JSE head remains until successor chosen
Published:Sunday | December 29, 2024 | 12:14 AM
Dr Marlene Street Forrest, managing director of the Jamaica Stock Exchange (JSE), will remain at the helm of the organisation until the board appoints a successor, the JSE announced on Friday evening.
“The JSE announces that the managing director, Dr Marlene Street Forrest, will continue to serve in her current capacity until the board of directors has successfully completed the recruitment process for her successor,” stated the JSE in a release.
The recruitment process for a successor continues and the board said it remains focused on selecting a candidate who will uphold the JSE’s legacy of innovation and excellence in capital market development.
Dr Street Forrest, succeeded Wain Iton who headed the entity until 2004. She held the role as general manager in April 2017 when she was appointed managing director. She guided the organisation through periods of immense growth and turbulence. Her tenure includes achievements, such as the JSE being ranked the world’s best-performing stock market in 2015 and 2018. More recently, however, the exchange has grappled with economic headwinds that have led to consecutive years of market contraction.
The JSE Combined Index declined 1.7 per cent year to date. It follows four consecutive years of declines. The last rise came in 2019 prior to the pandemic. Over the last few years, the economic environment had shifted from equities to fixed income which offered double-digit rates. Elevated interest rates were introduced to curb inflation. This drove investors towards fixed-income securities and real estate, dampening the appetite for stocks.
The Bank of Jamaica reduced rates by 1.0 per cent to 6.0 per cent in this calendar year which supports a partial transition back to equities. Dr Street Forrest has long highlighted the inverse relationship between interest rates and stock market performance.
Under Dr Street Forrest’s leadership, the JSE has advanced initiatives aimed at expanding investment options and improving market infrastructure. The JSE board’s decision to retain Dr Street Forrest underscores her role in the market.
“The JSE board and Dr Marlene Street Forrest are committed to ensuring a smooth transition to maintain the integrity, stability and continued growth of the organisation,” the board noted in a statement.