One of Barbados’ iconic businessmen is relinquishing his position on the board of the company he has served as chairman for 25 years.
Sir Geoffrey Cave, whose family name has been a landmark in the Barbados’ business community is retiring as chairman of Fortress Fund Managers, the island’s largest and most successful mutual fund with more than 0.5 billion dollars in assets under management.
The announcement came in the recently published 2021 annual report from Roger Cave, Fortress’ Investment Director. He disclosed that effective September 30, 2021, and “in line with our long-term corporate governance plan, Sir Geoffrey Cave retired from the Boards of the various Fortress mutual funds”.
Investors were also informed that Sir Geoffrey was also retiring from the Fortress Fund Managers Board at the end of December 2021.
According to Roger Cave: “Sir Geoffrey has chaired all the Fortress boards from inception in 1996 and I can confidently say he has been in attendance to every Board of Directors meeting over the last 25 years. His leadership, direction, guidance, and most of all his keen and excited interest in the Fortress business, and this Fund in particular, could never be matched.
“His contribution to the financial success and investment returns of so many thousands of individual shareholders and large pension schemes alike cannot be overstated. We truly thank Sir Geoffrey for all that he has done in the creation and growth of this Fund and wish him many happy years in retirement.”
John Williams, the chief executive officer of Cave Shepherd and Co, will assume the role of chairman of Fortress as Sir Geoffrey steps down.
It was also announced that two new appointments were made to the Fortress board of directors. Ruth Henry and Greg McConnie have joined the board of Fortress Fund
Managers and the related boards of the various mutual funds.
Sir Geoffrey, a respected businessman, is currently the non-executive chairman of Cave Shepherd & Co. Limited.
He was first elected chairman in 1970.
He also chairs the boards of associates, DGM Financial Group, Duty Free Caribbean (Holdings) Ltd and Signia Financial Group Inc. In November 2016, on the occasion of Barbados’ 50th Anniversary of Independence, he was awarded the honour of Knight of St. Andrew for his outstanding contribution to business.
In 2007, the University of the West Indies conferred on him an Honorary Degree of Doctor of Laws (LLD) and in the Queen’s New Years’ Honour’s List in 2003, he was appointed Commander of the Most Excellent Order of the British Empire.
The holder of a BCom. from McGill University in Canada, his distinguished career in business in Barbados and the region was recognised in 2001 when he was awarded a Caribbean Master Entrepreneur Award. (IMC1)