Butterfield president and CEO retires
-
Brad Kopp: Retired from post as Butterfield Bank CEO
Brendan McDonagh has moved into the expanded role of chairman and chief executive officer of Butterfield Bank after the departure yesterday of Bradford Kopp.
Mr Kopp had been president and CEO of Butterfield for the past two-and-a-half years, having joined the bank in 2009 as CFO.
Butterfield announced yesterday that Mr Kopp had retired and executive chairman Mr McDonagh was appointed chairman and CEO effective immediately.
When asked the reason for Mr Kopp’s retirement, a Butterfield spokesman said: “Mr Kopp advised the board of his decision to retire, which the board accepted effective today [Friday].
“Mr McDonagh, who was previously executive chairman, has accepted the expanded role of chairman and chief executive officer and will, therefore, continue to serve as an executive director and chairman of the board, whilst also taking on overall management responsibility for the local and international business of the bank as its highest-ranking executive.”
The spokesman said Butterfield would not have an executive with the title of president going forward.
In a statement announcing Mr Kopp’s retirement yesterday, Butterfield said: “The bank’s board of directors wishes to thank Mr Kopp for his many contributions to Butterfield.
“As chief financial officer, Mr Kopp played a key role in the 2010 recapitalisation of the bank.
“During his tenure as president and chief executive officer, Butterfield returned to profitability and now is well positioned for future growth.”
Mr Kopp is a Harvard Business School graduate and former CEO of ABN Amro North America.
According to a 2010 financial report, Mr Kopp bought $1.5 million worth of shares at $1.21 apiece while at Butterfield, in connection with the injection of new capital on March 2 of that year.
Mr McDonagh, an Irishman and former head of HSBC North America, was brought on in January to lead Butterfield’s continued turnaround.
He’d served as executive chairman since May 1 when he was elected to the Butterfield board of directors along with Carlyle executive Olivier Sarkozy.
The bank’s previous non-executive chairman, Robert Mulderig, retired at that time.
Mr McDonagh said in a previous interview with The Royal Gazette that he saw his executive chairman role at the bank as a full-time “extra pair of hands”.
“The board felt at this period in time it would help tremendously to have somebody as executive chairman who was much more involved in the day-to-day operations in terms of setting strategy,” he said.
Carlyle Group and the Canadian Imperial Bank of Commerce each own 18.6 percent stakes in Butterfield.
Need to
Know
2. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
3. Users who violate the Terms of Service or any commenting rules will be banned.
4. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
5. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
Comments
You must be registered or signed-in to post comment or to vote.
Published Sep 1, 2012 at 6:36 am (Updated Sep 1, 2012 at 6:35 am)