KINGSTON, Jamaica, CMC – Finance Minister Dr. Nigel Clarke on Thursday announced that businessman Richard Byles has been selected as the new governor of the Bank of Jamaica (BOJ).
“In January of this year, I appointed a Search Committee chaired by Mr David Marston to lead an open and transparent search for a new Central Bank governor. I’m very pleased that the search process has yielded an eminently qualified, experienced and credible leader in Mr. Richard Byles to succeed Mr Brian Wynter as Governor of the Bank of Jamaica,” said Clarke.
Byles, who will succeed Governor Brian Wynter as Governor on August 19, has had a 40-year career in business and finance and is an accomplished corporate leader.
He was appointed Managing Director of Pan Caribbean Merchant Bank in 1988 before his appointment as CEO of the Pan Jam group, a leading, diversified conglomerate in 1991.
He led Pan Jam for 13 years before taking over as CEO of Sagicor Jamaica in 2004.
Byles retired as CEO of Sagicor Jamaica in 2017 and was appointed non-executive Chairman in that same year.
In addition, Byles has been Chairman of Red Stripe and a non-executive Director of several other companies.
He was Co-Chair of the Economic Programme Oversight Committee formed to monitor Jamaica’s performance under its agreement with the International Monetary Fund (IMF).
“I have every confidence that Byles will bring to the job of Governor the focused, principled and disciplined leadership that has characterized his career,” Clarke said.
The finance minister says a BOJ subcommittee, led by BOJ General Counsel Karen Chin Quee Akin, has been appointed to assist Byles in the transition including complying with BOJ governance requirements.