CIBC Caribbean Bank Limited (formerly FirstCaribbean International Bank Ltd) has announced changes to its regional leadership team, including retirements and new appointments across its operations.

The reshuffle affects multiple territorial leadership positions within the Barbados-headquartered financial institution.

Donna Wellington will assume the role of chief country management officer for the region, effective March 1, according to a company statement released Thursday.

CIBC Caribbean Bank also confirmed four senior executives will depart between May and October as part of planned leadership transitions across its regional operations. Managing directors Nigel Holness (Jamaica) and Mark McIntyre (Cayman) exit on May 1, followed by Jacqueline Bend (Bahamas) on August 1 and Anthony Seeraj (Trinidad and Tobago) on October 31.

The Barbados-based bank described the moves as scheduled succession events, noting replacement announcements will precede each retirement date. It stated contingency planning remains “well advanced” to ensure continuity across its Caribbean network.

Annique Dawkins is set to become the new managing director of CIBC Caribbean (Jamaica) in May when Nigel Holness retires.

“We are shifting to a more country-focused performance model, having successfully optimised our geographical footprint from 17 countries to 10 and from 72 to 45 branches. This alignment emphasises, at the country level, business development and performance, client facing activities and people leadership as we continue to embed our new corporate culture, which we started work on over the past year,” said Mark St Hill, chief executive officer of CIBC Caribbean Bank, in a press release.

However, McIntyre and Holness will continue to have significant roles in their respective markets.

McIntyre will become the chairman of CIBC Caribbean Bank (Cayman) Limited and CIBC Caribbean Bank & Trust Company (Cayman) Limited while continuing to chair the board of FirstCaribbean International Bank (Curaçao) N.V. Holness will become the chairman of CIBC Caribbean Bank (Jamaica) Limited.

Dr Bend will become a consultant as she goes on early retirement and transitions to an assignment to assist CIBC Caribbean in its transformation and governance programme. Seeraj will also become a consultant as he assists in finding a new country head for Trinidad while assisting with a number of business development activities in the country before he retires.

With the retirement of these four country heads and Wellington’s promotion, CIBC has announced three new leaders for Barbados, Jamaica and the Cayman Islands subject to regulatory approval. Kemar Polius, the current director for corporate banking in The Bahamas and Turks & Caicos Islands, will become the new country head for Barbados; Gemel Sobers, the current director for corporate banking and client experience in the Cayman Islands, will become the new country head for the Cayman Islands and Annique Dawkins, the current head of corporate banking in Jamaica, will become the new country head for Jamaica. CIBC Caribbean noted that the new country heads for Antigua, The Bahamas and Trinidad and Tobago would be announced in due course.

All of these new country heads will report to Wellington who will be the chief country management officer. Wellington is currently the managing director for CIBC Caribbean Bank (Barbados) Limited and the Eastern Caribbean, a role she’s occupied since June 2013. She has been at CIBC Caribbean since 2005.

“Donna’s vast knowledge of banking and her commitment to client service makes her the perfect choice for this role. We know that she will bring the same energy to developing our business in the rest of the region that she brought to managing our operations in Barbados and the OECS,” St Hill added on Wellington’s new role.

CIBC Caribbean has been undertaking a raft of changes over the last two years as its parent company, the Canadian Imperial Bank of Commerce (CIBC), has begun to put more emphasis on growing its Caribbean business after its planned sale to Colombia-based GNB Financial Group was rejected by regional regulators in February 2021. The Caribbean business was rebranded in January 2024 and legally changed its name in July 2024.

CIBC Caribbean has also been moving forward with divestments in markets which don’t fit the new strategy. CIBC Caribbean sold its Aruban banking operations in February 2022, sold its St Vincent business in March 2023, sold its Grenada business in July 2023 and sold its Curaçao business in May 2024. It closed its Dominica operations in January 2023 and completed the sale of properties in June 2023 plus its loan portfolio in July 2024. The sale of its St Maarten operations to Orco Bank N.V. is still pending regulatory approval.

There has also been a refresh across its C-suite in recent years as well. Fabian Devonish was appointed country head in the British Virgin Islands on December 1, a territory which was under McIntyre. Monique French, a Jamaican who currently serves as CIBC Caribbean chief credit officer, will become the new chief risk officer on May 1 as Patrick McKenna retires. Doug Williamson was appointed as managing director of transformation, governance and control on November 1 while Janine Billy was appointed chief human resources Officer in November 2023. Neil Brennan retired as chief administrative officer in July 2023 while Pim van der Burg was appointed chief commercial officer in November 2022. Mark St Hill also became the first Caribbean-born CEO of CIBC Caribbean in November 2022 as Colette Delaney retired.

Holness’ retirement comes after he spent nearly 15 years as the Jamaican managing director following his June 2010 appointment. Holness has been with CIBC Caribbean (Jamaica) since 1988 and has overseen the transformation of the Jamaican business which is the sixth largest commercial bank in Jamaica by total assets.

CIBC Caribbean (Jamaica) reported a 16 per cent increase in interest income to $11.40 billion for the 2024 financial year ending October 31. Net operating income was flat at $10.49 billion due to an expected credit loss in the current period compared to a release in the prior period. Net profit was down two-thirds to $380.31 million as staff costs and other operating expenses increased during the period.

The Jamaican business’ total assets increased 13 per cent to $183.74 billion as its loans and advances grew $22.39 billion or 25 per cent to $111.33 billion while cash closed the period at $24.29 billion. This was supported by $164.07 billion in total liabilities, with $160.68 billion being customer deposits. CIBC Caribbean (Jamaica) also received a $4.62 billion injection from its parent company during the year which increased its equity/capital base to $19.67 billion.

CIBC Caribbean closed at TT$8 on Thursday which left it with a market capitalisation of TT$12.62 billion. CIBC Caribbean will have its annual general meeting at 10:00 am Barbados time on March 14.