The VM Group, which recently effected a restructure of the organisation, including the establishment of VM Group Limited and VM Financial Group Limited, has announced Michael McMorris as chairman of VM Group Limited, the new mutual holding company of the 144-year-old entity. 

 McMorris was previously chairman of Victoria Mutual Building Society, which, as part of the restructure exercise, has been converted to a proprietary building society, wholly owned by the mutual, VM Group Limited. Brian Goldson has been appointed chairman of the VM Building Society.

“With a new robust holding company arrangement we preserve the rights and legacy of our Members while meeting the evolving requirements of our regulatory environment. In the new arrangement, the VM Group remains a mutual with the newly formed mutual holding company, the VM Group Limited presiding as the ultimate parent company of all 10 VM subsidiaries across four countries. The holding company architecture provides a solid foundation for our subsidiaries to meet the varied and evolving needs of our customers,” said McMorris, who is also president of the Jamaica Chamber of Commerce.

“Our governance adjustments, including Brian’s appointment as chairman of VM Building Society and the continued contribution of all our directors across the Group’s various businesses simultaneously ensures prudent continuity and dynamic evolution. We are confident that these changes will fuel our evergreen drive to build a more agile business model and support the outstanding VM team in their relentless ambition to deliver service excellence for our members and clients well into the future.”

McMorris is highly regarded in the financial sector and is principal of the business management firm KRONOS Limited. He works with local and international investors in the area of new venture development and strategic management.

Goldson, who joined the VM board of directors in 2013, is an accomplished business leader with particular expertise in finance and strategic management. He said he was honoured to chair the iconic building society.

“VM Building Society has a storied history of sound and purposeful governance. I am humbled to chair an outstanding board of directors as we guide this important Jamaican enterprise in this new era,” he said.