Frederick Williams has resigned as chief executive officer (CEO) of Access Financial Services Limited (AFS).

His resignation takes effect on December 9.

Williams had originally joined the microcredit company on October 7, 2019, as the chief operating officer before he was promoted to general manager on July 1, 2020. Williams took on his current role in June 2021 when founder Marcus James stepped up to the role of executive chairman. Williams is the company’s second CEO after James, who founded AFS in September 2000.

“AFS would like to take this opportunity to thank Mr Williams for the diligence with which he executed his responsibilities and his contribution to the company during his tenure. We wish him all the best in his future endeavours,” a release posted on Tuesday on the Jamaica Stock Exchange’s website stated.

AFS started its road tour on October 6 to update its customers on the new regulations surrounding the Microcredit Act (2021). Williams led the charge on this tour, which had intended outcomes of improving customer service and transparency about the Act. AFS is the first and only firm to receive approval from the Bank of Jamaica for a licence to operate as a regultated microcredit firm.

This is the third major resignation related to AFS in the last five months.

AFS’s former Sales and Marketing Manager Deveta McLaren resigned on September 30 to take up a role as chief strategy officer at Dolla on October 3. Before that, lead independent director James Morrison resigned from the board on June 30, which leaves six members on the board. These include non-independent directors Neville James, Charmaine Boyd-Walker and Nerisha Farquharson, plus independent directors Justine Collins and Michael Shaw.

AFS’s first-quarter (April to June) net profit declined by 13 per cent to $77.56 million due to higher staff costs and operating expenses which pushed operating expenses up 15 per cent to $405.31 million. Net operating income was up 13 per cent to $522.90 million arising from higher interest income on loans.

AFS’s consolidated net loan book stood at $4.65 billion from a total asset base of $5.84 billion. Total liabilities stood at $2.98 billion while shareholders equity closed the period at $2.86 billion. The company’s second-quarter unaudited results are due to be submitted by November 14.

Access’s stock price remains up 16 per cent year-to-date at $23.60, which leaves it with a market capitalisation of $6.48 billion.

— BY DAVID ROSE