In a recent interview with the Guardian, outgoing president at Abaco Markets Limited David Thurlow said that the company had made significant progress. It had halved its $36 million debt, jettisoned its non-performing assets, survived significant hurricane damage in Grand Bahama, finally got a handle on its inventory, upgraded its deli section and seems about ready for that ubiquitous clich� – “the next level”.
And so after announcing that he would not extend his contract, David Thurlow, who had arrived for a two-year stint but ended staying four, and has been waiting for his replacement, can finally retire.
Staying inside, and building on the moment created by the turnaround, the board has tagged its Chief Financial Officer, Gavin Watchorn to replace David Thurlow as president. From the company’s release, Mr. Watchorn played a major role in every significant challenge presented in the turnaround of the company. According to an AML release Mr. Watchorn not only “restructured the finance department, implementing key controls and procedures” resulting in “significant cost savings”; developed a “long term strategy” for upgrading the IT platform, thus “improving efficiency and customer service”. He also “managed the November 2003 rights issue “raising $5.5 million” which was critical to buying the company time to restructure its debt. Additionally, he jettisoned “office products division” the which had become an albatross to the group. But perhaps what may have clinched the position for Mr. Watchorn is his “strong analysis of trends and key performance indicators”.
Finally, he gained critical experience when he oversaw the implementation of internal brokerage, which “significantly improved the logistics process, and streamlined product flow and resulted in improved product consistency in the key Nassau locations”. In addition to his financial management role, Mr. Watchorn’s portfolio includes oversight of the Information and Technology development and inventory management for the group and, most recently, also had oversight of the group’s general merchandise purchasing and small business sales development.
The announcement of the changes were made by Robert Sands, Chairman of the Board’s Personnel Committee at a “special reception” at the company’s headquarters on Wednesday. Mr. Sands explained that the appointments had received the Board of Directors’ unanimous approval after a thorough selection process, comparing both internal and external candidates against the Company’s criteria for President.
Mr. Sands also recognised Mr. Thurlow’s contribution to the company’s turnaround. He said that the outgoing President and CEO David Thurlow had accomplished a “Herculean task of bringing the Company through tremendous challenges to stability.”
Mr. Wachorn will be reporting to Craig Symonette, long-time Chairman of the group. Mr. Symonette is now taking on the responsibilities of Chief Executive Officer.
Shervin Stuart, Senior Vice President with responsibility for special projects, regional markets and the Franchise Division, was also promoted to the position of Executive Vice President for Abaco Markets, a critical part of the operation.
Mr. Stuart came along with one of the few AML acquisitions that turned out to be profitable. Mr. Stuart served as vice president and executive vice president at Caribbean Franchise Holdings Limited, the franchisee for the Domino’s Pizza and Dairy Queen brands, which was gobbled up by AML following its initial public offering (IPO) when it grew by acquisition rather than organically.
At a “special reception” on Wednesday to announce the changes Mr. Symnonette in his new role called upon “those present to take the company to its growth phase and new opportunities beyond”.
“We have a great opportunity to build on the foundation that has been laid by David Thurlow in this turnaround. We need to build on it and now grow our Company,” said Mr. Symonette.
Commenting on Mr. Watchorn’s appointment, Mr. Symonette said that “Gavin is a talented leader who has made critical and substantial contributions toward our Company during its turnaround”. He conveyed the Board’s excitement and confidence in the “next generation of our Company’s leadership” and expects that the leader ship take the group “to new levels of success in the years ahead”.
For his part Mr. Wachorn committed himself to helping the company realise its “tremendous potential.
“I am honoured to take on the new role as President of Abaco Markets – an extraordinary company that has weathered significant challenges and one which has tremendous potential to deliver growth for our shareholders, employees and our communities,” he said.
Mr. Watchorn’s appointment as President will require the Company to appoint a new Chief Financial Officer – a search that is reviewing both internal and external candidates, according to the release.
Abaco Markets Limited is a publicly owned Bahamian company with 8 wholesale and retail grocery and consumer product operations in New Providence, Grand Bahama, Abaco and Turks and Caicos and 11 franchise locations in New Providence and Grand Bahama.
Gavin Francis Watchorn, an Irish Chartered Accountant by profession, joined Abaco Markets in February 2003 as Chief Financial Officer. Prior to joining Abaco Markets, Mr. Watchorn was employed with KPMG in Nassau, working with a wide range of clients ranging from investment and commercial banking, to insurance and retail. In Ireland, focused mainly on the audit and provision of financial and taxation services to clients in the retail industry. Mr. Watchorn is married to Cloran and together they have one child.
Shervin Stuart joined Abaco Markets in 1999 with the acquisition of Caribbean Franchise Holdings Limited, the franchisee for the Domino’s Pizza and Dairy Queen brands. He most recently has been responsible for store operations in Freeport, Abaco and Turks & Caicos in addition to maintaining management oversight for the franchise division. He has over twenty five years experience in franchise and operations management, training and employee development, project management and marketing. Mr. Stuart is married to wife Althea and has four children.
By: C. E. HUGGINS, Business Editor – The Nassau Guardian
