Three more executives have fallen victim to the ongoing restructuring process at insurance giant Sagicor Financial Corporation.
On Thursday, Sagicor General severed ties with three of its senior executives – Vice President of Marketing and Business Development Mark Blakely, Assistant Vice President of Marketing Roger Spencer and Vice President of Underwriting Wanda Mayers.
This comes almost a year after the Sagicor Group made the post of Vice President of Corporate Communications and Marketing, which was held by Anderson King, redundant.
Sagicor, which relocated its base of operation from Barbados to Bermuda in July 2016, has been undergoing restructuring over the past few years as the company seeks to contain operational costs.
Last year the company appointed Keston Howell as Chief Executive Officer of Sagicor General to, among other things, look at ways to contain costs in the face of reduced margins and a reduction in insurance premiums generally.
Confirming the departure of the three senior executives this afternoon, Howell told Barbados TODAY he had to look at a plan to “drive operational efficiencies and reduce costs”.
“As a result of that exercise we presented a restructuring [plan] to the board and we would have started that restructuring today,” he said.
“This is the first phase. Obviously we need to continue to look at our processes,” he added.
While hinting at more redundancies, Howell could not say precisely how many more workers would be given their walking papers.
At the same time, he said the restructuring plan may require the hiring of new talent.
“My strategic plan really speaks to certain initiatives that we may need to hire new resources as we look to rationalize our operations and try to do things more efficiently,” he said.
“So what I am in the process of trying to determine [is] what our next result will be but I am not quite there as yet. To say categorically that there will be no further redundancies, I can’t because I suspect that there may be, but I am not in a position to quantify it,” he said.
The company is expected to release its annual report in a matter of weeks.