Monday, Mar 30, 2020
HomeBusinessGIBC CEO: Business has been slower than expected

GIBC CEO: Business has been slower than expected

GIBC Digital said yesterday in a press release that media reports of it having laid off several people, “took the company by surprise”, though it did not refute the claim, only noting that it parted ways with some senior employees.

Yesterday Guardian Business revealed that GIBC was forced to lay off about half of its Grand Bahama staff.

In a press release, GIBC Chief Executive Officer Greg Wood said that business has been “slower than expected” for the company, but he restated the company’s commitment to Grand Bahama and promised there is “no cause for concern”.

“Business has been slower than expected, and we have had to make adjustments,” said Wood.

 While not stating that layoffs occurred, Woods explained in the statement that the company had to part ways with senior workers whose values didn’t align with the company’s.

“We have replaced them with an all-Bahamian leadership team and are now on track to meet our targets for 2019,” he noted.

Guardian Business understands that GIBC Managing Director Mark Godson was one of the senior employees to be let go.

Minister of Labour Dion Foulkes said yesterday that he had not been notified that GIBC had conducted any layoffs. He said companies are obligated to let the minister of labor know when layoffs are imminent one to two weeks before they occur.

“GIBC Digital has not formally communicated with the ministry or with myself,” Foulkes said. “Any layoffs from any companies must be communicated with me, and we have absolutely no notice of that.”

In July last year GIBC became one of the first companies to benefit from the Commercial Enterprises Act, and right out of the gate began to hire and train 25 Bahamians, with the commitment to train and hire another 25 in specialized services, including automation, data intelligence, customer experience, regulation and compliance. The company officially launched its Nassau office in October, giving the government kudos for its vision to develop the technology sector of the country through the Commercial Enterprises Act.

GIBC helps its clients re-engineer their data resources in order to help them stay competitive and optimize their data security.

Its release further explained: “We deliver results that allow organizations to avoid headline risk by reducing cyber threats; reduce cost by re-engineering and automating processes; to take advantage of opportunities by using data to make better decisions faster; increase customer lifetime value by creating a consistent user experience across customer touchpoint; and avoid the reputational damage that comes from failing to meet regulatory obligations or from corruption.”

Chester Robards

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
High local demand fo
Rising Stars, Pacese