An­tho­ny Agos­ti­ni will re­tire as man­ag­ing di­rec­tor of Agos­ti­ni’s Ltd on Jan­u­ary 31, 2024.

This was con­firmed by the com­pa­ny via a ma­te­r­i­al change no­tice pub­lished on the web­site of the Trinidad and To­ba­go Stock Ex­change yes­ter­day.

In the no­tice, the board of Agos­ti­ni’s con­firmed that Agos­ti­ni will step down from the role at the con­clu­sion of the com­pa­ny’s an­nu­al gen­er­al meet­ing. Agos­ti­ni has been on the board of Agos­ti­ni’s for the past 33 years, and has held the role of the man­ag­ing di­rec­tor for the past 18 years.

The Agos­ti­ni’s board al­so an­nounced that Bar­ry Davis will be ap­point­ed CEO Des­ig­nate ef­fec­tive Sep­tem­ber 1, 2023. The no­tice con­firmed that he will re­place Mr Agos­ti­ni on Feb­ru­ary 1, 2024.

Davis is cur­rent­ly the fi­nance di­rec­tor of Agos­ti­ni’s, a post he has held for the past three and a half years.

The Agos­ti­ni’s board has said Davis will con­tin­ue in that un­til he as­sumes the CEO po­si­tion. Pri­or to hold­ing that role, Davis was a non-ex­ec­u­tive di­rec­tor of Agos­ti­ni’s for 12 years, while he was the fi­nan­cial con­troller at At­lantic LNG.

Last week, Agos­ti­ni’s re­port­ed af­ter-tax prof­it of $327.15 mil­lion for the nine months end­ed June 30, 2023. That was a 55.5 per cent in­crease in its prof­it com­pared with the same pe­ri­od in 2022.

The com­pa­ny’s rev­enue for the pe­ri­od Oc­to­ber 1, 2022 to June 30,2023 was $3.55 bil­lion, 14.2 per cent more than the $3.11 bil­lion it re­port­ed for the same pe­ri­od in 2022.

In his chair­man’s re­marks, Chris­t­ian Mout­tet said Agos­ti­ni’s con­sumer prod­ucts cm­pa­ny com­plet­ed the ac­qui­si­tion of 80 per cent of Caribbean Dis­tri­b­u­tion Part­ners Ltd, a Cana­di­an trad­ing com­pa­ny that op­er­ates pri­mar­i­ly in the Caribbean.

In ear­ly Au­gust 2023, Agos­ti­ni’s com­plet­ed the ac­qui­si­tion of 100 per cent of Health Brands Ltd, a Ja­maica-based phar­ma­ceu­ti­cal and health­care dis­tri­b­u­tion com­pa­ny.