KINGSTON, Jamaica — Cabinet has endorsed the selection of Richard Byles to succeed Brian Wynter as Governor of the Bank of Jamaica.

Minister of Finance and the Public Service, Dr Nigel Clarke, who made the announcement in a statement a short while ago, said Byles will take over on August 19.

Clarke said: “In January of this year, I appointed a Search Committee chaired by Mr David Marston to lead an open and transparent search for a new Central Bank governor. I’m very pleased that the search process has yielded an eminently qualified, experienced and credible leader in Mr Richard Byles to succeed Mr Brian Wynter as Governor of the Bank of Jamaica.”

Byles has had a 40-year career in business and finance and is one of the most accomplished corporate leaders of his generation. He was appointed Managing Director of Pan Caribbean Merchant Bank in 1988 before his appointment as CEO of the Pan Jam group, a leading, diversified conglomerate in 1991. He led Pan Jam for 13 years before taking over as CEO of Sagicor Jamaica in 2004.

Byles retired as CEO of Sagicor Jamaica in 2017 and was appointed non-executive Chairman in that same year.  In addition, Byles has been Chairman of Red Stripe and a non-executive Director of several other companies.  Byles was Co-Chair of the Economic Programme Oversight Committee (EPOC) formed to monitor Jamaica’s performance under its IMF agreement. Byles hold BSc and MSc degrees in Economics and National Development.

Clarke expressed that “I have every confidence that Mr Byles will bring to the job of Governor the focused, principled and disciplined leadership that has characterised his career.”

The ministry said a BOJ subcommittee, led by BOJ General Counsel Karen Chin Quee Akin, has been appointed to assist Byles in the transition including complying with BOJ governance requirements.