Like sand through the hourglass, so are the days of iCreate! Tyrone Wilson is back as CEO, but did he ever really leave?

2023 has definitely been a roller coaster for iCreate.  Less than four months after his resignation, founder of the digital media company Tyrone Wilson is back as the company’s CEO and director, AND they now have a new investor!

iCreate held its annual general meeting a few weeks ago and it was bombshell after bombshell.

In addition to Tyrone’s return as CEO and Director, four other directors, Ricardo Allen, Ivan Carter, Dainya-Joy Wint and Arlene Martin were not reelected. 

And if that last name sounds familiar, it’s because Martin was named interim CEO of iCreate after Wilson’s departure. She even did an interview with us on Taking Stock a couple of days before this went down.

To add even more shock, at the AGM, the company also announced the exit of Crichton Mullings and Associates as its auditors.

Now this took everyone by surprise! Board Chairman Ivan Carter, told the Jamaica Gleaner that he believes the way things went down at the AGM was disrespectful. He said that in all the planning and discussions with majority shareholders, there was never an inkling of dissent.

To clarify, at AGMs, it’s the shareholders that make these decisions, such as reelecting directors etc. 

Business Journalist David Rose explained on Taking Stock, that despite Wilson resigning, he still had a huge say in the company.

Wilson’s reinstatement as CEO is pending approval from the board, but there are only two board members now, so he’s likely to be reinstated.

Wilson said in a statement that he had been approached by numerous investors who were worried about the company’s trajectory and the stock’s declining performance. 

So he decided to take up the mantle again, noting, quote- iCreate holds a special place in my heart, as my creation, and I am driven by a deep sense of responsibility to ensure its success, end quote.

Additionally, shortly after Wilson’s return, iCreate announced the news that they now have a new investor.

According to an article on Loop News, they’ve sold 30% of their stake in Visual Vibe to an investment group led by Anthony Dunn.  Details of the investment were not disclosed.

However, iCreate has stated that the investment has completely cleared the Vendor Finance previously secured with the original owners of Visual Vibe.

Dunn was also appointed as a Director of iCreate.  Meanwhile, businessman and director of the Jamaica Tourist Board, Donovan White will also join the board.

iCreate completed its acquisition of Visual Vibe in May of this year for a reported $600 million.

We’ve been working on getting an interview with Tyrone to ask him more about this decision but in the meantime, the stock market responded positively to the news.

Following the announcement, iCreate ended trading on December 4 at 77 cents, up from the 50 to 60 cent range in October. 

And that’s the bottom line.