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Executive chairman Lascelles Chin will assume responsibility for Lasco Distributors Limited, following the surprise departure of Peter Chin from the family operation.

Peter resigned as managing director of Lasco Distributors, effective April 30, and also relinquished his other directorships with the affiliated companies, Lasco Manufacturing and Lasco Financial Services. His resignation from Lasco Financial was announced back in February and that vacancy was filled by Vincent Chen as a non-executive director.

No reason was given in the market notice posted by the Jamaica Stock Exchange after market close on Thursday, and several efforts to reach Lasco for comment were unsuccessful. The company issued a statement saying Peter was leaving to pursue other interests after serving the Lasco group for 27 years in different capacities.

Lascelles Chin and the current general manager of Lasco Distributors, Dwaine Williams, will take over the functions carried out by Peter.

Peter led the distributorship for more than seven years, since November 2011, and was also named deputy chairman of the three Lasco entities in 2016, a move described as succession planning by Lascelles Chin, who founded Lasco at age 50 in 1988.

Peter’s departure comes ahead of the release of the company’s annual results for the period ending March 2019. Lasco Distributor is the most lucrative of the three entities with sales of $16 billion and profit of $1 billion in fiscal 2018.

Source: The Gleaner