Severance package for Hylton and Cohen to have 'material impact' on NCBFG's bottom line

NCB Financial Group Limited (NCBFG) and its former executives, Patrick Hylton and Dennis Cohen, have reached a separation agreement, the cost of which, the company says, will have a "material impact" on its performance, particularly for the September quarter.

NCBFG announced through a notice posted to the Jamaica Stock Exchange on Monday that Hylton and Cohen have resigned, effective November 13, as officers of NCBFG and directors of NCBFG and its subsidiaries, based on agreements reached with them.

It said the related separation arrangements include cash payments and arrangements for the allotment of shares.

A Gleaner report in July noted that $13.8 billion was at the centre of negotiations between the financial group and the two top executives who had worked for the company for nearly 20 years.

In July 2021, Hylton, the then President and Group Chief Executive Officer and his deputy, Cohen, surrendered and returned to the company over 95 million shares worth some $13.8 billion.

With their exit from the company, the men were entitled to their payouts.

This is in addition to their severance packages. 

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