Butterfield announces board changes

Butterfield Bank has announced that Brian Duperreault, who has been a member of the board since 1996 and non-executive chairman since April 2007, will retire from the board following his appointment as the president and CEO of Marsh.

Robert A. Mulderig, who has also been a member of the board since 1996, has been appointed by the board to take over as chairman. Mr. Mulderig is a former chairman and chief executive officer of Mutual Risk Management Limited. He is also a director of several international financial companies.

Robert J. Stewart, vice chairman, will retire from the Butterfield Bank Board following the bank’s annual general meeting in April. Robert Steinhoff, a director since 2004, has been appointed by the board to fill the post of vice chairman upon Mr. Stewart’s retirement. Mr. Steinhoff is a former senior partner of KPMG in Bermuda and a director of Argus Group Holdings Limited.

Alan R. Thompson, president and CEO of Butterfield Bank commented on the board changes, saying, ‘Having accepted a demanding position as the chief executive at Marsh in New York, Brian Duperreault felt that he could no longer dedicate an appropriate level of time and energy to the Butterfield Bank Board, and he has today tendered his resignation, which was accepted by the board.’