The board of directors of CIBC FirstCaribbean International Bank has appointed David Ritch as its new non-executive chairman.
Mr. Ritch is the senior partner with law firm Ritch & Conolly, where he has practiced law for the past 30 years.
He joined the boards of FirstCaribbean International Bank Ltd. and its subsidiary FirstCaribbean International Bank (Cayman) Ltd. in 2002 and sits on several of the bank’s committees, including the Audit and Governance Committee. His appointment as chairman follows the retirement of Executive Chairman Michael Mansoor on Oct. 31. Mr. Mansoor was reappointed to the board Dec. 12.
Mr. Ritch is a past president of the Cayman Islands Law Society and has served on numerous government statutory boards. These include the Cayman Islands Currency Board for almost 10 years, chairman of the Port Authority, the Labor Board and Planning Appeals Tribunals, the Trade & Business Licensing Board, the Caymanian Protection Board, the Immigration Board and the Work Permit Board. He also chaired the Immigration Review Team appointed by the Cabinet in 2005 to conduct an in depth review of Cayman Islands immigration law and regulations.
Mr. Ritch is also the current chairman of the board of directors of Caribbean Utilities Company.
The board has also announced the appointment of Brian McDonough as its newest director, to replace resigning director Brian O’Donnell. Mr. McDonough is executive vice-president, Wholesale Credit and Investment Risk Management, at the bank’s parent company, CIBC. He leads CIBC’s Corporate and Commercial Adjudication globally and is responsible for assessment, adjudication and monitoring of credit risk in Wholesale Banking and Commercial Banking for CIBC.
Mr. McDonough joined CIBC in 1983, has held various senior positions in risk management, and was appointed to his current position in July 2008. CIBC FirstCaribbean was formed in 2002 as a merger of the Caribbean operations of CIBC and Barclays Bank.