Following news about the expected multi-billion-dollar merger between PanJam Investment Limited and Jamaica Producers Group Limited (JP Group), it’s been revealed that Jeffrey Hall and Joanna Banks will ascend to new roles between 2024 and 2025 of Pan Jamaica Group Limited.

Hall has been the managing director of the JP Group since July 2007, while Banks was appointed the chief executive officer of PanJam in July 2021. Stephen Facey is currently the executive chairman of PanJam.

Upon completion of the transaction with PanJam acquiring JP Group’s operating assets, Hall would become the executive vice chairman and CEO of the Pan Jamaica Group, Banks would be appointed president and Facey would be the non-executive chairman.

However, in the amalgamation booklet and explanatory statement published on the Jamaica Stock Exchange (JSE), it was revealed that between January 1, 2024, and January 2, 2025, Hall is expected to be appointed the executive chairman and Banks would be appointed the CEO of the Pan Jamaica Group.

Hall is set to retire as chairman of Scotia Group Jamaica Limited on December 9 after serving 15 years on the board and six as chairman. Hall also chairs the boards of Kingston Wharves Limited, Lumber Depot Limited and Blue Power Group Limited, which are all listed on the JSE. Hall’s eventual appointment as executive chairman would result in him overseeing a company valued more than $110 billion and would be one of his largest appointments to date. Hall has served on the boards of the JSE, Bank of Jamaica, Private Sector Organisation of Jamaica, and Jamaica Promotions Corporation.

“The role of chairman is different for each company with which I am involved, because the companies are different. Fortunately, in every case where I am chairman, the company has exceptional executive leadership. If it weren’t that way, my number one job would be to help to make it so,” said Hall in an e-mail to the Jamaica Observer.

Facey has served as chairman of PanJam following the passing of his father Maurice Facey in 2013 and has been on the board since August 1991. He sits on the boards of various Sagicor Group Jamaica Limited subsidiaries and on other private boards.

When asked if he would remain on the board after stepping down as chairman after the transaction, Facey said, “I will remain on the board and continue to be involved in the oversight of the company for as long as the shareholders see it fit to have me.”

“I have several exceptional memories of my over four decades of service to PanJam. Most notably, I enjoy working with the PanJam team, formerly led by my father, Maurice Facey, OJ, JP, supported by my uncle, Lloyd Facey, and former CEO Richard Byles. The team at PanJam expertly combines ethical practices and ingenuity. It is my honour to continue work with them,” Facey added.

The upcoming extraordinary general meetings on December 22 will see PanJam amend its articles to give significant shareholders the ability to appoint up to three directors each to the board. A significant shareholding in the new articles will be defined as 21 per cent or more shareownership by a person, connected party or group of no more than 15 individuals. The maximum board limit will be decreased from 15 to 12, which will be hit once Hall, JP Chairman Charles Johnston, and JP Chief Financial Officer Alan Buckland are appointed to the board.

When asked what role he would play with no direct strategic oversight at his appointment as chairman, Hall said, “Joanna Banks will be an exceptional leader of the combined group. She has the skills and the time to make a significant impact on the enterprise. She will have my full support as well as that of the board. I am looking forward to the opportunity to work together on strategic, operational and transactional matters.”

The eventual appointment of Banks would be one of the most recent monumental occasions in her life. Banks is currently in her late 30s, while Hall is in his early 50s. The JP Group extraordinary general meeting (EGM) will be held at the ROK Hotel at 10:00 am while PanJam EGM will be held at the Courtyard by Marriott at 11:00 am.

“As is often said, ‘There is nothing wrong with Jamaica that cannot be fixed with what is right with Jamaica.’ With more discipline and mutual respect, as Jamaicans, we can work together toward a common goal to build a better Jamaica, the land we all love,” Facey said on his wish for Jamaica in 2023.