"I am fortunate to work with an outstanding executive team, and recognise that it may take some time to identify a suitable candidate to take over the post of Chief Executive Officer. The Bank is making a sound business decision in beginning the search for a successor -- we are giving ourselves plenty of time," said Mr. Johnston.
Dr. James King, Chairman of the Board of Directors said, "Mr. Johnston has demonstrated outstanding leadership, and his superb knowledge of banking and the finance industry in general has enabled the Bank to achieve the record earnings which have been posted. We are beginning this process now to ensure that there is ample time to consider the candidates and identify one who will best fill this position. The replacement of Mr. Johnston will not be an easy task."
The local and overseas search is being conducted by the London-based executive recruitment firm WhitneyTYZack, and both internal and external candidates will be considered.
Note to Editors:
Bank of Butterfield is a vital community bank in both Bermuda and Cayman and a specialist offshore financial services company. The Bank, established in 1858, offers a full range of banking, credit, investment, treasury, trust and custody services through its headquarters in Bermuda, as well as offices in Cayman, Guernsey, Hong Kong and the United Kingdom.
Bank of Butterfield is a publicly traded corporation with its shares listed on the Bermuda and Cayman Islands stock exchanges. The Bank's share price is published daily in The Royal Gazette and is also available on Bloomberg Financial Markets (symbol: NTB.BH) and The Bermuda Stock Exchange web site: www.bsx.com. Further details on the Bank can be obtained from its web site at: www.bankofbutterfield.com.