Maples Group announced on 1 Dec. that Scott Somerville stepped down as CEO of MaplesFS on 30 Nov. He will be replaced by two new co-CEOs Guy Major and Tyler Kim, who assumed the positions on 1 Dec.
Maples is a legal and professional services firm with a big presence in Cayman. It is also active in other offshore jurisdictions, such as the British Virgin Islands, Ireland, Jersey and Luxembourg. MaplesFS is the division that offers fund services, such as compliance and entity formation and management.
In 2019 the firm’s legal arm, then-called Maples and Calder, and its fiduciary and fund offering, MaplesFS, consolidated under a single brand, Maples Group.
Somerville served as CEO for 15 years, having first joined the company in 2003. A press release issued by Maples praised his contribution to the company.
“His experience in financial services coupled with his global regulatory perspective has made him a respected voice in the industry and with his guidance and insight, we have solidified our position as a preeminent service provider.”
A new era
Somerville, who first relocated to the Cayman Islands in 1996, will stay at Maples for one year to help guide the transition. It’s notable that MaplesFS hasn’t opted to replace Sommerville with a single hire but instead is splitting his role amongst two co-CEOs.
Both Major and Kim are long-term Maples executives and are also based in the Cayman Islands. Major joined Maples Group in 2002 and has been global head of fiduciary since 2014. Meanwhile Kim has been with Maples Group since 2009 and global head of fund services since 2015.
“Their appointment ensures continuity of leadership and positions the organisation for continued success in serving our clients and investing in our people,” said the press release.
Maples has more than 40,000 clients and 2,000 employees across the world.
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