Bruce Golding resigns from First Rock

Former Prime Minister of Jamaica Bruce Golding has stepped down as chairman of First Rock Private Equity Limited and has also resigned his board directorship with the company.

The Financial Gleaner understands that Golding’s resignation became effective on August 24. He has been replaced as chairman by First Rock co-founder Dr Michael Banbury.

“He resigned, but it had nothing to do with our corporate governance or anything like that. He’s retired and I guess it was requiring more out of him than he could give at this time,” Managing Director Chris Yeung said, confirming Golding’s departure in an interview.

Golding was not immediately available to comment on the resignation.

“We wanted him to stay on board. We really commended him. He remains an invitee and is still partnering with us, but he’s not part of the board,” Yeung said of Golding’s stewardship.

The firm’s managing director added that the resignation was not made public as no such disclosure was required, as First Rock Equity is not publicly listed.

“First Rock Equity, as a private company, is not required to update the public on any board changes or to release our financials. We are also not related to the First Rock company listed on the exchange,” Yeung noted.

First Rock Capital Holdings Limited, which changed its name to First Rock Real Estate Investments Limited on June 7, is listed and trades its Jamaican and US dollar shares on the Jamaica Stock Exchange, JSE. The financial statements of First Rock Capital Holdings at March 2022 list First Rock Private Equity as an associated company.

First Rock also has majority ownership in Dolla Financial Services Limited, which was recently listed on the JSE junior market

First Rock Group CEO and co-founder Ryan Reid told the Financial Gleaner that the former prime minister “was asked to be chairman for a specific period to undertake certain things, and that has now come to an end”.

Golding joined the Caribbean private equity firm in February 2021 in a non-executive capacity.

neville.graham@gleanerjm.com