Longstanding Demerara Distillers Ltd Chairman Yesu Persaud is to retire.
Demerara Distillers (DDL) made the announcement yesterday in a press conference held at the Pegasus. Persaud is 85 years old and has served DDL for over 48 years.
He will leave the board at the end of 2013 and will be replaced by Komal Samaroo who will take the reins of the Group on January 1, 2014.
A statement from the company said that under the leadership of Persaud, DDL grew from being only
a manufacturer and exporter of bulk rum to building a global brand, El Dorado Rums, and achieving and maintaining the status of the World’s Best Rum.
“Additionally, Yesu Persaud provided leadership for corporate expansion and the development and acquisition of several subsidiaries in a variety of sectors including financial services, food processing, distribution and shipping,” said DDL.
It said that Persaud has received several local and international awards for his leadership and service over the years at DDL and its subsidiaries making reference as well to his contributions to business organisations, social organisations and charities.
Board Member Rudy Collins in making the announcement said, “Dr Persaud’s contribution to the rum industry in particular and to Guyana’s development in general has been outstanding. It only bears noting that DDL today is the one nationalised entity that remains comfortably afloat after the turbulence experienced during Guyana’s formative years.”
He said that DDL and its related companies became Dr Persaud’s family, some conceived by him, but all cared for with the love and attention that only a devoted parent could give.
“The Board of Directors also announced that at their statutory meeting on November 15, 2013 Mr Komal Samaroo was appointed Chairman of the Board with effect from 1 January 2014,” the company said.
In making brief remarks at the press conference, Persaud said that now that he is fully retired, he can go to live where he chooses. However, he hastened to add that he will remain in Guyana and do whatever he can to help people help themselves.
Persaud was educated both in Guyana and the United Kingdom. He is a chartered certified accountant (FCCA), a Fellow of the Society of the Arts (FRSA), a Companion of the British Institute of Management and a fellow of the Institute of Chartered Accountants of Guyana.
Persaud lived in the UK for 10 years and worked in industry and commerce in that country. He returned to Guyana and served for a short period as inspector of taxes and then moved to industry.
His business career has largely been in the private sector in various capacities including Finance Director of the Sandbach Parker Group and Managing Director of the Demerara Sugar Company. He also served as Director for several private sector companies.
He is the founder and Chairman of the Institute of Private Enterprise Development (IPED), Chairman of the Guyana Unit Trust, Trust Company Guyana Limited, BEV Processors Inc and Guyana Youth Business Trust.
He was the driving force behind the creation of Demerara Bank Limited – Guyana’s first indigenous private sector bank ‒ and serves as its chairman. He is a past Chairman and founder member of the Private Sector Commission, past President of the Guyana Manufacturers Association, Chairman of the Consultative Association of Guyanese Industry and Director of Diamond Fire and General Insurance Inc.
In terms of external organisations, Persaud is the Chairman of the Caribbean Council for Europe, past Chairman of the Caribbean Association of Industry and Commerce (CAIC), past Chairman and current Vice Chairman of the West Indies Rum and Spirits Association (WIRSPA), trustee of the Caribbean Latin American Action (CLAA) and was a member of the advisory group to chief negotiator Sir Shridath Ramphal on Caricom international economic negotiations.
In terms of external representation, Persaud was Honorary Consul for Chile and past Chairman of National Rums of Jamaica.
Persaud received numerous national awards. In 1981 he received the Arrow of Achievement for the development and expansion of the distilling industry in Guyana and in 1983 he was awarded the Cacique Crown of Honour (CCH), for the development of new industries in Guyana.
Persaud was also conferred with the prestigious Pravasi Bharatiya Samman award by President of India APJ Abdul Kalam on January 9, 2006. He has also been conferred with honorary doctorate degrees by the University of Warwick in July 2008 and the University of the West Indies in 2009.
