Bermuda Business Development CEO Is Named

June 26, 2013

The Bermuda Business Development Corporation [BBDC] announced today [June 26] that it has named Stephen E. Lund as Chief Executive Officer.

Canadian Mr. Lund is expected to join the BBDC in mid-August and be responsible for leading, developing and executing a growth strategy that aligns with the goals of the organisation to grow and sustain international business and create on-island jobs.

Caroline Foulger, Chair of the BBDC said, “Our focus from the beginning has been on finding the most talented and experienced executive in the marketplace today who has the proven experience to help us create and lead a new organization that will drive international business growth, attract capital and create jobs in Bermuda. Stephen Lund has an exceptional track record as the CEO of Nova Scotia Business Inc. in doing just those things and we are delighted to have him join our team.”

Mr. Lund, 55, has 30 years of business experience which includes five years’ experience working in Bermuda. Mr. Lund has been the CEO of Nova Scotia Business Inc. [NSBI], Nova Scotia, Canada’s business development agency, since its creation in 2001.

Before joining NSBI, Mr. Lund was vice-president of Working Ventures Canadian Fund, Canada’s largest national venture capital where he led investing activities for the fund in Atlantic Canada.

His time in Bermuda included working with the Bank of Bermuda and Butterfield Bank. In 2011, he was inducted into “Atlantic Business Magazine’s” prestigious Top 50 CEO Hall of Fame, and was recognised by the Dublin-based publication, “Financial Centres International”, as one of the top 500 most influential people in financial centres worldwide.

“Bermuda is a highly respected international business centre with a reach that extends far beyond its shores,” said Mr. Lund. “I am looking forward to returning to Bermuda to lead the BBDC and to work with Bermuda’s business sector and the government to enhance Bermuda’s competitiveness in the global economy.

Minister of Economic Development, Dr. Grant Gibbons said, “We are in a highly competitive world that requires new ideas and thinking. We need the best, most experienced executives to help lead our efforts. Everyone in Bermuda, and particularly in government, is committed to expanding the workforce and jobs available to Bermudians. We are excited that the BBDC has been able to attract someone of Stephen’s caliber.

“His independent perspective when combined with his experience with Bermuda and more recently, his success in Nova Scotia will be critical to ensuring that we have the right resources, strategies and tactical approach to help Bermuda attract international business and grow our economy. We welcome him to Bermuda again and look forward to his leadership of the BBDC.”

Mr. Lund was selected after a global search was conducted in which the BBDC received 180 applications from candidates in Bermuda and from around the world.

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Comments (16)

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  1. justsayin says:

    Mr. Lund,

    I hope you are smart and have some common sense because common sense, leadership and intelligence are not that common amongst leaders in this country. I hope you bring a wealth of knowledge and help to improve Bermuda.

  2. skeptic says:

    This has the appearance of an unfortunate choice. The person being hired is non-Bermudian, had little grasp of the Bermuda market and product when previously in Bermuda, has represented business development in a jurisdiction that is declining in economic significance more than most parts of Canada, and hopefully will not have access to a war chest of tax incentives to lure business in. I just hope that we have done our due diligence carefully, have checked and double checked references, and have thought about Bermudian prospects very carefully before doing this.

  3. DreamCatcher says:

    I agree Skeptic. I can imagine the CEO introducing himself representing Bermuda and asked where are you from? 5 years working in Bermuda? I know there is a qualified Bermudian overlooked again. Where did Cheryl Packwood fall short? With her Harvard Law Degree and CEO posts and other qualifications?

    • Zombie Apocalypse says:

      What makes you think Cheryl Packwood ‘fell short’? She retired.

  4. Muff diver says:

    No Bermudian qualified? What we go to university for?

  5. Triangle says:

    Three sides to every story.

  6. SMH says:

    OBA promised 2000 jobs. 1999 to go. they didn’t promise it would be for Bermudians only

  7. Small island mentality says:

    OBA you couldn’t influence this outcome so that an experienced IB Local sells Bermuda to overseas investors?

    when will locals be good enough?

    When we are shipped to court street to live on top of each other for $10 a week right?

    Ridiculous choice.

  8. Bermewjan says:


  9. stuckin1965 says:

    My name says it all….

  10. Displacing Bermudians one at a time says:

    It’s very disappointing to learn that amongst all of the Bermudian applicants, there was not one who was either suitably qualified, or more importantly, WORTH INVESTING IN. I’ll be watching with great interest during the coming weeks to see if the BBD Board announce the appointment of a Bermudian understudy – if not, Immigration’s policies and practices are at odds with one another.

    What message does this send to younger Bermudians who are in the throes of beginning their professional careers?

    What message does it send to seasoned Bermudian professionals who were hopeful that the blood, sweat and tears they have already invested in their careers could land them this type of opportunity?

    I would be far more disappointed if the BBD Board was comprised of Bermudians, who after deliberations, made this decision. Unfortunately, this decision was predictable from the outset based on the composition of the BBD Board.

    It is indeed an extremely sad day when the prime ambassador for Bermuda Business Development is not a Bermudian.

  11. Scoalsy says:

    Another Canadian in charge of our money, Haven’t we learned yet!!!!!

  12. reality check says:

    This is simple really. That guy was the best one for the job. CP resigned and they recruited. We need the best person possible to help develop Bermuda. Dont you think “polticially” they would have wanted a Bermudian. They knew people like you all with chips the size of trees on your shoulders would kick off a fuss – but they thought it better to get the best person for the job.

    We as Bermudians have to get over this protectionist irrational and bizarre behaviour of assuming we are entitled.

    I am glad they picked a world class CEO out of 180 applicants to try and sort this out. Politics aside its what we need. The PLP also picked oversease experts for various roles – it happens – get over it and over yourselves.

    Also re the comment above on jobs. I have just got a new job in a new reinsurer. I and others like me have not been spouting off about it because now we are working and dont have time to spend the day on websites anymore with sour grapes.


  13. Bermuda123 says:

    These comments were to be expected. A couple of additional thoughts.

    1. The BBDC Board is substantially Bermudian – 9 from 12 are either Bermudian or PRC. This is a fact on record.

    2. The BBDC will be staffing up to meet its objectives. The CEO needs to be hired first.

    3. Given the choice of a job for one Bermudian in this post and the hopefully many more jobs for Bermudians that will result with the right individual in this post bringing business and growth to the island, I think the Board made the right choice.

    • Bermyman says:

      I would like to add to your already good points.

      We need someone from outside who has experience in operating within Foreign economies. Not only does this individual understand the ‘bigger picture’, they also bring a perspective from both on and off the Island in relation to Bermuda. Sure there are qualified Bermudians, but they have all cut their teeth in Bermuda and therefore will be inwardly focused. You need someone with a broad scope of experience who understands the benefits and possible opportunities within Bermuda for Business currently operating outside of Bermuda. That is how you attract new players and capital to the market. I am sure that this person is more than capable.

      Not everything needs to be about PLP/OBA, Black/White or Local/Expat. Sometimes you need to have the right person for the job, who will make a difference no matter where they come from!