Caribbean Development Bank confirms Leon’s departure as President

The Barbados-based Caribbean Development Bank (CDB), announced on Sunday that it had completed the “internal administrative process” involving its president, Hyginus ‘Gene’ Leon, and confirmed that he “has ceased to hold the office of the president of the bank.”

In a brief statement, the CDB indicated that Vice-President Isaac Solomon will continue to fulfill the president’s duties until a new president is elected. The process to elect a new president has already begun, with the board invited to submit nominations by August 26.

The statement also mentioned that the election process is expected to conclude by October 2024.

Leon, an economist from St. Lucia, resigned immediately from the CDB in April this year. His lawyers communicated to the bank that he believed he would not receive fair treatment after being placed on administrative leave in January. They also noted a loss of trust and confidence between the bank and Leon, citing violations of the bank’s charter, policies, rules, and regulations.

The lawyers requested the CDB to negotiate an amicable separation by May 4, framing their correspondence as a pre-action protocol letter. They indicated their intent to take legal action in Barbados or another suitable jurisdiction to enforce Leon’s rights.

Leon was placed on administrative leave in January, and the CDB has not provided details about this decision. In February, Antigua & Barbuda Prime Minister Gaston Browne raised concerns at the Caribbean Community (CARICOM) summit about the procedures used to place Leon on leave, emphasizing the need for consultation with the bank’s directors or governors.

In May, St. Vincent & the Grenadines Finance Minister Camillo Gonsalves urged CDB governors to avoid further litigation and move on from Leon’s resignation. St. Lucian Prime Minister Phillip J. Pierre, speaking in his Parliament, attributed Leon’s resignation to a “conspiracy,” expressing regret over the circumstances.

Leon, the CDB’s sixth president, was elected at a special board meeting on January 19, 2021, for a five-year term, and took office on May 4, 2021. He succeeded Warren Smith from Jamaica, who retired after a decade in the role.