KINGSTON, Jamaica— The Jamaica National Group’s (JN Group) drastic strategic overhaul — selling major subsidiaries and betting on digital services — is being steered by a quieter, parallel revolution inside its own boardrooms and executive offices.

This internal leadership and governance reset form the human engine of the group’s fight for stability after three years of losses and a damaging negative credit outlook.

The most visible change came at the top.

According to the CariCRIS rating report, Curtis Martin retired as managing director of the key JN Financial Group (JNFG) in July 2025.

Stepping into the role, in an acting capacity, is Hugh Miller.

Miller’s career within the group, including previous roles as chief treasury & investment officer and head of asset management at a subsidiary, signals a clear priority: placing a figure with deep internal financial expertise directly at the helm of the recovery effort.

The group itself has acknowledged that past leadership was part of the problem.

In a written statement, JN Group cited “managerial shortcomings” as a factor in its recent challenges and stated that subsequent “managerial changes and processes for greater efficiencies” were core to its remedial action.

The changes run deeper than one appointment. The CariCRIS report notes the group has undergone “material structural changes, including some reorganisation of its group boards and management structure.” Power and oversight have been formally redefined.

The report details a clarified chain of command where the board of directors and its sub-committees hold ultimate responsibility. Within this, the finance committee now has the lead role for group-wide risk management, supported by dedicated risk and audit units. This creates a more defined system of checks and balances for a precarious period.

This restructured leadership team now faces its definitive test. Its core mandate is twofold: first, to ensure the multi-billion-dollar proceeds from asset sales effectively shore up the weakened balance sheet; and second, to guarantee that the group’s massive $1-billion investment in digital technology actually delivers a drastic reduction in its crippling 105.6 per cent cost-to-income ratio.

Ultimately, the success of this internal reset won’t be measured by press releases or new committee charts. It will be judged by one clear standard: the group’s ability to hit the hard financial targets set by CariCRIS to regain a stable outlook.

This means achieving sustained profitability, slashing the cost-to-income ratio below 65 per cent, and more than doubling its key capital buffer.