JAM | May 24, 2023

NCB sets the record straight on Lee Chin taking a leave of absence

/ Our Today

Reading Time: 3 minutes
Michael Lee-Chin

There has been much speculation as to why the Chairman of NCB Group is taking a leave of absence from Jamaica’s largest banking group at this time.

Some point to the recent divestment of assets, and others pontificate as to whether this has something to do with health issues. There are those who conjecture that this has something to do with NCB’s recent financial performance and the decision not to pay dividends ..again

It is all very ambiguous.

NCB  has decided to clear the air and set the record straight by issuing this statement:

We are aware that some stakeholders have questions regarding our recent announcement of a decision by our Board Chairman (the Honourable Michael Lee-Chin, OJ) to take a leave of absence to focus on personal and business matters. While we are not in a position to comment in detail on the matters in question, he has shared his need and desire to step into an executive role within his organisation in Canada temporarily until he can find a replacement for his chief operating officer who is leaving after 25 years. He also specified interests in two recent areas of focus – precision oncology and clean energy.

We wish to assure all stakeholders that our robust corporate governance framework has enabled us to transition seamlessly. During this time, we will also remain committed to our pursuit of our strategic pillars, which encompass strong financial performance, delighted customers inspired people and culture, and a commitment to being digitally driven at our core.

Our Lead Independent Board Director, Professor the Honourable Alvin Wint, OJ, CD has assumed the role of Interim Chairman of NCB Financial Group Limited during our Board Chairman’s leave of absence. With over 20 years of dedicated service as a director within the NCB Group, Professor Wint brings a wealth of experience and a deep understanding of the organisation. Professor Wint not only has extensive experience and considerable understanding of our company but also serves on the boards of several NCBFG subsidiaries, including National Commercial Bank Jamaica Limited, NCB (Cayman) Limited, NCB Capital Markets Limited and NCB Insurance Agency & Fund Managers Limited.

We have full confidence in Professor Wint’s ability to provide effective leadership and guidance to our Board during this period. Furthermore, we are confident in the work of our astute and visionary Board members, who will be led by Professor Wint during this time.

In addition to the strength of our Board of Directors, our executive team responsible for strategic direction and execution remains strong, under the leadership of the President and Group Chief Executive Officer, the Honourable Patrick Hylton, OJ, CD. The Boards of National Commercial Bank Jamaica Limited and Guardian Holdings Limited will also continue to be chaired by Mr Hylton, who has stewarded the NCB Group for almost 20 years.  

We thank our shareholders and stakeholders for their ongoing support and trust in NCBFG, and will continue to provide you with all necessary updates.


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