Mr. Vaughan-Johnson has held the position since 1994.
Chairman of the Board of the Bank, Mr. Eldon Trimingham, stated that the decision was made at the recommendation of Mr. Vaughan-Johnson. "For both personal reasons and due to the fact that the transitional period for which we had planned was proceeding so well, Mr. Vaughan-Johnson has recommended to the Board, and the Board has accepted, that the effective date of his retirement from the Bank as President and Chief Executive Officer should be advanced."
Mr. Smith was appointed Chief Operating Officer in June 1996, an interim position created to facilitate the transition of responsibility from Mr. Vaughan-Johnson. A Bermudian, he joined the Bank as a management trainee in 1973 and has extensive experience throughout the Bank's operations, including the positions of Senior Vice President, Retail Banking and Executive Vice President, Europe.
Mr. Vaughan-Johnson joined the Bank in 1989 as Senior Vice President and General Manager, Private Banking. He was appointed to the position of President and CEO in April 1994.
"The Bank is enormously grateful to Charles Vaughan-Johnson for leading us through these transitional years", said Mr. Trimingham. "One of his major objectives was to ensure a smooth transition to a highly qualified successor and that could not have been more effectively carried out. We are delighted to have Mr. Smith now taking firm hold of the management of the Bank and our deepest appreciation goes to Mr. Vaughan-Johnson for his commitment to the Bank during this process."