Interim leader Messado says GK on track for strong year as Wehby takes a break for health reasons
Published:Wednesday | October 9, 2024 | 12:08 AM
Andrew Messado, chief financial officer for GraceKennedy Limited, is promising a strong year for the conglomerate as he assumes responsibilities for its day-to-day operations, starting today, October 9.
Messado will sit in temporarily for Group CEO Don Wehby, who is on a leave of absence for health reasons.
The nature of Wehby’s illness was not disclosed, nor was the period of his return specified in market filings at the weekend. GK representatives said it was a personal matter for Wehby and that no details would be forthcoming. He will remain involved with the GK Group at the strategic level.
Commenting on the development, GraceKennedy Chairman, Professor Gordon Shirley, affirmed that it was a temporary arrangement.
“The entire GK family extends our best wishes to Don for a full recovery, and we look forward to his return,” Shirley said, while pointing to the company’s over 100 years of history and experience and a well-established business continuity framework to ensure seamless operations.
Noting that Messado is the “ de facto second-in-command” in GK’s executive office, Shirley said the company has a long-standing tradition of the CFO stepping in to act for the CEO when needed.
“Andrew has a comprehensive understanding of all the key issues across the businesses. He will be managing GK’s day-to-day operations during Don’s absence, with the full support of GK’s very capable executive committee and senior management team,” the chairman said.
“I am confident that the GK team remains fully equipped to meet the high standards expected by all our stakeholders, and that all established targets will be met,” Shirley said.
In making the announcement, Wehby told staff that it was after careful consideration that he was taking the difficult decision to temporarily step aside. In handing over to Messado, Wehby pointed to the CFO’s 25 years with the food and financial services conglomerate.
Speaking to the Financial Gleaner from overseas, Messado said Wehby had the the entire GK team’s full support, with the hope that he will be able to return to his position soon.
“In his absence, I am committed to making sure that GK keeps on track to achieve our goals. We delivered a positive performance in the first half of 2024; both our food and financial services divisions showed growth in revenue and profits over 2023,” the CFO said, giving credit to the team’s dedication.
Messado said he was confident that this momentum would continue, keeping on track to finish the year strong.
The news of Wehby’s health issues came as a surprise to many.
Manager for Research, Business Planning & Investor Relations at VM Wealth Management Limited, Nicole Adamson, wished Wehby the best, while also noting that she didn’t expect it to result in any serious changes as GraceKennedy has always had strong succession plans in place.
“Mr Messado has been CFO for a while now, so this suggests there’ll be continuity. Also, from what I understand, Mr Wehby will still be involved at a strategic level and looks forward to returning to regular duties in the near term,” Thompson said.
Messado says the clear focus will be on sustained growth, operational efficiency, consumer centricity and innovation.
“I think we are well positioned to continue to deliver on our commitments to our customers, business partners, shareholders, and the communities we serve around the world. GK has a solid foundation, and with the support of my fellow executive team, senior managers, and all our staff members, we will deliver on our 2024 targets and beyond,” he said.
At half-year ending June, the conglomerate’s profit improved moderately from $4.48 billion to $4.71 billion, while revenue grew from $78 billion to $84 billion.
The GK stock price has been fairly steady, with a five-cent uptick on Monday, but a 19-cent decline on Tuesday, to $73.94 per share.