Sabrina Gordon, Business Reporter

Sagicor Life Jamaica has shuffled the portfolios of several executives, having cut 10 management positions last week, and has gone a step further to merge its marketing functions with subsidiary Pan Caribbean Financial Services, creating in the process a group corporate communications unit that Tanya Miller will oversee.

Miller is now the vice-president of marketing and new-product development at Pan Caribbean.

But come April 1, when the move becomes official, she will assume the Sagicor Jamaica marketing and corporate communications functions that were held by Karl Williams.

New title

Miller will also have a new title - vice-president group marketing - and will be in charge of a unit of 11 people, though the five from Sagicor will remain domiciled at that company, located within walking distance from Pan Caribbean in the New Kingston business district.

Miller's job will also involve brand development.

While not denying that changes were under way and that the two companies were looking to synergise where possible, Miller would not comment on plans that were ongoing.

"I can't speak to any changes in operation now," she said Friday.

Williams, in turn, referred comments to Miller, saying any discussion now would pre-empt stock-market filings.

"We need to do first things first - inform the stock exchange, the Ministry of Labour and other authorities," said Williams.

But Pan Caribbean and Sagicor - both listed companies on the Jamaica Stock Exchange - are now carrying out "assessments and looking into the best way to synergise and coordinate the functions", said an insider who spoke on condition of anonymity.

There is no big plan at this time to merge other aspects of the two companies, the source said.

Williams, too, has been shuffled up the corporate ladder as vice-president in charge of human resources at Sagicor Life, Jamaica's largest insurance company.

Williams, who was the point man on the rebranding of Life of Jamaica to Sagicor last year, was promoted from assistant vice-president. He replaces Bernita Locke, who took early retirement.

Sagicor Jamaica announced 75 job cuts Thursday, 65 of which are positions held by former Blue Cross of Jamaica workers who were inherited when Sagicor Jamaica bough the health-insurance portfolio in December.

Week low

The insurance company's stock sank to a 52-week low of $4.04 per share on the day of the announcement, and maintained that price at market close a day later, on Friday.

Among the 10 management positions eliminated were senior vice-president of insurance operations held by Sharon Lake, as well as vice-president/corporate secretary, formerly held by Donna Stephenson.

The corporate secretary function has been merged with the post of legal counsel, held by vice-president Janice Grant-Taffe.

portfolios RetainED

Retaining their portfolios are Errol McKenzie, executive vice-president of employee benefits; Janet Sharp, executive president/resident actuary; Rohan Miller, vice-president of investments, and Ivan Carter, senior vice-president of finance and corporate accounts.

Mark Chisholm was also promoted from assistant vice-president to vice-president of the individual life division.

Sagicor Financial Corporation (SFC), ultimate parent of Sagicor Jamaica and Pan Caribbean, said cuts across the group this week amounted to 42 positions - 18 in Barbados, 10 in Jamaica, and 14 in the United States - and has left the door open to the possibility of further retrenchment.

In a statement Thursday, SFC said the group would continue its review of operations over the next six months to ensure that the most appropriate structure and processes were in place.

sabrina.gordon@gleanerjm.com