GRACEKENNEDY Limited CEO Don Wehby will retire on February 14, 2025, after nearly three decades with the Jamaican multinational, the company said Tuesday.

Wehby, 61, will also step down from the board of directors on the same date, which marks the company’s 103rd anniversary. Frank James, currently CEO of GraceKennedy’s Domestic Foods Division and former group CFO, will succeed Wehby as group CEO effective February 14, 2025 and will also join the board on the same day. The transition comes after Wehby temporarily stepped back from day-to-day operations in October 2024 to focus on his health. The company did not expound further on the health issue.

GraceKennedy’s share price fell 2.21 per cent at the end of trading Tuesday in the aftermath of the announcement, closing at $73.13 each.

The move marks a major transition for GraceKennedy, one of the Caribbean’s largest and most diversified conglomerates. Under Wehby’s leadership since 2011, the company’s revenue has more than doubled, rising from $58 billion to $155 billion in 2023. During his tenure Wehby oversaw strategic mergers and acquisitions that expanded the company’s footprint across North America, Europe, and Central America.

“I am proud of the progress we have made during my tenure, and I am confident that the new leadership will take GraceKennedy to even greater heights,” Wehby said in the statement announcing his retirement.

Wehby joined GraceKennedy in 1995 as group finance manager and held various roles, including chief financial officer and deputy CEO. He took a break from the company to serve as a government senator and minister without portfolio from 2007 to 2009. Wehby returned to GraceKennedy in 2009 and became group CEO in 2011. Prior to his appointment as CEO, he served as group COO. He is the tenth-largest shareholder in GraceKennedy as at September 30, 2024. Wehby also chairs Key Insurance, a GraceKennedy subsidiary. No announcement was made about Wehby’s continued role in that company.

James, joined GraceKennedy in 2005 and has held several senior roles across its financial services and foods divisions. Under his leadership as CEO of GK Foods Domestic Business, the division achieved over 60 per cent revenue growth through 2023 while improving profitability.

“I am honoured to take on the role of group CEO and lead the GraceKennedy team,” James said. “We will continue to focus on delivering value to our customers, shareholders, and the communities we serve.”

GraceKennedy Chairman Professor Gordon Shirley lauded outgoing CEO Don Wehby for his visionary leadership, citing his key role in transforming the company into a globally competitive business. Shirley also praised Wehby’s innovative approach, strong work ethic, and community commitment.

Shirley expressed confidence in incoming Group CEO James to drive growth and innovation. Andrew Messado, group CFO, was thanked for his steady leadership during the transition, having assumed operational responsibilities while Wehby remained involved strategically.

In addition to these leadership changes, GraceKennedy recently announced key appointments within its financial divisions. Debra Dodd and Kerry-Ann Lincoln have been named divisional chief financial officers for GraceKennedy Financial Group (GKFG) and GK Foods, respectively, effective January 1, 2025. Both bring extensive experience in finance and are expected to strengthen financial management and business outcomes across their divisions.

Commenting on the movements, Messado said, “These appointments underscore our focus on cultivating strong leadership and ensuring robust succession planning across the group. Debra and Kerry-Ann bring extensive experience and proven expertise, along with strategic and operational capabilities, to their new roles. We are confident that their leadership will strengthen the group’s performance, contributing meaningfully to our continued growth and long-term goals.”

These moves, GraceKennedy said, align with its long-term succession planning efforts and its Vision 2030 strategy of becoming a global brand rooted in Jamaican heritage.