Nine days after Massy’s executive vice president of business integrity and group general counsel Angélique Parisot-Potter raised concerns about the company’s executive leadership programme, she has resigned.
She told Guardian Media yesterday that her resignation was with immediate effect. Her resignation also means her exit from the company will not be a negotiated one.
She said her decision to walk away stemmed from claims being made about her motives and that she was waiting on a settlement from Massy.
“This decision comes one month after I formally raised concerns within Massy and to which I have not received a response. I hope that this will allow me to contribute to the broader conversation on governance, particularly in publicly listed companies,” Parisot-Potter said in a phone interview.
On December 18 at the company’s annual general meeting, Parisot-Potter took to the floor during the question and answer period and voiced concerns about the conglomerate’s executive leadership consultant—the Florida-based Delphi Sphere Consulting. She told the company’s board directors, chaired by Robert Riley, that she had written a 13-page letter to the company’s president and CEO Gervase Warner but had received no communication on the matter.
Parisot-Potter alleged Delphi engages in bizarre rituals for executives at their leadership programme and the couple leading it appear to exert disproportionate influence over Massy’s executive team. She said the programme was a drain of scarce foreign exchange.
Following the AGM, which was covered exclusively by Guardian Media, the company’s directors issued a statement, saying it was appalled by her conduct and had initiated a disciplinary process against her. However, while dismissing her claims as “untrue” and “scandalous,” Massy said it initiated an independent process to look into her claims.
Parisot-Potter was subsequently sent on paid administrative leave until January 12.
At the AGM, Parisot-Potter said, “This is a matter of grave concern to shareholders because the couple leading the programme appear to exert disproportionate influence over our executive team. In the midst of a foreign exchange crisis, Massy cannot be spending scarce resources on highly dubious activities, and contracts awarded cannot be pushed through without prudent due process. This is not just a governance issue; it’s a blatant disregard for shareholder interests.”
On Delphi’s webpage, its founder and chief executive is identified as Paul Dominguez, who runs the programme with his wife Indira Dyal-Dominguez.
Among local companies that Delphi has listed itself as working with are Massy, Ernst & Young, Blue Waters, Illuminat and United Way.
Warner said he introduced Delphi to Massy as he had an experience with it before he joined the conglomerate.
Parisot-Potter said Delphi’s programme involves frequent travel to Fort Myers, Florida, and weekly commitments for over a year.
Warner admitted Massy would have spent up to US$1 million a year, which works out to US$10 million on Delphi for the period Parisot-Potter identified.
At that time, Warner said many of the group’s leaders and some board members had attended the programme and that Parisot-Potter would not have been the first executive who has had difficulty in such a programme.
“We think a part of our secret at Massy is that we are willing to do this kind of work as leaders. It is the kind of work that we have done that allows us to have the results the company shows. That is because culture eats strategy for breakfast,” Warner had said, adding building the connection and trust with other leaders, employees, customers and communities is a big part of Massy’s success.
According to her Linked In Bio, Parisot-Potter has been with Massy for the past seven years.
The largest shareholder of Massy is the State through the National Insurance Board which holds 20 per cent, Republic Bank Limited - Trust & Asset Management (10 per cent) and the Unit Trust Corporation (4.5 per cent), a combined 34.5 per cent of Massy.
