One of the largest and most recognisable regional conglomerates is restructuring its Barbados management team as the COVID-19 pandemic continues to create uncertainty and influence the way business is conducted.
ANSA McAL Ltd has announced that “after careful consideration, we have decided to reconfigure our corporate management of the ANSA McAL operations in Barbados”, in an effort to provide it with greater autonomy.
The changes include the departure of ANSA McAL Barbados’ President and Chief Executive Officer Nicholas Mouttet, who took up the post in September 2011. His last working day in the Group will be Friday.
“Mouttet has been an invaluable member of our senior executive team and has led this transition to ensure that it is effected smoothly and in the best interest of all employees . . . . We wish him the best as he stays on in Barbados to pursue other interests,” the corporate giant said in a release on Monday.
Staff of the corporate office in Barbados will also either be reassigned to various operations throughout the country or “will form part of a smaller team” that would be managed out of the Trinidad and Tobago-headquartered Group office, the company said.
ANSA McAL gave the assurance, however, that “our people will not be adversely affected by this change”.
Overall corporate oversight of the Barbados operation will rest directly with Anthony Sabga III, Chief Executive Officer of the ANSA McAL Group.
“This move is driven by our desire to allow our regional businesses more autonomy to act within the general corporate framework of ANSA McAL Group core values and policy. The individual management teams of our Barbados companies will have greater ability to shape, operate and grow their businesses, operate with more flexibility to respond to customer needs and to create benefit for all stakeholders,” the company said.
ANSA McAL added that it continues to have “a keen interest in Barbados and will continue to remain embedded in the commercial and social landscape of Barbados long after the pandemic becomes a distant memory”.
The announced reconfiguration comes four months after the ANSA McAL Group reported a dramatic decline in revenue of TT $364 million (US $53.8 million) or 12 per cent, to reach TT $2.73 billion (US 403.5$ million ) for the first six months of this year.
Profit before tax under the review period fell about TT $244 million (US $36 million) or 62 per cent to TT $147 million (US $21.7 million), according to the unaudited financial report. After tax profit was TT$97 million (US $14.3 million).
In that report, Chairman Norman Sabga acknowledged that his year
has been one of the most challenging for the Group, but gave the assurance that the company was keen on maintaining employment during the crisis.
“Our management team will continue to protect our people and to support our communities. We remain confident in our ability to leverage our full operational capability to serve our customers and to provide sustained returns to our shareholders,” he said then.
The conglomerate said in its release on Monday that over the past several months, its operations continued to grapple with the challenges created by the COVID-19 pandemic.
“However, the pandemic has also presented the opportunity for us to make our businesses more efficient and stronger. We have been able to develop innovative ways to improve our service to our customers and consumers, and to focus even more on protecting the health, safety and well-being of our employees,” it added.
“As we navigate these very uncertain times, we continue to streamline our businesses regionally for optimal performance and agility to ensure sustainability in the long-term.”
ANSA McAL Barbados employs hundreds of people across several companies spanning a range of sectors. Last year, it concluded its acquisition of Trident Insurance Company Ltd.
The Group employs more than 6,000 people across 73 companies in more than eight territories.