-respected publicly-listed entities in the Caribbean, through the hard work of our team. I joined PanJam because of its reputation for investing in Jamaica for Jamaicans. I will lead PanJam in line with that legacy, for the benefit of our shareholders, our team, our partners and the nation,” she said in welcoming the new appointment.

Banks, who holds a Bachelor of Science in Systems Engineering from the University of Pennsylvania and a Master of Business Administration from the University of Chicago’s Booth School of Business, is a chartered financial analyst. Just recently appointment to the board of Trinidadian-based conglomerate, Agostini Limited, she also serves as director for Sagicor Life Jamaica Limited, Sagicor Investments Jamaica Limited, Outsourcing Management Limited and Term Finance (Jamaica) Limited and is also a trustee of the CB Facey Foundation — the charitable arm of PanJam.