(CMR) In a surprising move the new owners of Caymam National – Republic Bank – have removed beloved CNB President Ormond Williams.
Our exclusive CMR sources indicate the decision was made last week and he may be on some sort of gardening leave. A formal announcement is expected to be forthcoming later this week.
Further, he is currently speaking with his attorneys over the terms and conditions of his departure.
We have been advised that the Republic Bank is concerned about further negative publicity after the recent sale of Cayman National. Despite the majority shareholders deciding to sell almost 75% of the bank to the foreign entity it remains an unpopular decision in the local community. Many long term account holders have threathened to move their accounts elsewhere.
Williams was well respected by many in the local community. After serving as President for over 15 years he is also held in extremely high regard by his CNB staff.
This news will come as a shock for many persons who understood that a side agreement had been reached by the new owners and CNB. The side agreement assured locals that no staff changes would be made for the coming years. However, this move now calls the sincerity of the side agreemen into question. Many are fearful of who else may soon be unemployed.
CMR reaches out to CNB for comment but one was forthcoming at the time of this posting.