David McConnell appointed new chair of Supreme Ventures

Businessman W. David McConnell has been appointed the new chairman of the board of Supreme Ventures Limited (SVL).

The company yesterday announced that McConnell, who was appointed to the SVL board last Tuesday, will replace Paul Hoo, who resigned two weeks after a $2.9-billion share transaction resulted in Mayberry Investments Limited calling for a shake-up of the board.

Hoo, a co-founder of SVL, tendered his resignation to the board at a meeting on Saturday, November 4, with Deputy Chairman Ian Levy, also a founding member, appointed to act in his place.

Yesterday, Levy, who has reverted to his previous role as deputy chairman, said in a release: "We are pleased to have David as chairman of the SVL board. We are confident that under his experienced leadership, the company will continue to grow exponentially.

"The entire company stands ready to support him as we work together for SVL's success."

In the meantime, Ann-Dawn Young Sang, president and CEO of SVL, said: "We warmly welcome our new chairman and are looking forward to working with him and the board to continue building the Supreme Ventures Group."

McConnell is the co-managing director and co-founder of Select Brands Limited, a leading local wines and spirits company. He also sits on the boards of Scotia Investments Jamaica Limited and IronRock Insurance Company Limited, among others.

Mayberry and two other connected shareholders who called for an extraordinary general meeting to replace board members at SVL have since withdrawn that request, according to a notice posted on the Jamaica Stock Exchange last Friday.