Gerald Simons has retired as chairman of the board of the Bermuda Monetary Authority, and will be succeeded by Jeremy Cox.

Other departures from the board are deputy chairman Allan Marshall and Peter Hardy.

Mr Simons has served on the board of the BMA for nine years, six of them as chairman.

Mr Cox was chief executive officer of the BMA. That position has now been combined into the role of executive chairman. He will be executive chairman for the next three years.

Mr Simons said: “Serving on the board of the BMA has been an honour and a privilege. It gave me a unique perspective of financial services. I have been impressed by the dedication of the board and the expertise and commitment of staff of the Authority at all levels.”

Mr Cox thanked the departing board members and wished them well in their future endeavours.

Mr Marshall has been a board member for six years, while Mr Hardy has served for three years.

Donald Scott, former secretary to the Cabinet and head of Civil Service, and financial secretary, has been appointed to the role of deputy chairman.

It was also announced that James Newsome and Francine Mason joined the board of the BMA late last year. Dr Newsome is a former chairman of the US Commodity Futures Trading Commission, and was CEO of the New York Mercantile Exchange. Ms Mason is a certified public accountant who has two decades of experience working in Bermuda’s trust sector.