CDB confirms removal of Leon as president of the bank

The Caribbean Development Bank (CDB) has announced that Dr. Hyginus ‘Gene’ Leon has stepped down as the President of the Bank.

The Board of Governors has initiated the process of electing a new President, and nominations have been invited.

Dr. Leon’s resignation comes after being placed on administrative leave and expressing concerns about not being treated fairly.

There have been discussions about negotiating a smooth separation, and legal action may be pursued if necessary.

The details surrounding Dr. Leon’s administrative leave and resignation have not been fully disclosed.

During the CARICOM summit in Guyana in February, Antigua and Barbuda Prime Minister Gaston Browne raised concerns about the procedure followed to place Leon on administrative leave.

“… at some point we will have to address the issue of the procedures and the fact that subordinates within an institution can literally take disciplinary action against their superior without even consulting with the directors or the governors of the bank,” he said

In May, St Vincent and the Grenadines Finance Minister, Camillo Gonsalves, called on his fellow CDB governors to stop “exposing” the financial institution “to further ridicule and undoubtedly, more litigation” and move on from the “resignation” of its former president.