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JOHN ORR COMPLETES TERM AS CEO OF FIRSTCARIBBEAN; CIBC EXECUTIVE DOUGLAS “RIK” PARKHILL APPOINTED NEW CEO
Bridgetown, Barbados, 12th May, 2011 - Michael Mansoor, Chairman of FirstCaribbean International Bank, today announced that CIBC senior executive Douglas “Rik” Parkhill has been appointed as the new Chief Executive Officer of FirstCaribbean effective in September, pending regulatory and government approvals.
Mr. Parkhill will replace current FirstCaribbean Chief Executive Officer, John Orr, who will be returning to CIBC as Executive Vice President, Corporate Development and Strategy, following the conclusion of his three-year term leading the bank.
Mr. Parkhill has been with CIBC since 2008, most recently serving as the Managing Director and Global Head of Capital Markets Sales and Cash Equities in CIBC’s Wholesale Banking unit. He has more than 20 years of experience in the global financial services industry, serving clients in Canada and around the world. Before joining CIBC in 2008, he was co-CEO of the Toronto Stock Exchange.
"On behalf of the Board, management and employees of FirstCaribbean I want to express my gratitude to John Orr for his leadership, and I am very pleased to welcome Rik to our organization," said Mr. Mansoor. “Rik is a seasoned financial services executive who is known as a skilled leader and for having a strong employee and client focus. He has the right combination of leadership and industry experience to lead FirstCaribbean at the current stage of our company's development and in the present economic environment.”
Mr Mansoor continued: “Rik’s global financial services experience as well as his leadership capabilities make him an ideal successor for the CEO position. In addition, his relationships within CIBC will greatly benefit FirstCaribbean as we continue to seek new opportunities for collaboration and growth in the years ahead.”
"I am looking forward to the challenges and opportunities of this new role,” said Mr. Parkhill. “My first priority will be to meet and get to know the people of FirstCaribbean. I have already heard many great things about the talent and skills of the people here and look forward to hearing from them about the potential of this business moving forward.”
"The past three years as the CEO of FirstCaribbean have been a wonderful experience for me," said Mr. Orr. "I want to thank the FirstCaribbean management and all 3400 employees for their support and their dedication in providing the people of the Caribbean with exceptional financial advice, products and services.”
Mr. Orr will remain as CEO until September, when Mr. Parkhill is expected to assume the role.
Mr. Parkhill will be supported in his role by a team of highly experienced banking executives including several new appointments also being announced today:
- Tom Crawford, Managing Director, Retail, Wealth and Small Business Banking has announced he will retire from FirstCaribbean after nearly 40 years with the CIBC Group. In order to effect an orderly transition of his duties, Mr Crawford will be appointed Vice Chairman, providing Senior Coverage to key clients and supporting the CEO on a number of key strategic initiatives for a period of time.
- Rolf Phillips will assume the role of Managing Director, Retail, Wealth and Small Business Banking and will report to the Chief Executive Officer. Mr Phillips has more than 30 years of diverse banking experience in the Caribbean, with both FirstCaribbean and Barclays dating back to 1980. He is a graduate of the Bank's Internal Accelerated Management Development Program and served in a number of retail roles in the Cayman Islands, Antigua, Grenada, St Vincent and the Grenadines and St. Lucia.
- Kiyomi Daniel has been confirmed as FirstCaribbean’s Chief Financial Officer following her interim appointment in February. She joined FirstCaribbean in 2003 as a manager in the financial reporting group. She was promoted to Group Financial Controller in 2006 and most recently was named Chief Accountant for the FirstCaribbean Group. Ms Daniel is a Chartered Accountant. She is originally from Trinidad and Tobago and now resides in Barbados.
- Daryl Hosein will join FirstCaribbean as Chief Accountant, pending regulatory approval. Mr Hosein joins FirstCaribbean from COBSCO (CIBC Offshore Banking Services Corporation) where he is currently CFO. Mr Hosein has had many years of experience as a finance professional including eight years within the CIBC Group. He is a Caricomm national and resides in Barbados with his wife and three children.
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FirstCaribbean International Bank is the largest, regionally-listed bank in the English- and Dutch-speaking Caribbean, serving over 500,000 accounts in 17 markets through 3,400 staff across 100 branches and offices.
The bank offers a full range of market-leading financial services in Corporate Banking, Investment Banking, Treasury Sales and Trading, Retail Banking, Wealth Management, and Credit Cards.
FirstCaribbean is a member of the CIBC Group.
CIBC (TSX, NYSE: CM) is a leading North American financial institution serving clients in Canada and around the world. Through its distinct business lines, CIBC Retail Markets and Wholesale Banking, CIBC provides a full range of products and services to almost 11 million individual, small business and commercial banking clients and meets the financial needs of corporate and institutional clients. CIBC is rated A+/Stable/A-1 by Standard & Poor's.
For more information about FirstCaribbean, visit www.firstcaribbeanbank.com.