Butterfield’s Board And Management Changes

July 28, 2015

The Bank of N.T. Butterfield & Son Limited today [July 28] announced the following changes to its Board and Senior Management:

  • Brendan McDonagh, currently Chairman & Chief Executive Officer, has been appointed Executive Chairman. In this role, he will continue to lead Butterfield.
  • Michael Collins, currently Senior Executive Vice President, Bermuda, has been promoted to Chief Executive Officer by the Board of Butterfield. He will join the Board as an Executive Director.
  • Conor O’Dea, currently Senior Executive Vice President, International, has been promoted to President & Chief Operating Officer in addition to his current responsibilities.

From left to right: Brendan McDonagh, Conor O’Dea, Michael Collins

bankofbutterfield 29Jul 2015

All appointments will be effective 1 September 2015 and are subject, where applicable, to regulatory approval.

Brendan McDonagh, Butterfield’s Chairman and Chief Executive Officer, said, “Michael and Conor are highly experienced and have demonstrated their abilities to effect change and deliver results. We are fortunate to have them on our team, and I congratulate them both on their new appointments.”

Barclay Simmons, Vice Chairman and Senior Independent Director, said, “Since Brendan took on the Chief Executive Officer role, he has focused relentlessly on rebuilding value for shareholders through investment in our core businesses, accretive acquisitions and carefully managing expenses and risks. We have been successful in this regard, which is evident in the Bank’s first half 2015 financial results.”

Olivier Sarkozy, Managing Director and Head of Carlyle’s Global Financial Services Group, and a member of Butterfield’s Board of Directors since 2012 said, “The new management structure is a natural evolution that builds upon the momentum that the Bank has so clearly achieved since Brendan took over as Chairman & Chief Executive Officer.

“We were fortunate to have such a deep bench of management talent within the Bank to draw from and, as the Bank’s largest shareholder, very much look forward to supporting our expanded management team as they implement Butterfield’s well thought and clearly articulated strategy.

“On behalf of the Board, I would like to extend sincerest congratulations to all three members of management on this important evolution in their respective careers.”

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Comments (2)

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  1. UM UM says:

    OK, exactly what does this mean? and when do the shares I purchased at $32 get back to that level so I don’t have a loss when selling them to pay my bills Bie

  2. Truth is killin' me... says:

    Shares go up…shares go down. Their price is constantly changing. If you missed the boat then that is your own fault. They don’t always go up or stay the same price. Read the fine print.