Monday 30 March, 2020

Young Sang steps down as Supreme Ventures CEO

Young Sang’s departure was disclosed through a notice on the Jamaica Stock Exchange on Tuesday, March 24.

Young Sang’s departure was disclosed through a notice on the Jamaica Stock Exchange on Tuesday, March 24.

Ann-Dawn Young Sang has resigned as President and CEO of Supreme Ventures Limited (SVL).

Her resignation took effect on March 20 and comes amidst the rollout of a regional expansion plan for the betting and gaming company, largely being driven by the build-out of operations in their newest subsidiary in Guyana.

Young Sang was expected to lead what she termed as “the most aggressive period of expansion and growth in the company’s history”, along with Xesus Johnston and Dennis Chung as co-CEOs.

Young Sang’s departure, which was disclosed through a notice on the Jamaica Stock Exchange on Tuesday, was later followed by a press statement which named Gary Peart as Executive Chairman of the group of companies.

“On behalf of the Board of Directors, we use this opportunity to express our gratitude to Mrs Young Sang for her steadfast leadership and contribution to the growth of the Group over the past two and half years,” SVL said.

Young Sang's appointment in October 2017 made her the first female CEO for SVL.

Two months after her appointment, SVL began a series of board and managerial changes following a $2.9 billion buy-out of SVL shares by Zodiac International Investments & Holdings Limited, and Mayberry West Indies Limited, where Peart currently serves as President and CEO.

The transaction resulted in Mayberry Investments Limited calling for an extraordinary general meeting (EGM) to pass a resolution to remove seven members of the SVL board including Chairman Paul Hoo.

Hoo resigned on November 7, 2017, and was followed by resignations from Peter Chin, John Graham, Steven Hudson, Ian Moore, James Morrison and Richard Foreman.

Young Sang alongside Ian Levy, and management consultant, Brent Sankar, remained on the board.

Since then, SVL has been working to improve revenues particularly that of the Caymanas Park horse-racing business, which continued to weigh on SVL's finances three years into its acquisition.

For its December 31 consolidated financial year-end results, SVL closed 2019 with revenue of $23.3 billion, $3.8 billion above the $19.5 billion in revenue for the 2018 year-end.

The increase in revenue also reflected on the company’s bottom line which stood at $2.47 billion, $375 million above 2018’s $2.08 billion in profit for the group.

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