John Williams will be retiring as Chief Executive Officer of Cave Shepherd & Co. Limited effective 31 May, 2023.

John joined the Cave Shepherd Group as Chief Executive Officer in 2006 and was appointed to the Board of Directors in 2007. During his tenure, John led the Group as it transitioned from its traditional department store and duty-free retail businesses into a more diversified holding company with a strong focus on financial services. John has been instrumental in shaping a leaner, more resilient company. Cave Shepherd now has a portfolio of successful companies led by capable and motivated management teams, supported by robust governance structures and solid balance sheets, delivering strong earnings with a renewed focus on strategic growth.

Although John is stepping away from his executive role, he has agreed to continue to serve as Non-Executive Chairman of SigniaGlobe Financial and as a non-executive Director of both Fortress Fund Managers and DGM Financial Group.

“John’s experience, knowledge and understanding, not only of our companies, but of business, financial and regulatory matters as a whole, is invaluable to our Group and we are delighted that he has agreed to continue on these Boards,” noted Sir Geoffrey Cave, Cave Shepherd Chairman.

Roger Cave to assume Cave Shepherd Group’s leadership position

Cave Shepherd’s Board of Directors is pleased to announce that Roger Cave, Founder and Investment Director of Fortress Fund Managers, will be appointed Chief Executive Officer of Cave Shepherd & Co. Ltd., subject to relevant approvals, effective 1 June, 2023, to fill the vacancy created by John Williams.

Roger is no stranger to the Group, having launched Fortress Fund Managers, a subsidiary of Cave Shepherd, in 1996, and served on the Board of Directors of Cave Shepherd and several subsidiary Boards for the past 26 years. Fortress now manages and administers twelve mutual funds on behalf of over 6,000 shareholders, together with pension plans for over 70 companies, representing some 4,000 employees. Having recently surpassed $800 million in assets under management, Fortress has been a real success story for the Cave Shepherd Group.

While Roger has a proven track record of building a highly successful business from the ground up, he has also gained considerable business experience over many years with the Group, across a range of businesses and partnerships with local, regional, and international corporations.

“The Board is confident that Roger has both the experience and vision to pursue the strategy for continued growth and diversification of Cave Shepherd and its stakeholders, while protecting the Company’s renowned legacy of trust and respect,” said Lead Independent Director, Adrian Padmore.

Going forward, Roger will assume the role of Chairman of the Fortress Boards and Fortress will continue to benefit from his knowledge, expertise and guidance. In addition, he will serve as a non-executive Director on the Boards of SigniaGlobe Financial, Payce Digital, DGM Financial and GCS Limited (Ganzee).

Peter Arender to be appointed Chief Executive Officer of Fortress Fund Managers

Effective 1 June, 2023, and subject to relevant approvals, Peter Arender, Chief Investment Officer at Fortress, will be appointed Chief Executive Officer of Fortress Fund Managers to fill the position vacated by Roger Cave.

Peter, who joined Fortress in 2009, has been and will continue to be responsible for investments across Fortress’ range of funds. He has over 30 years’ experience in financial markets and was the natural successor for the position.

During his time at Fortress, Peter has driven the transition from primarily regional investments to Fortress’ current offerings and capabilities covering regional, U.S., international and emerging markets. Prior to his long-standing role at Fortress, Peter was Chief Investment Officer of a privately held offshore bank in Barbados, Portfolio Manager at Acker Finley Asset Management, and a Vice President of Institutional Bond Sales at Toronto Dominion Securities.

Collaborating closely with Roger Cave as Chairman, Peter will continue to make achieving investment performance and strengthening service and reach, Fortress’ key objectives.

Please join us in thanking John Williams for his immeasurable contribution to Cave Shepherd and for agreeing to continue to serve on several of its Boards. Also join us in congratulating Roger Cave on his appointment to Group Chief Executive Officer of Cave Shepherd, and Peter Arender on his appointment to Chief Executive Officer of Fortress Fund Managers.