Anthony Shaw incoming DBJ boss
Published:Wednesday | February 9, 2022 | 12:11 AM
Business executive and chartered accountant Anthony Shaw is to take over as managing director of the Development Bank of Jamaica (DBJ) on April 1.
He will replace Milverton Reynolds, who has been leading the Government’s main development financing institution since 2007.
Shaw told The Gleaner Tuesday that he is “looking forward to the opportunity and working with the Development Bank of Jamaica, which is an excellent institution”.
The DBJ declined to comment, indicating that a press statement would be issued shortly.
Although his contract will end on March 31, Reynolds will stay on for another three months to help with the leadership transition, a senior government source said.
A graduate of McGill University in Canada, the Jamaican has worked in that North American country and Barbados for more than two decades.
He is the chief executive officer of MAS Corporate Consultants Ltd, which he owns, since 2013. That period crossed with his time as CEO of the Nation Group, a Barbados media company, from 2015 to 2019.
For almost seven years up to 2012, Shaw was the CEO of Signia Financial Group, a banking and investment firm that was established in 2003 by three institutions, including GraceKennedy Ltd.
He held various regional and Canada-based positions at Scotiabank, KPMG, a global professional services firm, and RBC.
The selection is the culmination of a months-long international search led by PricewaterhouseCoopers, a professional services network of firms.
There were internal concerns at DBJ about the length of time the process was taking, with some key staffers only getting details following Gleaner enquiries last week.
Up to March 2018, the now-outgoing managing director’s compensation package was $18 million annually, of which $13.5 million was basic salary.
The DBJ provides loans for micro, small and medium-size enterprises with annual revenues of up to $150 million and fewer than 50 employees.
The agency also offers services covering private equity, venture capital, and public-private partnerships.
The DBJ is an agency under the Ministry of Economic Growth and Job Creation, which is headed by Prime Minister Andrew Holness.