THE Jamaica Stock Exchange (JSE) is in the final stretch of its search for a new managing director, with today marking the hard deadline for applications.

This cut-off follows three extensions, reflecting what Chairman Steven Whittingham says is the board’s determination to find the right leader to replace Marlene Street Forrest, whose retirement will end a 20-year tenure. She is now 65 years old.

“This is one of the most important transitions in the history of the exchange,” Whittingham, who was a guest at the Jamaica Observer’s Business Forum recently said. “We’ve been deliberate in this process because Marlene’s contributions have set an incredibly high bar, and it’s important that we identify someone who can lead the JSE into its next phase of growth.”

Street Forrest has left an indelible mark on the JSE, transforming it from a regional exchange into a globally recognised institution. Under her stewardship, the JSE twice earned the title of the world’s best-performing stock market—in 2015 and 2018. Her vision also guided the exchange’s demutualisation, separating its regulatory functions from its commercial operations, a move she described as essential for transparency and market maturity.

“Marlene has been a transformational leader,” Whittingham said. “Her ability to innovate while maintaining the JSE’s credibility and integrity has been nothing short of remarkable and I say this all the time. Finding her successor has been a challenge because her shoes are not easy to fill.”

Street Forrest, however, views her departure as a natural evolution.

“The transition is necessary in every organisation. New blood comes in, new chance of ensuring that the company grows…so it’s a natural part of any organisation,” she said.

The board’s search has spanned both local and international markets, drawing what Whittingham described as “extensive and impressive interest.” Notably, the competition has extended within the JSE itself, with four internal candidates applying for the role.

Street Forrest told the Business Observer that the internal applicants bring valuable familiarity with the organisation’s operations and culture, though she declined to name them.

Whittingham highlighted the importance of finding a visionary leader, stating that the position requires a deep understanding of securities laws, market trends, and stakeholder engagement.

“We’re looking for someone who can not only manage the JSE but expand its reach,” Whittingham explained. “This includes engaging with government and regulators, as well as continuing the diaspora outreach that Marlene championed. The successful candidate also has to have the capacity to do what Marlene was doing in December…expanding the reach of the Jamaica Stock Exchange to the diaspora.”

Despite the high level of interest, the board extended the application deadline to ensure a thorough vetting process, Whittingham noted. “The holiday season slowed things down. We wanted to give everyone—including internal candidates—a fair chance to participate. Transparency and diligence have been our guiding principles.”

While the search continues, Street Forrest has committed to staying on for up to six months after her official retirement to ensure a smooth transition. “I’m fully involved in the process,” she said. “The goal is to hand over the reins seamlessly so the JSE can continue to thrive without disruption.”

The board has also used this period to reassess the JSE’s organisational structure. “It’s not just about replacing a leader. It’s about ensuring the JSE is positioned for the future. We’ve engaged external consultants to guide us in redefining the structure to support long-term growth,” Whittingham said.

The new managing director will inherit an organisation with a market capitalisation of over US$13.3 billion, with 104 listed companies trading 154 securities as at January 15, 2025. With a legacy of innovation and resilience, the JSE remains a cornerstone of Jamaica’s economic landscape.

Despite the hard cut off of applications being today, Whittingham remains optimistic.

“We are confident that we’ll find the right person. This is a pivotal moment for the JSE, and the next chapter of its history will depend on the decision we make today,” he said.