Durrant Pate/Contributor

The board of directors of Pan Jamaica Group has confirmed that Stephen Facey and Jeffrey Hall will remain as chairman and vice chairman and CEO, respectively.

This update comes as the group previously indicated its intention to name a successor to Hall as CEO and simultaneously to him as executive chairman with effect from January 2025. 

However, the board has changed that initial plan and is confirming that both the board, Hall and Facey are completely satisfied with the current governance and executive leadership arrangements.

Accordingly, the board has elected to defer the planned succession. Hall and Facey were installed in their current capacities following the merger in November 2022, of PanJam Investments and Jamaica Producers to form Pan Jamaica Group.

The merger of two of Jamaica’s largest conglomerates created a group worth over $100 billion in assets, strategically positioned to take advantage of opportunities locally and globally. 

Jamaica Producers was founded as a cooperative of banana growers over 90 years ago but has grown into a multinational corporation owning food and juice brands along with logistics and shipping services while PanJam, formed some 60 years ago, builds and operates commercial real estate and holds private equity investments. 

The merger resulted in PanJam acquiring JP’s operating assets in exchange for JP taking a 34.5 per cent interest in PanJam.