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Dolla CEO resigns, on 'garden' leave

Kadeen Mairs has resigned as chief executive officer of Dolla Financial Services.

A notice posted late Friday on the Jamaica Stock Exchange said he had commenced ‘garden’ leave, effective July 28.

Garden leave usually means the departing employee will have no role in the company during the leave period, nor have access to the workplace. During the gardening period, the person generally remains on the payroll for a period but may be barred from discussing company business.

The effective date of the resignation itself was not disclosed in the notice posted on the JSE.

Mairs has been replaced in the interim by Deputy CEO Kenroy Kerr.

The firm, which Mairs founded, is a fast-growing microfinancing operation that's in the process of expanding regionally. Mairs initially sold the business to Stocks & Securities Limited, which in turn sold out the FirstRock Group, which took Dolla public last year.

Since then the company has grown its loan portfolio and from $1 billion to $2.5 billion.

Through his firm Dequity Capital Management, Mairs at last disclosure held 20 per cent ownership in Dolla as its second largest owner. But FirstRock on Monday sold down its stake in the business to Supreme Ventures and Mayberry, and now holds just 36 per cent interest.