Dennise Williams, Staff Reporter
Peter Lawson, former senior vice-president of marketing at AIC (Canada) Limited, is to play a new role with the company. Here he performs during a piano recital at Alvernia Prep School in St. Andrew last December. - CARLINGTON WILMOT/FREELANCE PHOTOGRAPHER
ON THE heels of the abrupt departure of Kris Astaphan, former deputy chairman of National Commercial Bank Jamaica Limited (NCB) and AIC Financial Group Limited, another high profile member of the NCB/AIC family has also exited the Jamaican corporate scene.
On Friday, chairman of Dyoll Group Limited and senior vice-president of international marketing and strategy of AIC (Canada) Limited, Peter Lawson, resigned with immediate effect as chairman of Dyoll, a post he held since June 2004.
There was no official reason given for Mr. Lawson's departure - announced in the midst of an NCB executive retreat.
What Wednesday Business could confirm was that executives at NCB were said to be surprised at the sudden move and sought answers from senior executives, to no avail.
The was also some concern in the wider financial sector as Mr. Lawson was seen as an integral part of the Dyoll recovery.
At the September 2005 annual general meeting of Dyoll, Mr. Lawson spoke of the plans to revitalise the company.
The intention was to sell the coffee farm, collect outstanding receivable and become a Caribbean property management/development firm.
RIGHTS ISSUE
The base of this venture would be the lands owned in Drax Hall, St. Ann. The company also outlined plans to float a rights issue to raise additional capital to finance the property development plans.
Yet, despite headlining the drive to return Dyoll to viability, other close sources said, "Mr. Lawson probably was eager to leave Dyoll behind him."
The timing of Mr. Lawson's resignation, coinciding with that of Mr. Astaphan, caused another source to say, "Mr. Lawson has been called back to Canada since Mr. Astaphan has stepped out of the picture. If an integral part of the Canadian operations has left, it means that Mr. Lawson has to shoulder more responsibilities."
NCB bought 44 per cent of Dyoll in February of 2004.
By September of 2004, Hurricane Ivan battered the Cayman Islands causing billions of property damage, which subsequently wiped out Dyoll Insurance, a subsidiary and the major revenue earner of the Dyoll Group.
By February 2005, trading in the shares of Dyoll was suspended at $14.50.
Dyoll Insurance was subsequently taken over by the Financial Services Commission and its Jamaican portfolio sold to GraceKennedy's subsidiary Jamaica International Insurance Company.
By October, the Jamaica Stock Exchange lifted the suspension and the share price plummeted to $1.09.
There was a rally in share price in mid-November whereby the share price jumped to $2.30, but the price has dropped back down to $1.80 in the days since then.
