Insider selected as new CEO of C&WJ credit union
Published:Wednesday | April 6, 2022 | 12:10 AM
After years of rising through the ranks, Joyce West-Johnson has reached the top, taking over the reins as CEO of the 61-year-old Community & Workers of Jamaica Co-operative Credit Union Limited, C&WJCCU, last Friday, April 1.
She replaces Carlton Barclay who retired on March 31.
West-Johnson, a chartered accountant, has operated at various levels in the credit union, including the positions of chief financial officer, chief operating officer and assistant general manager.
C&WJCCU first opened its doors in April 1961 as the JTC Employees Co-operative Credit Union which was bonded to serve the employees of the then Jamaica Telephone Company Limited. A number of name changes led to the name C&WJ Employees Co-operative Credit Union in 1999, representing Cable & Wireless of Jamaica before it was again changed in 2014 to represent Communities & Workers of Jamaica Co-operative Credit Union Limited.
Since 2006 the credit union has merged with a number of parish credit unions, including St Catherine, Clarendon, Westmoreland and St Elizabeth. The deferred shares of the credit union are listed on the Jamaica Stock Exchange alongside other preference stock.
Contacted for comment on her promotion, West-Johnson declined, saying she was focused on ensuring a smooth transition from Barclay’s leadership at this time.
The credit union became the first to list shares on the Jamaica Stock Exchange under Barclay’s tenure.
Last year, C&WJCCU reported preliminary interest income of $2.06 billion, a narrow gain on the $2.01 billion of core income earned in 2020. Its surplus declined from $418 million to $278 million.
As of December 2021, the company’s assets were estimated at $21 billion, up from $19 billion, inclusive of a loan book that shrank marginally but held at $13 billion.