New boss, team for FirstCaribbean

CIBC, the Canadian parent company for FirstCaribbean International Bank, has tapped another of its executives to head up the Caribbean operation.

Douglas 'Rik' Parkhill will take over as chief executive officer in September, replacing John Orr, subject to regulatory approval of his candidacy.

Orr will return to Canada as executive vice president, corporate development and strategy, said FirstCaribbean in a statement on the changes.

Orr ran the regional for three years, just about the same period Parkhill has worked with CIBC.

Orr delivered profits of US$157 million last year, a 10 per cent contraction from 2009. The 2011 first quarter, ending January 31, maintained the trend with a 25 per cent fall in bottom-line profit to US$27.9 million.

Parkhill's team at FirstCaribbean will include new appointees. Tom Crawford will become vice-chairman, a transitory position to his retirement after 40 years with FirstCaribbean, but will play a supporting role to the CEO for an unspecified period of time.

Rolf Phillips will assume Crawford's old job as managing director of 'Retail, Wealth and Small Business Banking', reporting to the CEO.

Kiyomi Daniel, a Trinidadian national, has secured the job of chief financial officer, having acted in the position since February after the resignation of Francesca Shaw.

Daryl Hosein will join FirstCaribbean as chief accountant. His confirmation is also pending regulatory approval.

He is now the chief financial officer of CIBC Offshore Banking Services Corporation.

Annette Phillips, managing director of human resources, will also be leaving the bank on June 10.

Parkhill, a senior executive with the Canadian banking group, is now the managing director and global head of Capital Markets Sales and Cash Equities in the Wholesale Banking unit.

Before joining CIBC in 2008, he was co-CEO of the Toronto Stock Exchange, said FirstCaribbean, and has 20 years of international experience in the financial services field.

"Rik is a seasoned financial services executive who is known as a skilled leader and for having a strong employee and client focus," said FirstCaribbean chairman Michael Mansoor in a statement.

"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."

FirstCaribbean employs some 3,400 people in 17 regional markets, including Jamaica. Its operation spans both the English and Dutch Caribbean, over which is deployed diminished assets of US$9.85 billion, managed from its base in Barbados. Pre-crisis, the regional banking group touted assets of US$12 billion.

With some 500,000 accounts spread across 100 branches, FirstCaribbean represents less than five per cent of the 11 million clients represented by parent CIBC.

Parkhill says his first job is to get to know the people he will lead.

"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," he said.

Orr will remain as CEO until the transition in September.