Communications, has moved to a new role in the company.

He no longer serves as Logic's president, but has become its CEO and the chairman of the board. He also no longer works out of the building, having moved to Stockton House a few weeks ago.

A new president of Logic is expected to be named soon.

Mr. Durhager told The Royal Gazette yesterday that he gave up his daily operating role in order to focus on Coral Capital, the pioneering e-commerce startup which he founded with former Coca-Cola executive Juan Prado, Jr., the son of Juan Prado, Sr. a major stockholder in Bacardi International.

Coral Capital was set up last March via a private electronic commerce act passed by Parliament.

Mr. Durhager has remained tight-lipped on his plans for Coral Capital, disclosing in an interview last year only that it was in the business of processing electronic transactions and completing administrative work for companies on the Internet.

He also revealed that Logic, a sister company to the Bermuda Telephone Company Ltd., was a "strategic partner'' and service provider to Coral Capital and will be working closely with the company.

He said yesterday that in the next few weeks he would be announcing some major developments in connection with Coral Capital, involving "a renaming of the company, a lot of money, a lot of blue-chip Bermuda companies and global organisations''.

"This will be a world class organisation,'' he said, adding, "I am transitioning out of an operating role in Logic.

"I will continue to advise the company strategically and in a governing role as head of the board. A succession plan is in place to allow me to move and we have a lot of very bright people at Logic. I feel very privileged to be able to play a continuing role on Logic's growth.'' Peter Durhager