New Lasco Distributors MD in six months
Published:Friday | September 27, 2019 | 12:00 AM
Executive Chairman Lascelles Chin is giving himself another six months to fill the managing director vacancy at Lasco Distributors, which was created by the resignation of Peter Mark Chin on April 30.
Peter, who was also deputy chairman of Lasco Distributors and its sister companies, Lasco Manufacturing and Lasco Financial Services, left to “pursue other interests”, according to market filings.
Lascelles has since been acting as MD for the distribution company, assisted by General Manager Dwaine Williams.
“In six months, look forward to who will be the managing director. I’m taking my time, because I want to ensure that I have the right person. If I can get somebody before that, fine, if not we’ll wait,” the chairman told the Financial Gleaner.
Peter Chin was appointed as managing director of Lasco Distributors in 2011, a year after the company was listed on the junior market of the Jamaica Stock Exchange. Five years later, he was appointed deputy chairman of the Lasco affiliated companies. Peter served Lasco for 27 years overall in various capacities.
Lascelles Chin says he is open to both local and international applicants to replace Peter.
“We want the best person that is available. All three companies are really big companies now and doing well, even manufacturing, but we are quite excited about the whole future. We have a fantastic foundation, so we are going to build on that, and we are ready for growth now,” the chairman said.
At year ending March 2019, the Lasco affiliated companies reported combined revenue of about $28 billion and profit of $1.9 billion. Lasco Distributors contributed $18 billion to revenue, up from $16 billion the previous year; and $598 million to profit, down from $1 billion the year before.