Investment banker Peter Melhado has been appointed chairman of Sagicor Group Jamaica Limited, effective July 2, 2019.

The announcement was made yesterday during a special meeting of directors of the company.

Melhado succeeds Richard Byles, who was appointed governor of the Bank of Jamaica. Byles stepped down as chairman and director of Sagicor Group, its subsidiaries and all board committees effective June 30, 2019.

The new Sagicor Group chairman will also be appointed director and chairman of Sagicor Life Jamaica Limited and Sagicor Life of the Cayman Islands Ltd, subject to regulatory approvals. He will continue as a director of Sagicor Bank Jamaica Limited, but will no longer serve on the board of Sagicor Investments Jamaica Limited.

Melhado has been a director with Sagicor Group since 2004. He is president and chief executive officer of ICD Group Holdings Limited, an investment holding company with interests in real estate development, general insurance, technology distribution, e-commerce, business process outsourcing, among others.

He currently serves as chairman of the CGM Gallagher Group, West Indies Home Contractors, Social Commerce Inc (Puerto Rico), American International School of Kingston, and Industrial Chemical Company.

His current directorships include British Caribbean Insurance Company, Couples Resorts, IWC (St Lucia), Advantage Communications, Intcomex and Red Stripe. He is a former vice-president of the Private Sector Organisation of Jamaica.