Tuesday 9th December, 2008

 

Robert Mayers calls it a day at CMMB

 
 
 
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SANDRA CHOUTHI

Lawrence Duprey, chairman of the CL Financial Group, yesterday announced that Robert Mayers will be retiring as managing director of the subsidiary company, Caribbean Money Market Brokers (CMMB).

Mayers will retire on February 28, 2009, but went on pre-retirement leave yesterday after eight years at CMMB.

Mayers’ retirement comes just under two months after CL Financial assumed full ownership of CMMB, buying the 45 per cent shareholding held by Kingston-based Jamaica Money Market Brokers Ltd for US$41.37 million.

Mayers had said back in May 2005 that he’d planned to retire by the end of that year to teach free of charge at his old school, Queen’s Royal College.

“I think I should depart and go and chill out a bit,” Mayers said at the time. “I have a plan to go back to my old school—Queen’s Royal College—and teach.

That is what I started off doing, teaching maths.”

Shortly after the mid-October purchase, Mayers said nothing had changed as CL Financial always had management control of CMMB.

In issuing a statement yesterday, Duprey also announced that Ram Ramesh had been recalled as managing director of CMMB with immediate effect.

Ramesh will also hold the substantial position as chief financial advisor at CL Financial and assist in reorganising the group’s financial services.

Mayers graduated in 1975 from the Mona campus of the University of the West Indies with a BA in mathematics and economics. He taught in Jamaica and in T&T before becoming a stockbroker in 1980.

Ramesh was managing director and chief executive officer of CMMB since its 2000 inception until 2007. Ramesh holds a Masters in business administration (MBA) and is a certified financial accountant who has worked with Citicorp and PricewaterhouseCoopers.

Mayers’ departure from the CL Financial Group comes four months after Anthony Fifi, 66, retired as chief executive officer of the Home Construction Ltd Group (HCL).

Fifi’s job was jointly assumed by Richard le Blanc and Hayden Ameerali, for whom a major project was to complete CL Financial’s One Woodbrook Place, which is overdue and overbudget.

On March 31, Andre Monteil retired as group financial director at CL Financial. Monteil was replaced by Michael Carballo.