Butterfield Bank Announces Board Changes

April 30, 2020 | 0 Comments

The Bank of Butterfield today announced that Independent Directors Caroline Foulger and Meroe Park have retired from the Board and will not stand for re-election at the Bank’s upcoming Annual General Meeting. Butterfield also announced that its Group Chief Financial Officer, Michael Schrum, has joined the Board as an Executive Director.

A former Partner at PricewaterhouseCoopers Bermuda, Ms. Foulger joined the Board as an Independent Director in 2013, and most recently served on the Board’s Audit Committee. After seven years on the Board, she has decided to commit her time to other non-executive roles.

Ms. Foulger is a Fellow or Member of several professional bodies, including the Institute of Chartered Accountants in England and Wales, Institute of Chartered Professional Accountants of Bermuda, and the Institute of Directors, and holds directorship positions with several listed and private companies.

Ms. Park, who was Executive Director of the United States Central Intelligence Agency prior to joining Butterfield’s Board as an Independent Director in 2017, most recently served on the Board’s Risk Policy & Compliance and Compensation & Human Resources Committees.

In December 2019, Ms. Park was appointed to the full-time role of Deputy Secretary and Chief Operating Officer of the Smithsonian Institution in Washington DC, a position which does not afford her the opportunity to continue to serve as a Butterfield Director.

Group Chief Financial Officer, Michael Schrum

Michael Schrum Bermuda April 30 2020 TWFB

Mr. Schrum has served as the Bank’s Group Chief Financial Officer since September 2015. He was previously Chief Financial Officer at HSBC Bank Bermuda. He has more than 20 years of financial services experience in London, New York and Bermuda, mainly in banking, insurance and tax.

He joined HSBC in Bermuda in 2001 and held progressively senior positions within the bank’s commercial banking, strategy, and finance divisions. He is a Chartered Financial Analyst and a Fellow of the Institute of Chartered Accountants in England and Wales and also holds a Master’s degree [University of London] in Economics. He is a Director of Ascendant Group Limited, Chairman of the Bermuda Foundation, and serves as Bermuda’s Honorary Consul for Denmark.

Michael Collins, Butterfield’s Chairman and Chief Executive Officer, said “I would like to thank Caroline and Meroe for their many contributions to Butterfield’s Board during their tenure.

“Caroline served on the Board during an important time of change for the Bank, helping oversee the post-financial crisis rebuilding of the balance sheet, and our transition from private equity control to being an independent, widely-held NYSE-listed company. Her insight, dedication and counsel at the Board were invaluable during that transition.

“Meroe joined us following our initial public offering in the US and, with her leadership background and cyber security knowledge, helped us put a renewed focus on many personnel and technology-related aspects of the Bank’s businesses. She provided valuable input and oversight regarding Butterfield’s 2018/19 Deutsche Bank and ABN AMRO acquisitions, which transformed our global trust operations and our banking footprint in the Channel Islands.

“As Group CFO, Michael has worked closely with our Directors over the years, and on their behalf, I welcome him to the Board, where I know our deliberations will be enhanced by his robust experience in banking and thorough knowledge of Butterfield’s operations around the world.”

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