New CIMA head

Cabinet has appointed Carlyle McLaughlin Jr. to replace Tim Ridley as chairman of the Cayman Islands Monetary Authority effective 27 July.

In addition, Cabinet appointed two long-standing financial industry professionals – Harry Chisholm, and Richard Harris – as new directors to the CIMA Board. They fill the directors’ vacancies left by Mr. Ridley and overseas-based director Richard Rahn, whose term also expires on 26 July 2008.

Mr. McLaughlin, who has been a CIMA director since 2005, joins Adriannie Webb and Joel Walton as returning directors. Mr. Walton remains CIMA’s Deputy Chairman.

Announcing the changes, Financial Secretary Kenneth Jefferson, said Cabinet noted the outstanding contributions Mr. Ridley had made to CIMA since his appointment to the board in 2002 and during his time as the Chairman from 2004.

‘The Cayman Islands Government and the Portfolio of Finance and Economics appreciated the high standard of professionalism, acuity and vigour with which Mr. Ridley discharged his duties in this very demanding role,’ Mr. Jefferson said.

The financial secretary also acknowledged Mr. Rahn for his service to CIMA’s Board since 2002, noting that Government was additionally appreciative of Dr. Rahn’s public advocacy efforts in his personal capacity on issues of concern to the Cayman Islands.

The Financial Secretary welcomed the appointments of Mr. McLaughlin as the Board Chairman and Messrs. Chisholm and Harris as new directors, saying they had extensive experience and expertise in the financial industry.

Prior to Mr. McLaughlin’s appointment as a CIMA director he spent 25 years with Ernst & Young, retiring as a senior partner. He is currently a director on the board of the Cayman Islands Turtle Farm and chairs the Audit and Finance Sub-committee of CIMA’s Board.

Mr. Chisholm retired in December 2007 as vice president and Cayman Islands Area manager for Royal Bank of Canada, with which he had worked for 42 years. Mr. Harris retired from PricewaterhouseCoopers as a partner in 2004 after 34 years with the company and its predecessor.

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