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Karen Darbasie remains the substantive group CEO of majority state-owned First Citizens Group Financial Holdings until October 21, 2025, when she will retire. That is according to an all-staff memorandum issued by the bank’s chairman, Anthony Smart, following a special board meeting held yesterday. The all-staff memorandum, which was seen by Guardian Media, states, “Our group CEO Karen Darbasie, has proceeded on approved vacation leave for the period August 21, 2025, and will retire effective October 21, 2025.”
The memo, in which Smart addressed the over 1,400 employees of the bank on behalf of its board, refutes a report in yesterday’s Trinidad and Tobago Newsday that Darbasie had tendered her resignation as group CEO “in a sudden and unexplained move” and that her resignation had been submitted to Corporation Sole, Minister of Finance Davendranath Tancoo, on August 20. Sources confirmed to Guardian Media that Darbasie did not submit a letter of resignation.
On April 4, 2025, First Citizens issued a material change notice announcing that the board of the company had taken the decision on March 28, 2025, to appoint Jason Julien as the new group CEO to replace Karen Darbasie upon her retirement.
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