Oct 2014 Financial News

Changes in FCIB top management

Oct 02, 2014

Canadian bank CIBC has shaken up its management team and the move has spilled over into its subsidiary FirstCaribbean International Bank, which is based in Barbados.

Two weeks ago CIBC announced that Vicor Dodig was its new president and chief executive officer (CEO) and in turn Dodig announced a new executive leadership, including appointing a new officer to oversee FirstCaribbean.

David Williamson has been named senior executive vice president and group head, retail and business banking, a role Dodig said would see Williamson “assume expanded responsibility for CIBC FirstCaribbean International Bank”.

“Over the last years, David has done an excellent job of repositioning our retail banking business in Canada with a strong focus on clients and accelerating profitable revenue growth. He will be extending the same discipline and focus to our CIBC FirstCaribbean business,” Dodig said in an official announcement on the changes.

Current FirstCaribbean CEO Rik Parkhill was named to a new CIBC “operating committee”.

The changes did not end there, however, as sources told BARBADOS BUSINESS AUTHORITY that FirstCaribbean had seen some other departures, at least one which was connected to developments at its Canadian parent.

Richard Nesbitt, who worked at CIBC since 2008 and was its chief operating officer, resigned from that post “immediately”. Reports out of Canada indicated he was originally supposed to retire in October next year. As a result of his leaving CIBC, Nesbitt also resigned from FirstCaribbean’s board effective September 12, a decision communicated to key Caribbean stakeholders.

Other changes have also take place at FirstCaribbean. Ben Douangprachanh was appointed chief auditor on June 12, which meant that Patricia Rowe-Seale, who filled the position in an acting capacity, reverted to her substantive role as audit portfolio director.

Last week, FirstCaribbean also disclosed that Collette Delaney was its new chief risk and administrative officer “effectively immediately”, that its treasury functions had been consolidated under chief financial officer Brian Lee “effectively immediately”, and that former chief finanicial officer Geof Scott and former group treasurer David Whitcroft “have left . . . to pursue other opportunities”.

Source:
By Shawn Cumberbatch
Nation News
Thursday October 2, 2014

http://www.nationnews.com/articles/view/changes-in-fcib-top-management/