Former government Minister Wayne Panton was named Wednesday as chairman of the Cayman Islands Monetary Authority, replacing his former colleague at Walkers law firm, Grant Stein, in the chairman’s post.
Contacted for comment Thursday, Mr. Panton declined to make any immediate statements about his appointment.
The term of the appointment is from July 21, 2018 to July 20, 2021, according to notices published Thursday in the government gazette.
In addition to Mr. Panton, three new CIMA board members have been appointed; Theo Bullmore, Barry Kroeger and Patricia Teufel. Their terms will also run through July 2021.
Former Island Heritage Insurance Company chief executive Garth MacDonald has been named deputy chairman of the board. While the terms of current board members Patricia Estwick and Judith Watler have been extended.
Mr. Panton served as Cayman’s Minister of Financial Services, Commerce and Environment during the Progressives government’s prior term in office between 2013-2017. He lost his re-election bid in Newlands district in May 2017.
He has extensive experience in both the financial services and legal professions in the Cayman Islands, becoming a partner at Walkers in 1997, eventually becoming a managing partner of the firm’s structured and asset finance practice before his retirement in 2011.
The monetary authority serves as the regulator for Cayman’s banking, insurance, securities brokerages and investment companies, money services and trusts sectors.