Business
JM | Oct 14, 2020

Another high profile resignation at Mayberry

/ Our Today

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The offices of Mayberry Investments Ltd on Oxford Road in St Andrew.

Investment and brokerage firm, Mayberry Investments has been hit with another high profile resignation.

The latest one is financial controller, Rakar Williams, whose resignation took effect on October 6, 2020. This comes days after Director of Investment Banking Tania Waldron-Gooden resigned effective September 30, 2020. She has since taken up a new position as deputy chief executive officer of insurance brokerage company, Caribbean Assurance Brokers Limited.

Williams’ resignation comes 10 months after his appointment to the post of financial controller on December 24, 2019. At that time he succeeded Wayne Campbell, who resigned from his post, effective December 24, 2019.

In recent months, Mayberry has seen a changing of the top tier management going back to May last year when Adrian Dunkley, resigned as vice president for compliance and risk. He was replaced by Rene Mitchell, who was promoted from senior manager – compliance and risk to AVP – compliance and risk, effective May 6, 2019.

More resignations

In July this year, Dianne Tomlinson-Smith resigned from her post as chief financial officer, effective July 7, 2020. Also resigning her post as AVP – research was Shadaya Small.

Her resignation was effective August 21, 2020 but she however discontinued carrying out her duties as at June 26, 2020.  While there have been several resignations in recent times, there have also been a number of appointments to the management team. 

These include Rachel Kirlew, who was been appointed to AVP – investment banking, effective August 17, 2020, and Lauren Innis, who was appointed as the senior manager – investment banking, effective August 1, 2020. The resignations come at a time when Mayberry, like many companies, is reporting declining profits due to COVID 19.

Financial performance

The financial performance of the company during the second quarter ended June 30 showed the group recording a loss of $3.9 million, reversing the profit of $293.9 million for the same period last year. This was attributable to reduced fees and commissions, lower foreign exchange gains and unrealised loss on investment securities resulting from downward price movements on equities. 

Net profit attributable to shareholders was $8.9 million for Q2 2020, compared to $264.3 million in the prior year corresponding quarter, resulting in earnings per share (EPS) of $0.01 compared to an EPS of $0.22 for Q2 2019. 

During the period, revenues lines that experienced growth during the quarter included dividend income, which went up by $145.9 million or 141 per cent to $249.4 million for Q2 2020 over Q2 2019.

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