Massy Holdings Ltd's executive vice president of Global Expansion, David O'Brien, on Friday, announced his intention to resign from the company effective June 8, 2024, according to a notice from the group posted on the website of the Trinidad and Tobago Stock Exchange yesterday.
O’Brien retired as executive chairman of the Motors & Machines Portfolio at the end of September, 2022, following which he was appointed to his current position.
O'Brien is the third executive of Massy to announce their departure from the company in the last three months.
The first to go was Massy's executive vice president of Business Integrity and Group General Counsel, Angelique Parisot-Potter, who resigned from the company effective December 27, 2023.
Parisot-Potter used the group’s 100th annual meeting on December 18, 2023 to raise issues about Massy’s spending of scarce foreign exchange on an executive management programme in Fort Myers, Florida that she said involves “bizarre rituals” and “highly dubious activities.”
At the annual meeting, Parisot-Potter said she was obliged to speak about significant governance and fiduciary concerns, as she detailed in a 13-page document, which she had previously shared with the group’s CEO, Gervase Warner.
“Among other matters, one alarming issue is the so-called executive leadership programme, which has been present in our organisation for over a decade. This programme involves frequent travel to Fort Myers, Florida, and weekly commitments for over a year at a cost per participant of tens of thousands of US dollars for which there were over 11 participants last year, alone.
“Their bizarre rituals include that they can train Massy employees to communicate with the dead and that attendees can self heal with ‘white light energy'."
The second Massy executive to announce their departure from the group was Warner, "who has undertaken to proceed on early retirement from the company and retire from its board of directors effective April 6, 2024," according to a notice from Massy.
Warner joined the group as a Massy Holdings Ltd director in 2004 and was named as president and group CEO in 2009.
Warner is being replaced by David Affonso, who currently serves as chairman of the group’s Integrated Retail Portfolio which comprises more than 65 supermarkets and seven food and non-food distribution businesses across the Caribbean from Florida USA to Guyana South America.
Massy's profit attributable to its shareholders for its first quarter ended December 31, 2023, was $182.69 million, 6.2 per cent below its profit in the same quarter the previous year.