Lalor and Reynolds THE FINANCIAL Sector Adjustment Company (FINSAC) plans to appoint a new board to run Life of Jamaica (LoJ) under the leadership of current Union Bank chairman and attorney-at-law Dennis Morrison QC, the company said yesterday.
Mr. Morrison is set to be appointed non-executive chairman as FINSAC acquires a majority stake in the country's largest life insurer. He is likely to give up his Union Bank role, as the banking institution is set to be sold to Royal Bank of Trinidad & Tobago.
A release from the company also confirmed a story in Friday's Financial Gleaner that said current LoJ boss Dennis Lalor would relinquish his role as executive chairman, but remain a director of the company following the changes, along with founder Danny Williams.
LoJ yesterday confirmed months of rumours about FINSAC taking a majority stake when it said the restructuring agency will acquire 76 per cent of the life insurer in return for pumping $2 billion into the company.
On Friday it was reported that a deal had been struck late Wednesday night, which could see FINSAC insurance consultant Kurtis Bray join the board and take an executive role.
Yesterday, the company also confirmed that LoJ president Milverton Reynolds would remain at the company but "FINSAC plans to appoint a chief operating officer of LoJ to oversee the transition.
"No other changes to senior management or its subsidiaries are contemplated at this time."
LoJ said its board will soon convene an extraordinary general meeting to present the proposal to its shareholders for approval. "There upon, FINSAC will appoint a new board for LoJ."
It added: "LoJ and its subsidiaries in The Bahamas, Cayman and Puerto Rico will continue business as usual and will provide all the normal services to policyholders and pensioners."
