Stephen Levy will leave Jamaica Broilers Group on May 3, after a 22-year tenure. His exit follows a significant leadership role in increasing revenue for USA operations from $10 million to over $250 million. This transition sees Christopher Levy managing operations moving forward, while JBG continues to address recent financial reporting delays and manages fluctuating market conditions.
Stephen Levy is set to depart from Jamaica Broilers Group Limited (JBG) on May 3, after over 22 years with the company. His resignation as both director and employee was publicly announced on February 28. Levy joined JBG in August 2002, serving as president of Wincorp International Inc. since May 2013 before ascending to president of USA operations in 2016.
At JBG, Levy played a significant role in various management and executive roles, notably transforming annual revenues from US$10 million to over US$250 million in the USA operations. During this transition, group president Christopher Levy will oversee these operations. In the official announcement, Peter DePass, JBG’s company secretary, extended blessings to Stephen Levy and his family as he pursues new opportunities.
Stephen Levy is closely related to the company’s leadership; he is the brother of group president Christopher Levy and the son of chairman Robert E Levy. The company was founded in May 1958 by Robert Levy’s father, Sydney Levy, along with Byron Coombs and Larry Udell. As of October 26, Levy owned 3,382,600 ordinary shares in JBG, while JBGL Stockholders Nominee Limited remains the largest shareholder.
In terms of financial performance, JBG’s USA operations generated revenues of $33.45 billion, composing 36% of the total $92.96 billion revenue for the financial year ending April 2024. These operations experienced a noteworthy 55% increase in segment results, attributed largely to a significant one-time asset sale gain. Notably, total assets for the USA segment were valued at $54.12 billion in 2024.
The third-quarter report, originally scheduled for release on March 11, has been postponed to March 19 due to delays in financial statement preparation, breaking the company’s typical punctuality. Financials for the past six months show slight revenue increases alongside a decline in operating profit and net profit. JBG also posted a rise in USA operations revenue and segment results, underscoring variability in financial performance amid operational changes.
As of the latest stock closing, JBG shares were priced at $35.02, reflecting a three percent decline in their value for 2025. Financial auditing by PricewaterhouseCoopers is expected to conclude by July 2, with the next annual general meeting likely held in October via virtual means, staying consistent with adaptations made during the pandemic.
Stephen Levy’s departure from Jamaica Broilers Group Limited marks the end of a long tenure characterized by substantial growth in revenue and leadership evolution. The company navigates a pivotal transition, appointing Christopher Levy to oversee US operations. Despite recent financial fluctuations, JBG continues to focus on strategic initiatives and plans for upcoming fiscal audits and meetings, adapting to the needs of its shareholders in an ever-changing market environment.
Original Source: www.jamaicaobserver.com
