Trevor Heaven named executive chairman

Petroleum marketing company, Future Energy Source Company Limited (FESCO) has advised of executive changes at the board level.

In addition, the company also advised that at a meeting of their Board of Directors on June 23, 2021, Eaton Parkins was appointed to the role of lead independent director.

Parkins was unanimously appointed by the independent non-executive directors and his role is to facilitate the balance of independence on the Board, in light of the company having an executive chairman.

At the said meeting, the board approved that Jeremy Barnes shall now hold the sole title of managing director. The title of managing director is a consolidation of Barnes’ concurrent roles and former titles of chief executive officer and director.

Lyden ‘Trevor’ Heaven shall now hold the title of executive chairman. Heaven, as the executive chairman, is responsible for working with the Board and the managing director in pursuit of various strategic initiatives to advance the business and add to the value of the company.

FESCO is among the recent addition to the Jamaican stock market. FESCO ended its 2020-2021 financial year on a high with pre-tax profits of $147 million, representing a slight 2.9 per cent increase.

For the 12 months ended March 2021, the increase in profit was a $3.9-million improvement on the $136.795 million recorded the comparable period in 2020. The performance was particularly commendable when the transportation fuel industry declined (litres of fuel sold) by 13.5 per cent through the period April 2020 to January 2021.

At the same time, FESCO grew by 10.6 per cent. Consequent on its successful initial public offer in April 2021, FESCO is set to start benefiting from reduced corporate taxes in the upcoming financial year to end March 2022.