Chief Executive Officer at Cumax Wealth Management, Ian McNaughton has “jumped ship” for lighting and energy company, FosRich.

McNaughton has joined the management team at FosRich in the capacity of Chief Operating Officer effective September 2, 2024. He will report to the Managing Director, Cecil Foster and will oversee the daily operations of the stores located throughout the island among other responsibilities. 

His departure from Cumax comes in the midst of its alleged extortion and bribery imbroglio along with the Jamaica Stock Exchange (JSE). Both Cumax and the JSE have been accused of various improprieties such as attempted extortion for bribes, misappropriation of funds, fraudulent representations, wire fraud and mail fraud by American-based Music Licensing Inc. and its principal, Jake P Noch.

McNaughton, a seasoned business administrator, holds a Master’s in Business Administration and a BSc in Management Studies. Prior to joining FosRich, he held senior positions in several private sector organisations. 

Up to 2019, McNaughton led Barita Investments and also served as chairman of the Jamaica Stock Exchange. McNaughton replaces Michelle Thame, who was FosRich’s operations manager. She demitted office on July 31.