Senior NCB executives surrender 90 million shares

Two senior executives of  the NCB Financial Group have surrendered more than 90 million shares in the conglomerate following news yesterday of  a change to the shareholding arrangements for its Executive Directors.

NCB has informed the Jamaica Stock Exchange that a Director and a Senior Officer surrendered 95.1 million shares, effective July 12.

In a notice posted on the Jamaica Stock Exchange website yesterday, NCB Financial Group said President and Group CEO Patrick Hylton and Group Chief Financial Officer and Deputy CEO Dennis Cohen would give up some shares in the company based on its compensation arrangement. 

While the percentage was not shared in the notice, NCB said this means a significant reduction in their shareholding in the group.

However, their arrangements will continue to be aligned to the performance of  the Group. 

The shares surrendered are now held by a custodian under an existing arrangement, under which shares are held for future distribution to executives.