Ex-bank boss sues for wrongful dismissal
Ormond Williams
(CNS): Ormond Williams, who was president of Cayman National Bank for more than 15 years before he was unexpectedly fired by its board of directors last November, has filed a legal claim in the Grand Court for wrongful dismissal. According to the court documents, Williams said he was sacked without “proper legal justification” and is asking the court to reinstate him in his job or to force his former employer to pay damages. There are no details in the court filing suggesting why Williams was fired but the long-serving president claims there was no lawful reason for it and his contract has been breached.
Williams was fired at a time when a majority holding in the bank was being acquired by the Republic Bank of Trinidad and Tobago (Barbados) Ltd, which now owns three-quarters of the shares in what was the last remaining Caymanian-owned bank.
At the time the bank’s officials denied that his departure was related to that sale. Stuart Dack, the president and chief executive of Cayman National Corporation, told CNS that he could not state why the long-serving president had “parted company” with the bank as Williams was seek legal advice about his termination.
In an official statement at the time of his departure, Dack wished Williams well, saying, “During his time with Cayman National, Ormond has been the leader of CNB and accomplished much during his tenure.”
Last month, the former chief of Deutsche Bank (Cayman) Limited, Janet Hislop was appointed as Williams’ replacement.
Category: Banking & money, Business
While it might or might not be applicable to this specific situation I thought it important to share some thoughts on leadership from an article that I found online a few years ago…..
Leaders without vision will fail. Leaders who lack vision cannot inspire teams, motivate performance, or create sustainable value. Poor vision, tunnel vision, vision that is fickle, or a non-existent vision will cause leaders to fail. A leader’s job is to align the organization around a clear and achievable vision. This cannot occur when the blind lead the blind.
As for me, I am pulling my business from CNB, small as it is. Mr. Williams is the only one who treated me with any consideration when I needed it and I am an excellent customer of the bank. It is time for me to move on too.
Why are the court filings not stating why Ormond was fired?
Why is the reason for his firing being hidden by Ormond? do not give us some of the facts we want all the facts.
“Proper Legal Justification” do not explain the reason- we want the reason in lay man terms.
Republic Bank would not be buying Cayman National Bank now, if Orman Williams had done an exemplary job. This Bank did not perform as well over the last 15 years as it should have, but Williams was handsomely compensated while shareholders returns were less than industry standards and hardworking staff struggled. He should have been sent packing at least 12 years ago.
You have raised some very important points that I suspect have been overlooked by many people. While we might like someone personally that individual might still be inept and incompetent as it relates to the discharge of their professional responsibilities. The board of directors might have taken and look and the competitive position of the bank today as compared to 15 years ago and they might have arrived at the conclusion that it was time for a change in direction. While we can only speculate the board of directors knows why they made the decisions that they made.
So why would a bank pay 2X the value if it was not performing well? I would like to see your investment portfolio.
12:12 Foreign Exchange in atrinudad is controlled by the Government. An external acquisition of this type provides the Bank with a hell of a sourccevif Fireign Exchange.
No employer in the world will dismiss a competent, productive employee who is respected and liked by his/her colleagues. In fact they will bend over backwards to keep them, particularly if the employee is Caymanian; no sensible employer wants to pay unnecessary work permit fees if they can hire a Caymanian instead.
Employees who feel sore about being dismissed are often delusional about their abilities and worth, and that mindset is probably a reason they got dismissed. If they were half as good as think, they’d still be there.
So if you’re dismissed, instead of moaning about the behavior of your former employer, take a long hard look at yourself, your ability and your attitude. Ignore that string of qualifications; an unqualified person with a keen approach and the right attitude may well be a more valued employee that you are. Instead, ask what you contributed to the business and how you helped it develop.
Unfortunately I think in this case he was let go for reason but you are wrong about companies holding on to hard working, well liked employees. Case in point was me. I resigned because of someone who worked for the company that caused issues with everyone. That person was never let go so I bailed instead. Obviously I don’t want to give away my identity but let’s just say I am still close to my ex coworkers and that person is still causing problems.
I would like to know why he was canned after 15 solid years. If everything else is being broadcasted, why not the reason/s for his firing??
Because it’s simply none of your business? Not a tax payer funded entity so employee / employer disputes a matter between the employer and the employee?
This is an exchange listed public company, not a private entity.
Yeah buffalo mouth &6:95 pm but he now has brought it to the public domain by suing . Kapish!
Heller have you heard the saying “ All that Glitters is not Gold”?
Do you all really think that a Board of Directors with lawyers on it would be so stupid to wrongfully dismiss a high ranking official, knowing the backlash this could cause and. In the midst of a takeover. Come on now y’all think. Was this man really infallible, did he really work to make the Bank great, there are differing opinions out dere. To those of you who believe the Bank of the Year award is so peachy, have you really looked at how this is done, just saying. So at the end of the day if the firing of the President is proven unjustified, then the Board of the establishment will not only have lost credibility with the courts but also will lose face with an entire customer base.
So let’s see how de cookie Bakes.
this method of ousting employees is out of order and unkind especially when there is no wrong doing on the part of the staff that is being let go. This same thing happened in another high profile bank some years ago and it is a very ugly and poor way of doing business.
What method are you talking about?
Poster seems to object to the concept that an employer can fire an employee without a public debate – noting the presumption that there is no wrong doing on the part of the employee without any knowledge of the basis of the termination.
6:07pm wrong gooong! The poster is objecting to firing of people without cause. Where did you gethour Masters in fool foolishness bredren.
CNS why is this story open for comments? I thought cases before the courts should be closed to comments- not to “bias” the case
CNS: That is true for criminal trials where someone’s guilt or innocence is at question. We close the comment box after they have been arrested. This is a civil case, no arrests have been made, and the sub judice rules do not apply.
Thumbs up for the CNS contribution to the comment.
Let’s hope that the board of directors acted in line with the terms of the contract between Cayman National Bank and Ormond Williams. Let’s also hope that they acted on legal advice as it relates specifically to his termination.
After reading this article one might assume that the board of directors were either displeased with his performance or that they thought that his leadership style and direction were not in keeping with what they wanted for the bank going forward.
Maybe he now realize that we have feelings ……when being let go. Be careful when you you are accending the ladder to success, never know who will break the fall.
It has also been stated another way –
“ one should be careful on the climb up
the ladder because one never knows
who they will have to cross on the way
down”.
I don’t think we should assume anything until the facts are known – if that ever happens One fact we already know is that shortly after his dismissal, CNB made a big announcement bragging about winning the bank of year award – without mentioning that it was under Mr. Williams’s leadership. Ironical!
So who cares