National Commercial Bank Jamaica (NCBJ) has embarked on a significant leadership transition by appointing Chief Operating Officer Sheree Martin as interim chief executive, making her the first woman to lead Jamaica’s largest financial institution. This strategic move follows the successful completion of a dramatic turnaround phase that saw annual net profit surge from $6.1 billion to $13.2 billion for the fiscal year ending September 2025.
Chairman Robert Almeida characterized this appointment as a deliberate pivot from ‘disruptive change’ to ‘evolutionary change,’ emphasizing that the bank’s next chapter will be defined by operational discipline rather than grand strategy. Martin assumes leadership following the departure of Bruce Bowen, whose contract concludes in August after steering the bank through what Almeida termed a period of ‘secular decline.’
Despite the remarkable profit growth, NCBJ faces substantial challenges with operational efficiency. The bank’s cost-to-income ratio remains critically high at approximately 81%, far from the board’s target of driving it ‘down into the 60s.’ Operating expenses climbed to $72.6 billion, with staff costs increasing 14% to $30 billion, creating a significant impediment to sustainable growth.
The efficiency drive has been framed in starkly shareholder-focused terms, with internal calculations suggesting that a 10% reduction in group operating expenses could translate into an additional $0.75 per share in quarterly dividends from parent company NCB Financial Group (NCBFG). Almeida directly linked this efficiency gap to Martin’s mandate, noting that her approach will focus on being ‘brilliant at the basics’ to reduce costly errors and rework.
Almeida provided tangible examples of operational inefficiencies, highlighting the substantial costs and client frustration associated with replacing debit cards and rectifying duplicate payments. ‘Every time we make mistakes, it inconveniences the customer and it costs us money,’ he stated, arguing that eliminating routine failures is central to improving both margins and service quality.
The leadership transition occurs against a pressing backdrop of unresolved financial obligations linked to companies associated with NCBFG’s ultimate chairman, Michael Lee-Chin. Noteholders are awaiting payment of US$94 million due December 31, 2025, under a restructured debt arrangement exceeding US$297 million. Lee-Chin recently told employees that repayment options included full settlement, payment during a 45-day cure period, or divestment of his shareholding in NCBFG.
Martin brings over 15 years of senior financial services experience to the role, with the board citing her expertise in strategy execution, organizational transformation, and oversight of critical operational and technology functions. While Martin assumes the interim position, the board has initiated a formal search for a permanent CEO, examining both internal and external candidates, with Almeida emphasizing they have ‘the luxury of time’ due to the strength of the internal team.