Lasco boards to decide on Chin’s successor next Thursday

The boards of the listed Lasco companies will meet separately next Thursday to decide who will be the next chairman of the affiliated entities in the wake of the passing of group founder Lascelles Chin, who held the position at all three businesses.

For now, it’s expected that the selection made by the boards of Lasco Manufacturing Limited, Lasco Financial Services Limited and Lasco Distributors Limited will become permanent replacements for Chin.

But as to whether the role will continue to fall to one person, James Rawle, the current deputy chairman of all three entities, said on Thursday that the determination would be left up to each board on June 15.

Chin, who founded the companies in 1988 at the age of 50, died two weeks ago on May 27 in Florida. He was 86 years old.

A week before Chin’s passing, Rawle, 75, who has long been a director of Lasco Financial Services, was also named deputy chairman of the company, rounding out his role as deputy to Chin for all three affiliates. The appointment also filled the void at Lasco Financial created since 2019 upon the resignation of director Peter Mark Chin.

Rawle has been managing director of Lasco Manufacturing since 2017 and was named deputy chairman of Lasco Manufacturing and Lasco Distributors in 2020. However, the position of deputy chair for Lasco Financial stayed opened until recently when the company advised in a market filing that Rawle had been appointed in that role, effective May 18.

As deputy, Rawle was positioned to act in Chin’s absence at any of the affiliates, but who emerges as chairman is dependent on the decision of the boards of directors when they meet in one week.

Once the decision is made, and the Jamaica Stock Exchange informed, it might trigger fit and proper assessments of the individuals by the authorities. However, where the selection is made from among current members of the boards, there might be no need for such due diligence, “but we shall see how they’ll proceed”, Rawle said.

The three Lasco companies have separate boards but some directors in common, namely, Vincent Chen, who is also company secretary for all three affiliates; Dr Eileen Chin, who is the widow to Lascelles Chin; Jacinth Hall-Tracey, who also heads Lasco Financial Services as managing director; Rawle as deputy chairman; and Lascelles Chin as executive chairman prior to his passing. Additionally, Compton Rodney and Colin Maxwell both sit on two boards of the three entities.

Rawle has served the food industry for over 45 years. Prior to joining Lasco Manufacturing, he ran the Jamaican operations of international food company Nestle, based in Switzerland.

karena.bennett@gleanerjm.com

Lasco Distributors

Board of Directors

Chair – vacant

John de Silva

Vincent Chen

Dr Eileen Chin

Sir Kenneth Hall

Jacinth Hall-Tracey

Colin Maxwell

Gary Peart

James Rawle

Lasco Financial Services

Board of Directors

Chair – vacant

Jacinth Hall-Tracey

Vincent Chen

Dr Eileen Chin

R.N.A Henriques

Colin Maxwell

James Rawle

Compton Rodney

Lasco Manufacturing

Board of Directors

Chair – vacant

James Rawle

Dr Eileen Chin

Vincent Chen

Noel DaCosta

Jacinth Hall-Tracey

Rosalea Hamilton

Compton Rodney