Sookoo retires as RBC CEO

RBC yesterday announced that with Sookoo deciding to retire, “Kirk Dudtschak, currently President, Caribbean Banking will assume the role of Executive Vice-President and Head, Caribbean Banking.”

Although Sookoo is retiring as CEO, he will continue to sit on the Board of RBC Financial (Caribbean) Limited, the holding company for RBC’s Caribbean business, and has agreed to remain available as an adviser to its leadership team.

Dudtschak joined RBC in 1986 and has held a variety of senior and executive roles since then. As President, Caribbean Banking, he has worked alongside Sookoo over the last 18 months to strengthen the performance of the business and position it for sustainable growth. Previously, Dudtschak held a variety of senior positions within RBC’s branch network and head office, with experience in strategy, human resources, sales, operations and risk management.

Responding to Newsday’s question about the upcoming change in leadership, RBC Royal Bank noted that Dudtschak, who is based in Toronto, Canada, “will be responsible for driving the overall strategic direction and business performance of Caribbean Banking, while also ensuring close and effective collaboration between the Caribbean business and the rest of RBC.”

The bank also told Newsday that reporting to Dudtschak will be Rob Johnston, Head, Caribbean Markets and Personal Banking, who is based here in Trinidad and Tobago. “Johnston will lead the five markets in the Caribbean and play a key role in driving the day-to-day success and performance of Caribbean Banking overall. In addition to his role, Rob will also serve as CEO of RBC (Financial) Caribbean Limited, our holding company and legal entity based in Trinidad,” the bank stated.

In this role, Johnston will be the senior officer accountable for the effective governance and regulatory management of the legal entity, and will act as the chair of the Caribbean Governance Committee (CGC).

Head of Personal and Commercial Banking at RBC, Jennifer Tory, praised the outgoing CEO, describing Sookoo as “a trusted leader who dedicated his career to serving our clients, developing our employees and supporting our communities.

Sookoo, a career banker for more than 35 years, has led RBC’s Caribbean operations since 2008, when RBC acquired the RBTT Group, creating one of the most expansive banking operations in the Caribbean, from The Bahamas in the North to Suriname in the South.

Troy also said Sookoo has “contributed greatly to the growth and development of the banking sector across the region, especially in Trinidad and Tobago. We will miss his experience and expertise, and wish him all the best in his retirement.”

She also shared her opinion on Dudtschak, describing him as “a proven, respected and experienced executive with a deep knowledge of our business.”

“He understands the Caribbean markets and the needs of our clients in the region, and I am confident that he will drive our business towards sustainable, long-term success.”

RBC said Sookoo and Dudtschak will continue to work together in the coming weeks to ensure a smooth leadership transition.

For his part, Sookoo shared his confidence in the bank, stating “As I prepare to retire, I’m confident we have turned a corner in our company.

“We now have strong regional and local leadership in place across all of our markets to take this business forward, supported by RBC’s strength and risk management discipline. I have had a tremendous experience with RBC and have worked with some of the best talent in the industry. I look forward to continuing to contribute to the success of the Caribbean in other capacities.”

Dudtschak also spoke about the upcoming change, saying “This is a great privilege and honour for me. We have a great and diverse leadership team in place supported by a dedicated, loyal and committed workforce who strives to deliver on our clients’ expectations every day.”

“Suresh has been a wonderful colleague,” Dudtschak added, “and I want to thank him for all the work he’s done to get us to where we are, and wish him all the best in the next phase of his journey.”