NCB Financial Group (NCBFG) says businessman and chartered accountant Robert Almeida is the group’s new interim CEO. Chief Financial Officer of the National Commercial Bank, Malcolm Sadler, has also been named Interim Group CFO.

Almeida and Sadler’s appointments come after NCBFG’s long-time CEO and Deputy CEO, Patrick Hylton and Dennis Cohen, were sent on leave, pending negotiations for their separation from the company.

According to a press release from NCBFG, the appointment of Almeida and Sadler will ensure “continuity and strong leadership during this transition phase.”

Hylton and Cohen were reportedly sent on three weeks’ vacation leave just as Executive Chairman Michael Lee-Chin announced that he cut his three-month sabbatical leave short.

Lee-Chin had said he was stepping away temporarily to pursue two passion projects, however, last week the businessman expressed displeasure with the management of NCBFG.

The company has not paid shareholders dividends since May 2021, and its stock price has fallen from the $200 range prepandemic to the $60-$70 range. 

In an interview with the Jamaica Observer, Lee-Chin said he was unhappy with the lack of dividend payments. As the majority shareholder of NCBFG, Lee-Chin reportedly received US$30 million in dividend payments each year.

He also said the company could be more profitable if it was more efficient and focused on customer satisfaction. 

“So, typically what happens with this level of Senior Executives is once they begin that separation process it almost always starts with that vacation period because it’s during this time that a lot of the legalities and everything will be tied up,” Financial Coach Keisha Bailey said.

Speaking on Taking Stock with Kalilah Reynolds, Bailey noted that the CEO and his Deputy being sent on leave is not necessarily an indication of problems within the company. 

“It doesn’t necessarily imply that anything terrible is happening within the company but this is just a general practice that occurs because they’re at a very senior level within a large group of companies and so they won’t necessarily be able to just immediately,” she said.

NCB investors have been very wary of the company given the lack of dividends and the steep fall in share price. However, following the news of Lee-Chin’s return to the company, NCBFG’s stock price went up 13% closing the week at $73.53.

NCBFG also sought to reassure shareholders that the company will be in good hands with Almeida, who has been a director of NCB Jamaica since 2008 and Sadler, who has worked with the institution for over 20 years.

Chairman Lee-Chin also announced that he will be taking a more active role in the company going forward.