Insurance executive Michael Butt stepped down from his post as a Bank of Butterfield director this week.

Mr. Butt is a director of XL Capital, and has sat on the Bank's board since 1996.

A Bank press release said: "The Directors regretfully accepted the resignation of Michael Butt. Mr. Butt asked to be excused some months ago because his travel schedule increasingly conflicted with meetings of the Board."

To fill the vacancy left by Mr. Butt, the Bank's chairman of the board Dr. James King announced that John Wright has been elected to become the Bank's newest board director.

Mr. Wright was formerly the chief executive officer and director of Clydesdale Bank and Yorkshire Bank. Presently Mr. Wright is non-executive chairman of Edinburgh Fund Managers and non-executive director of MIRVAN Limited in Northern Ireland, of ECGD in London and Bank of Butterfield (UK).