Diana Stewart

The American Chamber of Commerce of Jamaica, or AmCham, changed presidents on April 22, with the election of Diana Stewart of Stewart's Auto Sales.

Stewart, managing director of Stewart's Auto, takes over from Audrey Marks, owner and chief executive officer of bill collection agency Paymaster Jamaica Limited, who headed AmCham for three years.

Stewart has been a member of AmCham for several years and brings to the position her knowledge in the area of trade, customs facilitation and taxation.

Her best known role in the chamber was as vice-president and chief fund-raiser for the re-built Edna Manley Health Centre and the Community Policing Station.

"I am satisfied that we have made considerable progress in bringing our membership into the mainstream of international entrepreneurship," said Marks.

"And I know that my successor, Diana will continue our thrust as an innovator and facilitator for our members and our sister AmChams globally."

Marks, herself a noted entrepreneur and businesswoman who founded Paymaster a decade ago, said that it had been a busy three-year period at AMCHAM.

During her tenure, 25 new members including both Jamaican and US were added bringing AMCHAM's total membership base to 189.

The newest initiative now being undertaken by AMCHAM is to get Jamaica qualified to host US preclearance facilities for passengers and cargo, a project which the outgoing president said she will be hanging on her successor.

AMCHAM's full quota of directors now include Ian Forbes, general manager of Sherwin Williams; Ken Mabry, country manager at AMECO Caribbean, and Derrick Nembhard, managing director of Jamaica Flour Mills - all holding the title of vice-president.

Among the other 17 directors are Neville Blythe, Aubyn Hill, Patrick Hylton, Peter Moses, Bruce Nobles, Damian Obiglio, Robert Levy, Michael Subratie, Allison Peart, Douglas Brooks and Bernd Kuhlen.

CREIT loses director

Stuart White of Balton Properties Limited, developer of the Carlton Savannah Hotel and a Director of Carlton Savannah REIT (Jamaica) Limited (CREIT) has resigned as a director of the company.

White has given up his seat on the board "for personal reasons", the company said in a stock market filing.

CREIT is a one-year-old company whose principals include investment bankers Leo Williams, Fayval Williams, and Gary Sinclair.

At December 31, the company reported assets of $480 million, the majority of which was linked to 'property under construction, amounting to $342 million, and another $138 million in cash.

CREIT has invested in hotel apartments in Trinidad, whose acquisition it used the proceeds of the CREIT public offering to finance.

"The hotel continues to move closer to completion. The developers recently advised the board that they expect the partial opening of the hotel during the first week of April," said a statement from the company co-signed by Sinclair, the chairman and Fayval, executive director.

"The current plan is for the hotel to be delivered to the operators on a phased basis with the lower floors becoming available first. Opening of the hotel triggers the accrual of monthly payments from the hotel."

business@gleanerjm.com