Karen Darbasie, the trailblazing CEO of First Citizens Group, has officially retired after nearly a decade of leadership. Her departure was confirmed through a legal notice published on the Trinidad and Tobago Stock Exchange’s website on October 28, 2025. The notice stated that Darbasie’s retirement took effect on October 21, 2025, marking the end of her tenure that began in April 2015 when she succeeded Larry Nath. Notably, Darbasie was the first woman to hold the position of CEO in the history of First Citizens Group.
Darbasie’s retirement follows a period of significant organizational changes within the company. On August 21, 2025, she commenced approved vacation leave, as announced in an all-staff memorandum by then group chairman Anthony Smart. During her absence, Jason Julien, the group deputy CEO, assumed the role of acting CEO. The transition occurred amidst broader concerns about the bank’s operations, as hinted by Finance Minister Davendranath Tancoo on August 22. Subsequently, a new board was appointed to First Citizens Holdings, the majority shareholder of First Citizens Group.
In a surprising turn of events, the entire board of directors resigned on October 7, just one day before a special general meeting scheduled to elect a new board and CEO. The meeting on October 8 resulted in the appointment of a new board led by chairman Shankar Bidaisee, who also serves as chairman of Udecott and First Citizens Holdings Ltd. Jason Julien remains in the acting CEO position as the organization navigates this transitional phase.
Darbasie’s legacy includes not only her groundbreaking role as the first female CEO of First Citizens Group but also her appointment as president of the Bankers Association of Trinidad and Tobago (BATT). Her retirement marks the end of an era for the financial institution, which now faces the challenge of maintaining stability and continuity under new leadership.