Massy Hold­ings Ltd has an­nounced that Marc Ros­tant has re­signed as group ex­ec­u­tive vice-pres­i­dent and port­fo­lio chief ex­ec­u­tive of­fi­cer of its Mo­tors and Ma­chines port­fo­lio, ef­fec­tive Ju­ly 8, 2025.

The no­tice, which was post­ed on the T&T Stock Ex­change web­site, al­so stat­ed that “the chair­man and the board of di­rec­tors would like to thank Mr Ros­tant for his years of ded­i­cat­ed ser­vice to the group.”

Ros­tant’s res­ig­na­tion fol­lows the de­par­ture from the Mo­tors and Ma­chines di­vi­sion of three of its ex­ec­u­tives—JP Du Coudray, Ricky Ma­haraj and Lyn­don Cheva­lier—with­in the last six weeks.

In a no­tice to the in­vest­ment com­mu­ni­ty dat­ed No­vem­ber 19, 2024, Massy Hold­ings Ltd had an­nounced that it was re­duc­ing the size of its board of di­rec­tors from 13 to nine with 70 per cent (six of the nine) be­ing in­de­pen­dent non-ex­ec­u­tive di­rec­tors.

That meant four Massy di­rec­tors—Pe­ter Jee­wan, Suresh Ma­haraj, Vaughn Mar­tin, and Bruce Melizan—who were due to re­tire on ro­ta­tion, would not be re­turn­ing to the board.

“This re­vised board com­po­si­tion struc­ture aligns with glob­al best prac­tices for large list­ed com­pa­nies and is de­signed to en­hance de­ci­sion-mak­ing, ac­count­abil­i­ty, and com­mu­ni­ca­tion. A small­er, more fo­cussed board, close­ly at­tuned to its stake­hold­ers and mar­kets, will be bet­ter po­si­tioned to con­tin­u­ous­ly re­view its ca­pa­bil­i­ties, con­sis­tent with the com­pa­ny’s strate­gic di­rec­tion. This ap­proach will en­able the com­pa­ny to ex­e­cute its in­ter­na­tion­al growth strat­e­gy more ef­fec­tive­ly and ef­fi­cient­ly,” Massy’s cor­po­rate sec­re­tary, Wendy Ker­ry, stat­ed in a cir­cu­lar let­ter to Massy’s share­hold­ers.

The de­ci­sion to re­duce the size of the Massy board came out of a gov­er­nance re­view that was com­mis­sioned in March 2024 “to fa­cil­i­tate the con­tin­u­ous im­prove­ment and in­creased ro­bust­ness of Massy’s ex­ist­ing gov­er­nance frame­work.”

Apart from what was re­ferred to as “board op­ti­mi­sa­tion,” an­oth­er key rec­om­men­da­tion of the gov­er­nance re­view was that the role of the port­fo­lio chairs be sep­a­rat­ed from the port­fo­lio CEOs.

Massy Hold­ings Ltd re­port­ed af­ter-tax prof­its of $712.43 mil­lion for the fi­nan­cial year end­ed Sep­tem­ber 30, 2024, which was 12.36 per cent less than the $812.93 mil­lion the group earned in 2023.

Massy record­ed rev­enue of $15.72 bil­lion for the pe­ri­od Oc­to­ber 1, 2023 to Sep­tem­ber 30, 2024, which was 10.82 per cent more than the $14.19 bil­lion the group gen­er­at­ed for the same pe­ri­od in 2023.

In his state­ment, Massy chair­man Robert Ri­ley not­ed that in 2024, the com­pa­ny de­liv­ered very strong re­sults, achiev­ing record rev­enue and cash flow de­spite a chal­leng­ing en­vi­ron­ment.

For the six months end­ed March 31, 2025, Massy’s Mo­tors and Ma­chines port­fo­lio record­ed rev­enue of $1.74 bil­lion, which was 7.6 per cent more than the pri­or pe­ri­od.