Billionaire Michael Lee-Chin Steps Down as CEO of AIC Ltd.

Jamaican Canadian Billionaire Michael Lee-Chin is stepping down as CEO of AIC Ltd. the company he bought in 1987 for $200,000. At the time, the company had holdings of around CAD$800,000. He renamed the company AIC, and developed it to a fund that today controls around CAD$12 Billion.

Forbes Magazine ranks Mr. Lee-Chin as the 365th richest person in the world and the richest black person with a net worth of U.S. $2.1 billion.

At an evening gala commemorating the 20th anniversary of AIC Limited, Mr. Lee-Chin announced that he will be stepping down as Chief Executive Officer effective immediately. In an address to staff, Mr. Lee Chin said “AIC has celebrated many successes over the past 20 years and we will continue to build on this momentum to become a global financial services company headquartered in Canada. I have every confidence that under Jonathan’s stewardship as Chief Executive Officer, AIC will stay the course in creating long-term wealth for investors.”

Mr. Lee-Chin will continue in his role as Executive Chairman of AIC Limited, as well as Executive Chairman of AIC’s sister companies – those being the Berkshire group of companies, National Commercial Bank of Jamaica (NCB) and Senvia Money Services.

“I will continue to work with the senior management teams at each company of which I am Executive Chairman in order to ensure continuity and long-term success”, said Mr. Lee-Chin.

Regarded as the founder of AIC, Mr. Lee-Chin purchased the company in 1987 and built its asset base from less than $1 million to nearly $9 billion. Under Mr. Lee-Chin, AIC purchased a 75% stake in NCB in 2002, which today is Jamaica’s largest bank.

Jonathan Wellum, AIC's chief investment officer, was named his successor. "I have every confidence that under Jonathan's stewardship as chief executive officer, AIC will stay the course in creating long-term wealth for investors," Lee-Chin said.