Matthew Copeland has stepped down from his position as chief executive of the Regulatory Authority of Bermuda.

In a statement the RA said Mr Copeland’s departure took effect immediately.

The organisation is responsible for the regulation of the telecommunications and energy sectors, and will soon be responsible for regulating the fuel and broadcast industries.

Since it was created in 2013 it has had three permanent chief executive officers. They have all departed before completing two years at the helm of the RA.

Mr Copeland took up the position in March 2016.

Angela Berry, chairwoman of the authority, responding to a question from The Royal Gazette, said the reason for Mr Copeland’s departure was a personal employment matter. She added: “We have parted on good terms.”

Ms Berry said the board thanked Mr Copeland for his service and wished him well in his future endeavours.

“The commissioners will use this opportunity to consider the future strategy and direction of the Regulatory Authority to ensure we are in a strong position to move forward. This is a new era for the Authority with additional industries being regulated,” she said.

“We will begin the recruitment process for a chief executive shortly, and in the interim, commissioner Aaron Smith will step in as acting chief executive, after resigning his position as commissioner to do so.”

The RA advertised for new commissioners on February 7. In a statement yesterday it said Mr Smith has a strong background in IT solutions and telecommunications with more than 25 years experience, internationally and in Bermuda.

Ms Berry said the authority’s commissioners serve staggered terms and two of those terms will soon expire, hence the need to invite applications of interest.

The RA’s first chief executive was Philip Micallef, who led the organisation for almost two years, between 2013 and late 2014, before resigning for personal reasons and returning to Europe. He was followed by Robert Watson who took up the role in January 2015 and resigned for personal reasons nine months later.

Kyle Masters twice acted as interim CEO following the departure of Mr Micallef and the appointment of Mr Watson, and again between the departure of Mr Watson and the appointment of Mr Copeland. Mr Masters, who was the RA’s legal and regulatory advisor, left the authority in 2016.

When asked if she was concerned by the turnover of chief officers during the past five years, Ms Berry said: “The Regulatory Authority has evolved since its inception and new industries are being regulated. The sectors that we govern have themselves evolved with emerging technologies and new markets.

“Within a dynamic and changing environment such as this it, is not unusual to have a change of leadership as the needs of the organisation develop. Mr Copeland served two years with the RA; not a short term.”