Conor O’Dea To Retire As Butterfield President & COO and Cayman Managing Director
O’Dea Appointed Non-Executive Chairman of Cayman Board; Will Stand for Election to Group Board at AGM
Hamilton, Bermuda and George Town, Grand Cayman—14 January 2016: Butterfield Group today announced that Conor O’Dea, President & Chief Operating Officer and Managing Director of Butterfield Bank (Cayman) Limited will retire from his executive roles on 26 April 2016.
Upon his retirement, Mr. O’Dea will become Non-Executive Chairman of the Board of Butterfield Bank (Cayman) Limited. The current Non-Executive Chairman, Mrs. Sophia Harris, will be stepping down to make way for Mr. O'Dea, and she has agreed to continue to remain on the Board as a Non-Executive Director.
Mr. O’Dea has also been nominated and will stand for election to the Board of The Bank of N.T. Butterfield & Son Limited (the parent company of the Butterfield Group) as a Non-Executive Director at its Annual General Meeting of Shareholders on 26 April 2016.
Mike McWatt, who is currently Deputy Managing Director of Butterfield Bank (Cayman) Limited, will, subject to Cayman Immigration and regulatory approvals, become Managing Director of Butterfield Bank (Cayman) Limited upon Mr. O’Dea’s retirement.
Mr. O’Dea first joined Butterfield in Cayman in 1989 and was named Managing Director in 1997. He was promoted to Senior Executive Vice President of International Banking in 2011 and subsequently President & Chief Operating Officer in 2015.
Michael Collins, Butterfield’s Chief Executive Officer said, “During Conor’s tenure, Butterfield Cayman has grown significantly from a relatively small bank of about 60 people to become the jurisdiction’s leading, full-service community bank, employing nearly 300 staff. In his role as head of international banking and latterly President & COO, Conor has also successfully overseen the strategic evolution of Butterfield’s European and Caribbean businesses, leading the integration and harmonisation of key functions globally. I would like to take this opportunity to thank Conor for his many contributions to Butterfield over his 26 years with the Bank. I look forward to continuing to work with Conor in his capacity as Chairman of Butterfield Cayman and a member of the Group Board (subject to his election by shareholders).”
Mr. O’Dea said, “Working with my colleagues in Cayman and across the Butterfield Group has been a tremendously rewarding experience. Together, we have grown the business into a highly respected, profitable and progressive financial services company that is well positioned for continued growth. I have had the pleasure of working with great people for the last 26 years and have truly appreciated their loyalty and commitment to growing the Butterfield brand in all of the jurisdictions in which we operate. Obviously, Cayman has been particularly rewarding for me personally and I am grateful to have been given the opportunity to lead Butterfield Cayman for the past 19 years. I am also very appreciative of our shareholders, directors and customers who have all been hugely supportive of Butterfield over the years. Everything changes over time and for me the time has come to retire from my senior executive role and take time to enjoy life at a more relaxed pace. I am delighted to have been nominated for election to the Group Board and to have been appointed Chairman of the Cayman Board, where I will be able to continue to be involved in helping shape the future of Butterfield.”
Notes to Editors:
This Release does not constitute an offer to sell securities, or a solicitation of an offer to buy securities, in any jurisdiction, including without limitation the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. A public offering of securities in the United States, if any such offering is made, will be made by means of a prospectus that may be obtained from The Bank of N.T. Butterfield & Son Limited (“Butterfield”) containing detailed information about Butterfield and management, as well as financial statements.
Butterfield is Bermuda’s first and largest independent bank, and a specialist provider of international financial services. The Butterfield Group offers a full range of community banking services in Bermuda and the Cayman Islands, encompassing retail and corporate banking and treasury activities. Butterfield also provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in the Cayman Islands, Guernsey and the United Kingdom. In Switzerland and The Bahamas, Butterfield provides personal trust and company services. Butterfield is a publicly traded corporation with shares listed on the Bermuda Stock Exchange. Butterfield’s share price is published daily in The Royal Gazette (www.theroyalgazette.com) and is also available on Bloomberg Financial Markets (symbol: NTB BH) and the Bermuda Stock Exchange website (www.bsx.com). Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com.