Mr. Trimingham was appointed to the Board in 1969 and has served on the Board's Finance, Compensation, Nominations & Governance and Centennial Trust Committees. During his Chairmanship, the Bank grew from a Bermuda bank with a net income of $20.19 million, total assets of $3.3 billion and 1,150 employees and four overseas offices, to a recognised leader in the offshore financial services world with a global network of 2,845 employees spanning 15 financial centres, total assets in excess of $10 billion, and net income of $106 million.
"It has truly been an honour to have been Chairman of this exceptional Bermudian organisation over the past decade and a half and to see it evolve into the global leader it now is. I think we have done well for the Shareholders, our employees, and Bermuda as a whole," said Mr. Trimingham.
The Board of Directors today appointed Mr. Joseph Johnson, President & CEO of American International Co. Ltd., as the new Chairman. Mr. Johnson, a Director since 1985 and Deputy Chairman since 1998, commented that "Mr. Trimingham held the Chairmanship through what is
perhaps the most dynamic period in the Bank's history. Certainly, no small measure of the Bank's success must be attributed to Mr. Trimingham's steady leadership during those years."
Mr. Henry Smith, President and CEO of the Bank, singled out the role Mr. Trimingham has played in evolving the corporate governance of the Board. "The role and organization of the Board has been significantly strengthened and is a very critical aspect of the Bank's overall success. Mr. Trimingham has overseen many changes within the structure of our Board to ensure the highest standards of governance. One of his objectives throughout his Chairmanship has been to enhance the Board's working partnership with Management. He can be very satisfied that he leaves the Board and the Bank well positioned for the future."
Mr. Trimingham steps down six months before reaching the mandatory retirement age of 70. "The Bank is about to embark on a very exciting new stage of its very successful 111 year history," said Mr. Trimingham. "A major target of mine has been the 60/40 exemption. Now that is achieved, we should go forward with the new team without changing horses in mid-stream. The listing on the Nasdaq exchange is the start of a new era for the Bank and I think it only proper that the new Chairman, whom I may say is eminently qualified in all respects, be firmly in place right from the start of that process."
The Bank announced that it will be creating a new scholarship in recognition of Mr. Trimingham's very significant contributions to the Bank and to Bermuda. Details will be announced at a later date.
The Board also appointed Mr. Paul Leseur as Deputy Chairman. Mr. Leseur joined the Board in 1976 and serves on the Board's Finance, Audit, Compensation and Centennial Trust Committees.