Mr. Brown takes over from Mr. Arthur Sculley who has held the post for the last three years.
In making the announcement BSX CEO, William Woods stated, "We are absolutely delighted that David Brown has agreed to serve as Chairman of the Bermuda Stock Exchange. Mr. Brown's wealth of experience in the financial services industry both here and internationally, will be a huge benefit to the Exchange. Mr. Brown is well respected as an expert in the insurance industry where he was instrumental in the development of many new financial instruments and we intend to take full advantage of his expertise to further grow and develop the Exchange."
Outgoing Chairman, Mr. Sculley, who will remain on the Board of the BSX, is currently a partner of Sculley Brothers LLC; a private investment firm owned by Mr. Sculley and his brothers John and David. Sculley Brothers specializes in advising and investing in B2B E-commerce companies such as Intralinks, CreditTrade and Techex. In 1997, Institutional Investor named him one of the top twenty people revolutionizing on-line finance. Mr. Sculley joined the Council of the BSX in 1996.
Citing pressing professional responsibilities in the US, Mr. Sculley informed the Council earlier this year of his desire to step down as Chairman and in turn nominated Mr. Brown to the position. "It has been my privilege to serve as Chairman of the Bermuda Stock Exchange for the past three years" stated Mr. Sculley, "and I look forward with great anticipation to working with David Brown and the rest of the BSX Council as we move forward. Mr. Brown has already made a significant contribution to the BSX as a Council member and it was my honour to nominate him for Chairman. "
Mr. Brown is well known in Bermuda as the former President of Centre Solutions (a subsidiary of Zurich Allied AG) and prior to that as a partner with Ernst & Young. Mr. Brown retired in 1999 and is now an independent investor, director/advisor with a number of companies as well as devoting a substantial portion of his time to several not-for profit and philanthropic groups. He is married, with two children and lives in Hamilton Parish.
"I am extremely pleased to assume the role of non-executive Chairman of the Bermuda Stock Exchange from Arthur Sculley, who I believe has done an excellent job of developing the BSX into the internationally recognized exchange that it is today. A number of exciting new challenges lie ahead and I look forward to contributing to the further growth and development of the BSX", noted Mr. Brown.