Carreras MD Raoul Glynn resigns

Carreras managing director Raoul Glynn will resign effective this month after steering the company through the onset of the COVID-19 pandemic. 

Glynn’s resignation will become effective September 30, said Carreras chairman Patrick Smith at the annual general meeting at the AC Mariott Hotel in St Andrew on Friday.

The Central American, Franklin Murilo, who is currently based in Spain at British American Tobacco (BAT), will assume the role at BAT subsidiary Carreras.

Glynn told the Financial Gleaner that although he leaves the executive role he will remain on the board of Carreras.

Glynn, who is Trinidadian, will assume an elevated role in the BAT group. 

Glynn became managing director in February 2020, a month before the World Health Organisation declared a pandemic.

He brought over 18 years of experience in the group.

The pandemic changed the consumption habits of consumers while reducing disposable income, within an environment of cheaper illicit cigarettes.

Despite these negatives, Glynn managed the growth in revenue to $15.8 billion for the financial year ending March 2022 from $14 billion in the 2021 financial year.

Over the period, profit grew to $4.07 billion from $3.7 billion.

“Murilo joined BAT before me,” said Glynn in a conversation after the annual general meeting on Friday. 

Carreras' market capitalisation stands at $41.6 billion as at September 9.

- Steven Jackson

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