In a sudden shakeup at one of Trinidad and Tobago’s largest financial institutions, long-serving executive Richard Sammy has departed Republic Financial Holdings Ltd (RFHL) just 90 days before he was set to assume the role of president and chief executive officer, bringing an 18-year tenure with the group to an unexpected close. RFHL confirmed the exit in an official announcement Thursday, noting that Sammy left the organization on the prior Wednesday.
According to local reporting from The Express, Sammy’s departure was not the result of a forced termination or voluntary resignation, but rather a mutually agreed separation between the executive and RFHL leadership. Sammy was one of three group vice presidents appointed in 2022, and was tapped by the organization on January 30 to succeed outgoing CEO Nigel Baptiste, with his leadership transition scheduled to take effect on January 1.
Following Sammy’s exit, the group has named fellow vice president Karen Yip Chuck as the incoming president and CEO, set to take office on the same scheduled January 1 date, pending final approval from financial regulators. Yip Chuck currently also holds the position of president at the Trinidad and Tobago Chamber of Industry and Commerce, a role she assumed in late April.
In a public statement released Thursday, Sammy expressed gratitude for his nearly two decades with the organization and extended well wishes to the group moving forward. “I treasure the strong relationships I have built with our customers, the executive leadership, and the entire Republic family,” Sammy said. “It has been my privilege to serve and I wish the Group every success in the future.”
RFHL chairman Yashmid Karamath praised Sammy’s tenure, highlighting his commitment to the firm’s core values. “Richard is a man of unquestionable integrity. Throughout his 18-year career with Republic he has been guided by his deeply rooted values and the best interests of the Group,” Karamath said. “We wish him the very best as he moves forward to a bright future.”
Outgoing CEO Nigel Baptiste echoed that praise in a circular sent to all RFHL staff Thursday, noting that Sammy joined the group on March 1, 2006, and calling his tenure “outstanding.” “During his 18-year career with our Group, Richard has served the Group with unquestionable integrity and unwavering passion,” Baptiste said. “He has, at every turn, been guided by the best interests of the Group, serving selflessly as an ambassador for the organisation’s core values.”
Baptiste emphasized that Sammy’s work had been instrumental in driving RFHL’s expansion and performance across local, regional, and international markets, adding that the executive had prioritized supporting employees, customers, and the group’s long-term sustainability initiatives. “On behalf of the board of directors and our entire wider RFHL family, I would like to personally thank Richard for his tremendous contribution and wish him the very best as he moves forward to a bright future,” Baptiste added.
Sammy’s departure comes amid a broader wave of leadership changes across Trinidad and Tobago’s major banking sector, as the government revises its oversight of state-linked holdings in the financial industry. Public records from RFHL’s most recent annual report list the National Investment Fund Holding Company Ltd as the firm’s largest single shareholder, holding a 29.92% stake, while the National Insurance Board (NIB) held an 18.81% stake prior to last month.
Just four weeks before Sammy’s exit, NIB increased its stake in RFHL to 21.5% after purchasing an additional 4.43 million shares. If the National Investment Fund’s shareholding has not changed, the two state-backed entities together hold a controlling majority stake in the financial group.
Last year, Finance Minister Davendranath Tancoo announced a series of board overhauls for two of the country’s largest lenders: First Citizens Bank and Republic Bank Ltd, a subsidiary of RFHL. The changes included replacing a majority of sitting directors at Republic Bank. Since that announcement, both institutions have seen senior executive turnover.
Most recently, Jason Julien stepped down as group CEO of First Citizens on August 31. Julien, 50, had assumed the top role in October 2025 following the retirement of predecessor Karen Darbasie, after serving as deputy CEO starting in 2015. Sana Ragbir has since been appointed acting CEO to lead First Citizens on an interim basis.