Dodridge Miller retires as Sagicor Financial CEO
DODRIDGE Miller will retire as president and chief executive officer (CEO) of Sagicor Financial Company Limited (SFC) at the end of March following more than 30 years of service with the financial conglomerate.
The Barbadian was appointed CEO of Sagicor Financial Corporation Limited in July 2002 which was six months after the majority interest in Life of Jamaica was acquired. Miller received US$700,000 as his base salary in 2021 with overall compensation coming in at US$5.48 million. While the 62-year-old executive will be retiring from his executive role, he will remain as a director on the board.
“Sagicor is a remarkable forward-looking company, served by dedicated and hard-working employees. It was an honour to lead this great company for 20 years. I am confident that Andre is the right person to lead Sagicor through the next phase of its development,” said Miller in the news release.
SFC chief operating officer and chief financial officer (CFO) Andre Mousseau will be promoted to the president and CEO role on April 1. He will be appointed to SFC’S board of directors on that same date with the Canadian already joining its 49.11 per cent controlled subsidiary Sagicor Group Jamaica Limited on December 31. Sagicor Financial Company is currently in the process of finding a replacement for the CFO role. Mousseau was paid a salary of US$600,000 in 2021 and received US$2.12 million in compensation for the period.
“On behalf of the board, I would like to thank Dodridge for his exceptional contribution to Sagicor for over 30 years. Under his tenure, Sagicor grew from a mutual company with less than $100 million of assets to a publicly listed multi-national corporation with over $10 billion of assets. Sagicor has greatly benefited from Dodridge’s visionary leadership to become the leading financial services provider in the Caribbean with an exciting growth platform in North America,” said SFC Chairman Mahmood Khimji in the disclosure.
The executive changes to SFC’S board come after Jonathan Finkelstein resigned from SFC’S board and its associated subsidiaries on November 15 while Alan Ryder was appointed on the same date subject to regulatory approval.
SFC’S asset base has increased by a marginal two per cent to US$10.54 billion for the first nine months of 2022 with equity attributable to shareholders shrinking nine per cent to US$1.03 billion. This has been largely due to unrealised losses on its assets measured at fair value through other comprehensive income. SFC’S stock price is down 22 per cent over the last year to CAD$4.92 with it hitting a new all time low of CA$4.78. Its book value at the end of September was CA$9.96 or US$7.25.
SFC is currently undergoing a massive accounting change as it transitions from IFRS (International Financial Reporting Standards) 4 to IFRS 17 which will see the creation of a contractual service margin which will result in the restatement of prior years for comparative purposes.