Abaco Markets Chairman and Vice-Chairman set to retire - nominating a new generation of leaders to move company ahead

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April 30, 2009

NASSAU, Bahamas -- Abaco Markets Limited Chairman R. Craig Symonette and Vice-Chairman Frank Crothers are set to retire from their respective positions after 20 years – recently indicating that they will not offer themselves for those positions at the Company’s next Annual General Meeting.

The Company’s nominating committee has, as a result, nominated Mr. Dionisio D’Aguilar as Chairman and Mr. Robert Sands as Vice-Chairman of its Board of Directors. Mr. Gavin Watchorn, Abaco Markets President, has also been appointed the Group’s C.E.O. Changes will take effect at the next Annual General Meeting scheduled for July 21, 2009.

“It is with great pride that we announce that after more than 20 years, we plan to retire from our positions at the head of the Board of Directors to make way for a new generation of leaders to drive Abaco Markets, now stable and producing strong results, ahead into the future,” says Mr. R. Craig Symonette, Chairman, Abaco Markets Limited.

Mr. Symonette and Mr. Crothers, who have served as Chairman and Vice-Chairman respectively of the Group since its inception in 1989, intend to remain on the Board having agreed to be nominated as directors up for election in the upcoming AGM. “We are certainly looking forward to remaining an active part of this great Company which, after many challenging years, is now poised to deliver on what we envisioned decades ago – being a progressive food distribution company which produces strong results by realizing efficiencies among its locations and utilizing its collective buying power to yield consistent value increases on shareholder investment,” adds Mr. Symonette.

Mr. Symonette praised what he called the ‘new generation of leaders.’ “Both Dionisio D’Aguilar and Robert Sands bring a tremendous amount of executive experience, keen business insight, integrity, commitment and energy to the table,” explains Mr. Symonette.

Mr. D’Aguilar, President of Superwash Limited, is also the President of the Bahamas Chamber of Commerce and holds directorships with JS Johnson and Family Guardian. Mr. Sands, Senior Vice President of Government & External Affairs, Baha Mar Resorts Ltd., also serves as a director for The Bank of The Bahamas and Providence Advisors Limited, and has also held previous directorships with the National Insurance Board, Bahamasair and BISX.

“Craig Symonette and I have worked for over two decades in both good times and bad for Abaco Markets. I am comfortable that we have brought our ship into safe harbor and will look forward to a bright future,” says Mr. Frank Crothers, Vice-Chairman, Abaco Markets Limited.

Mr. Crothers also expressed confidence in the capability of the new leadership team of Mr. D’Aguilar and Mr. Sands on the Board of Directors along with the Management team to steer the Group ahead. “The next generation is focused on fully realizing the tremendous potential of our Solomon’s, Cost Right and Domino’s brands to give our customers quality products at a real every day value, to be a positive work environment for our employees and, of course, ensure returns on our shareholders’ investments,” adds Mr. Crothers.

Newly nominated Chairman of Abaco Markets Limited Mr. Dionisio D’Aguilar expressed thanks to Mr. Symonette and Mr. Crothers for decades of incredible service to the Company. “To put it simply, Abaco Markets would not have been here without Craig Symonette and Frank Crothers. What a fantastic legacy – they have both dedicated so much to the vision and success of this Company – serving with an enduring commitment and always offering up a ‘can-do’ approach that is inspiring,” says Mr. D’Aguilar. “This truly marks the end of an era defined by incredible resilience, ingenuity and unwavering support that has paved a way for us to move ahead with confidence and enthusiasm,” adds Mr. D’Aguilar.

“Both Mr. Symonette and Mr. Crothers have been steadfast in their belief in the great potential of Abaco Markets - challenging our team to set our own course for the Group and move ahead despite the challenges and setbacks,” says Mr. Gavin Watchorn, President, Abaco Markets Limited. “Their relentless pursuit of higher standards, great approachability and a “why not?” attitude have always been infectious and have set as standard for us to continue,” adds Mr. Watchorn.

“When we started the Company some 20 years ago, we could have never imagined the twists and turns, the changes and evolution that have taken place. However, what has never changed is our belief in our Company and the quality and dedication of our other Board Members and the terrific people of Abaco Markets Limited. We are exceptionally proud of our mission and we are looking forward to what the next 20 years will bring for our Group,” said Mr. Symonette.

News date : 04/30/2009    Category : Business

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