Butterfield’s Brendan McDonagh To Step Down
The Bank of Butterfield announced that Brendan McDonagh, Executive Chairman, has informed the Board of his plans to step down from his post at the Company, effective immediately.
“Mr. McDonagh has agreed to continue to be available to the Board and the Bank’s senior management to ensure a seamless transition,” the Bank said.
“Mr. McDonagh joined Butterfield in April 2012 as a Director and Executive Chairman, and was appointed Chairman and Chief Executive Officer in August 2012. During his tenure, Mr. McDonagh presided over a significant turnaround of Butterfield’s performance.
“For the full year 2011, Butterfield reported Net Income of $40 million, compared with $79 million for the first nine months of 2015. Return on common shareholders equity has improved from 3% at the end of 2011 to 15% at 30 September 2015. The improvements were achieved despite headwinds from a low interest rate environment and lagging economic recovery in key markets.
“During McDonagh’s tenure, Butterfield completed the acquisitions of Legis Group Holdings’ Guernsey-based trust and corporate services business and HSBC’s corporate and retail banking business in the Cayman Islands. Both of these acquisitions allowed the Bank to expand and complement its existing business and further establish itself in those lines of business.”
Barclay Simmons, formerly Vice Chairman and who was appointed to the position of Non-Executive Chairman, said, “Brendan’s experience and leadership over the last several years have played a critically important role in improving the Bank’s performance and generating improved shareholder returns.
“Brendan focused on improving the Bank’s operational focus as well as investing in growth and managing risks and expenses. We appreciate Brendan’s many contributions and wish him continued success in his future endeavors.”
Mr. McDonagh commented, “I am gratified by the across-the-board improvement in performance and shareholder value. I am proud of what we have achieved as a team and am confident that I am leaving Butterfield poised to succeed through its next period of growth and prosperity.”
