By Durrant Pate/Contributor

Trinidad and Tobago-based conglomerate Massy Holdings is moving to a new board structure that aligns with global best practices for large, listed companies. 

As such, the number of directors on the board will be reduced from 13 to nine with 70 per cent being independent non-executive directors. This revised board composition structure aligns with global best practices for large, listed companies and is designed to enhance decision-making, accountability, and communication. 

The rationale is that a smaller, more focused board closely attuned to its stakeholders and markets will be better positioned to continuously review its capabilities, consistent with the company’s strategic direction. This approach will enable Massy Holdings to execute its international growth strategy more effectively and efficiently.

This transition to a smaller, more agile board will take effect at the close of the 101st Annual General Meeting (AGM) when four directors — Peter Jeewan, Suresh Maharaj, Vaughn Martin and Bruce Melizan — will retire on rotation.

The AGM will take place next month at the Ballroom, Hilton Trinidad and Conference Centre 1B Lady Young Road, Port-of-Spain, Trinidad and Tobago on January 15 2025, at 10:00 a.m. 

Top management changes effected

There have been changes to the top management of the company, which has operations in Jamaica and throughout the Caribbean basin, as well as in Colombia and South Florida.

Marc Rostant’s role as group executive vice-president and chairman of Motors and Machines Portfolio was changed to group executive vice-president and portfolio CEO, Motors and Machines Portfolio. This took effect on November 19, 2024. 

Vaughn Martin’s role as group executive vice-president and chairman, Gas Products Portfolio, was changed to group executive vice-president and portfolio CEO, Gas Products Portfolio, effective November 19, 2024.

Ambikah Mongroo’s role as group executive vice-president and chairperson, Integrated Retail Portfolio was changed to group executive vice-president and portfolio CEO, Integrated Retail Portfolio, also effective November 19, 2024.

In addition, James McLetchie has been appointed to the position of executive vice-president and deputy group chief executive officer effective January 1, 2025.