BBDC Announces Board Of Directors

The Bermuda Business Development Corporation [BBDC] announced the slate of persons to be appointed to the Board of Directors upon its merger with Business Bermuda.

The Board has been drawn from across Bermuda’s private and public sectors and will serve for an initial term of one year starting on the effective date of the merger which will occur in April 2013.

The membership of the Board will be as follows:

• Kiernan Bell – Managing Partner of Appleby Bermuda
• Lawrence Bird – Managing Director Marsh Bermuda and Chairman of the Bermuda Insurance Management Association
• Wayne Caines – Chief Executive Officer of Digicel Bermuda
• David Cash – Chief Executive Officer of Endurance Specialty and Chairman of Business Bermuda and ABIR representative
• Rees Fletcher – Division President ACE Bermuda and Bermuda First representative
• Caroline Foulger – Independent Director and Interim Chair of the BBDC
• Richard Moseley – Chief Executive Officer of HSBC Bermuda
• Allan Pelvang – Country Head of Fidelity Bermuda and ABIC representative
• Paul Scope – Chairman and CEO of JLT Park Ltd.
• Derek Stapley – Independent Director, Director of ISIS Foundation and Chairman of Cambridge Beaches Bermuda
• Allison Towlson – Chief Operations Officer ACE Bermuda and Chair of the IDC
• Ross Webber – Permanent Secretary of the Ministry of Economic Development

The Board of Directors will be increased to include the Chief Executive of the Bermuda Business Development Corporation at the time of that individual’s appointment. The Chairman of the Board of Directors will be elected by a vote of the Board in April 2013.

David Cash, the Acting Chairman of the Board of Directors commented, “We are extremely grateful to these individuals for volunteering their time and expertise in support of the BBDC and Bermuda.

“The Board represents an impressive cross section of business executives each bringing their own unique experiences and passion for Bermuda to the BBDC. We are excited to have this collection of business leaders participating in such an important endeavour.”

“The nominations committee sought to ensure an appropriate and balanced representation on the Board, given the current and potential GDP drivers in the economy”, a spokesperson said. “In selecting the executive, the BBDC focused on good governance with an emphasis on skill-set, expertise, commitment, and a passion for the growth and success of Bermuda.”

Mr. Cash commented, “We were delighted with the number of people and organizations who volunteered for the Board. One of our biggest challenges was saying a respectful “no” to many potential Board members as we needed to keep this initial group nimble and focused.

“Future directors will be elected by the members. We sincerely hope that all those who expressed an interest in joining the Board continue to collaborate with the BBDC particularly through the industry focus groups.”

“The BBDC has been facilitating industry focus groups across a number of stakeholder sectors such as Insurance Linked Securities, Trusts, Asset Management and Banking”, the spokesperson said.

“The purpose of these groups is to gather important business information, generate initiatives and collate feedback, so that the Board can make informed decisions.

“Following the BBDC launch meeting at the Fairmont Hamilton Princess in January 2013, many industry groups and associations have already submitted plans and suggestions to further their respective business initiatives.

Dr. Grant Gibbons, Minister of Economic Development, commented: “I am very pleased to see the BBDC starting to take shape and this Board gather leaders who have a passion for our island.

“The Ministry will provide as much assistance and support to the BBDC as we possibly can. The Ministry is committed to the generation of jobs and re-energising our economy.”

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