The Barbados-based Caribbean Development Bank (CDB) has officially concluded its ‘internal administrative process’ regarding its president, Dr. Hyginus ‘Gene’ Leon.

According to the bank, Leon ‘has ceased to hold the office of the president of the bank’.

In a four-paragraph statement, the CDB said its board of governors took note of the “closure of the internal administrative process” involving the St Lucian-born economist and “in accordance with the Agreement Establishing the Caribbean Development Bank, the Vice President (Operations), Mr Isaac Solomon, will continue to exercise the authority and perform the functions of President until a new President is elected”. 

The CDB said, “The process for the election of a new president has commenced, and the Board of Governors has been invited to submit nominations for the position of the President of the Bank by August 26, 2024. It is expected that the election process will conclude in October 2024.”

After being placed on administrative leave in January, Leon later in April, submitted his resignation with “immediate effect” from the regional financial institution. His lawyers wrote to the bank indicating Leon believes that “he will never be treated fairly” after being sent on administrative leave.

Leon, in a June 15 letter revealed that the reasons for being placed on administrative leave are for allegedly creating a toxic working environment, sexism, ageism, and excessive travel.

Leon has refuted the validity of the purported claims.

His lawyers added, “It is also evident that the bank has lost all trust and confidence in our client by the failure of the Board of Governors to prevent the continued violations of its Charter, policies, rules and regulations with regard to its elected President. Our client has therefore made the extremely difficult decision to resign his elected position of the President of the Bank with immediate effect.”

Dr Hyginus “Gene” Leon was the sixth president of CDB, the regional development finance institution based in Barbados.

He was elected at a special meeting of the CDB Board of Governors held on January 19, 2021, for a five-year term.