BRIDGETOWN, Barbados — The Board of Governors of the Caribbean Development Bank (CDB) says the process for the election of a new president has commenced.

It noted, however, that in accordance with the Agreement Establishing the CDB, the Vice President (Operations), Isaac Solomon will continue to exercise the authority and perform the functions of president until a new president is elected.

The Board of Governors has been invited to submit nominations for the position of the president of the bank by August 26. The bank gave the update while noting the closure of the internal administrative process involving former president Dr Hyginus ‘Gene’ Leon and confirming that he no longer holds the office of the president.

Dr Leon resigned in April noting that he is of the opinion that “he will never be treated fairly” after he had been sent on administrative leave in January, as “an ongoing administrative process” continued at the region’s premier financial institution.

At the time the CDB had remained mum on his resignation as well as the circumstances surrounding the decision to send the St Lucian-born economist on administrative leave.

The CDB said it is expected that the election process will conclude in October.

READ: CDB mum on Dr Gene Leon’s ‘immediate effect’ resignation