More leadership changes ahead for Blue Power
BLUE POWER Group shareholders approved the expansion of the company’s board this week, amid plans by the soap maker for possible acquisitions.
THE COMPANY will add two board seats, moving from eight to 10, paving the way its founder and executive director, Dr Dhiru Tanna, to eventually transition and for the appointment of new executive leadership.
“The expansion is to allow for succession and allow for the appointment of an executive director,” said Jeffrey Hall, who was appointed chairman on May 1, a day before the special meeting.
“We intend to retain the right mix of skills on the board to allow for expansion by organic growth and through acquisitions,” he told the Financial Gleaner.
To increase the number of directors, shareholders had to approve resolutions to amend the company’s articles, Hall explained.
Separate from the board expansion, Tanna, who had served as chairman over Blue Power’s lifespan, gave up the role on April 30, paving the way for Hall to become the second chairman in the company’s 25-year history.
Hall, who studied law at Harvard University, heads the food and logistics conglomerate Jamaica Producers Group, while holding chairmanship positions at three other listed companies, with Blue Power now being the fourth.
Tanna remains an executive on the board and also runs the company alongside General Manager Lisa Kong Lee.
Lee, an accountant, has held the position for over two years. Before that, she was Blue Power’s financial controller.
In a release in late April, Tanna explained that he would demit office as chairman to ensure a smooth transition to a new management team, after a dozen years as a publicly listed company.
He will hand over a company with a net worth of $1.5 billion, compared to $41 million prior to listing on the junior market in 2010. Blue Power’s market value is currently above $2 billion on the Jamaica Stock Exchange.
Hall gave no timeline on the nomination of new directors. It’s for the board to decide at a later date, he said. Either way, at that time Tanna will remain as a director but not maintain his fulltime executive responsibilities, Hall noted.
“Also, Dr Tanna would continue to advise the company, even after he demits his role in management,” added Hall.
Blue Power’s board currently comprises Kenneth Benjamin, Felice Campbell, Noel Dawes, Catherine Goodall, Jeffrey Hall as chairman, Peter Millingen, Dr Dhiru Tanna, and Dr Laura Tanna.