Joseph Matalon, Chairman of the RJRGLEANER Communications Group
RJRGLEANER Group Chairman Joseph Matalon says the company must take bold steps to keep pace with the rapidly evolving media landscape.
CEO Anthony Smith said the RJRGLEANER Group is exploring several cost-saving measures.
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RJRGLEANER Group Chairman Joseph Matalon and Group CEO Anthony Smith
The management of the RJRGLEANER Communications Group is moving to transform the company to tackle the new digital age.
The Group, which owns Radio Jamaica, made a loss of more than $500 million for the year ended March 31.
But on Wednesday, chairman of the RJRGLEANER Group Joseph Matalon declared that the company "must act with equal boldness to secure our future" in light of a "seismic shift" in how audiences engage with media.
To achieve this goal, Mr. Matalon said the company is "moving away from legacy structures and cultures that no longer serve us".
"The integration of Radio Jamaica Limited and the Gleaner Company Limited was just the first step and one, quite frankly, we have not followed through on with the energy required. Now we must accelerate efforts to function as a truly unified, agile organisation," he conceded.
A key part of this change, he added, is capitalising on digital revenue streams and fully embracing that the future is digital.
"This transformation, ladies and gentlemen, is not simply about survival. It is about positioning Radio Jamaica Limited to thrive in a future where customer needs and expectations are evolving ever more rapidly. We will continue to honour the legacy of those who came before us, Lester Spalding and Oliver Clarke in particular. But we must also become data-driven in our decision-making, nimble, forward-looking, and ready to lead in a digital world."
Meanwhile, CEO Anthony Smith said the RJRGLEANER Group is exploring several cost-saving measures.
He hinted at changes to the group's corporate structure.
"Right now, within the group, there are about 13 legal entities, which contributes to complexity. We are moving to a scheme of arrangement to get that down to three. The aim is to have three legal entities within the group. This will reduce complexity and reduce costs," he declared.
The company has started the process of consolidating its pension schemes.
Mr. Smith noted that the company will also be creating a flatter structure.
He and Mr. Matalon were addressing the RJRGLEANER Group's Annual General Meeting on Wednesday.
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