National Rums of Jamaica has confirmed the appointment of a new CEO with Martha Miller replacing Neil Glasgow at the helm.
Glasgow, who only move up to the CEO position last year, made way for CFO Miller at the start of this month. Having joined NRJ from domestic rum rival Wray & Nephew in 2010, Glasgow has started his retirement.
Since joining the Monymusk Plantation brand owner in late-2013, Miller became deputy CEO in March last year. She has been tasked with leading NRJ “in the expansion of its reach as a major producer and exporter of quality rums from Jamaica”, the company said.
“I want to thank Neil for his great leadership of the company over the years,” said NRJ chair Komal Samaroo. “The company is entering a new exciting phase of its growth and Martha is well-equipped to provide high-quality leadership to the NRJ team as we pursue new opportunities and navigate around the various challenges, including the COVID-19 pandemic.
“I have every confidence that under Martha’s leadership, NRJ will become an even more significant contributor to the Jamaican economy.”
Fourteen years ago, the Jamaican Government offloaded two-thirds of its holding in NRJ, which was a subsidiary of the National Sugar Co at the time. One third was purchased by the owner of the El Dorado rum brand, Demerara Distillers, while Barbados-based West Indies Rum Distillers acquired the other third.
West Indies Rum Distillers was itself bought up by France’s Maison Ferrand four years ago.
Dark & Light Rum – Volume Trends 2015-2024
While both aged and light rums have been on the rise in recent years – albeit just – both segments are expected to have taken a hit last year. According to figures from GlobalData, aged rums have seen volumes post a five-year Compound Annual Growth Rate (CAGR) of 0.3% from 2015 to 2019. The light rum segment, meanwhile, has inched up by 0.02% on a CAGR basis over the same period.
Once the COVID fog has lifted, GlobalData expects growth to return for the two segments, although neither is predicted to hit their 2019 volumes levels come 2024.
Why copying gin’s template for growth risks doing rum a grave disservice – Click here for a just-drinks comment