Richard Calderon has resigned as chief executive officer of the Bermuda International Business Association.

BIBA announced on Friday that Mr. Calderon had stepped down to pursue other interests and will leave BIBA at the end of May. Mr. Calderon joined BIBA in 2001 having previously been Director of Tourism.

The organisation is now seeking a replacement for Mr. Calderon and during this interim period, chairman Jeff Conyers will lead and coordinate BIBA's day-to-day operations.

"On behalf of the Bermuda International Business Association, I would like to thank Richard for his hard work and dedication to the organisation. We wish him the best of luck in his future endeavours," said Mr. Conyers.

"As we seek a successor for Richard, I have the utmost confidence in BIBA's current staff, who will continue to work closely with the organisation's members as we focus on effectively promoting Bermuda as one of the world's foremost centres for international business."

BIBA conducted two events last month, including a discussion on hedge fund regulations in conjunction with the 2003 Risk and Insurance Management Society (RIMS) Conference in Chicago and a media tour in New York City, in which representatives from the organisation conducted meetings with targeted financial services reporters at top tier publications.

Commenting on Mr. Calderon's resignation, Cheryl Ann Lister, chairman and chief executive officer of the Bermuda Monetary Authority said: "We have been pleased to work with Richard during his time at BIBA. We found him to be very professional with a good understanding of the Bermuda marketplace."