Craig Bridgewater is stepping down from his role as Butterfield Bank’s group chief financial officer, the firm announced today.

Mr Bridgewater, who has been in the role since 2022, will be pursuing other opportunities.

He will be replaced by Michael Schrum, who held the post for several years, overseeing Butterfield’s initial public offering in the United States and its New York Stock Exchange listing.

Mr Schrum will retain responsibility for corporate development and group strategy and will continue to serve on Butterfield’s executive committee and board of directors.

Mr Bridgewater will remain available to the senior management team through the end of the year to ensure a smooth transition.

Bri Hidalgo will be the new group chief risk officer. She has been a member of the executive committee, brings over 25 years of international banking experience and most recently served as group head of compliance and operational risk at Butterfield.

Additionally, Meredith Steinhaus has been named interim general counsel while the bank conducts a search for a permanent successor to Simon Des-Etages, who is also leaving the bank for other opportunities.

Ms Steinhaus has been corporate secretary for Butterfield since 2018.

Michael Collins, Butterfield’s chairman and chief executive, was grateful for Mr Bridgewater and Mr Des-Etages’ contributions to the company.

“At the same time, I am pleased that we are able to draw from our deep internal talent pool for these important risk and financial roles,” he said. “Michael, Bri and Meredith are well-known Butterfield executives who have performed well for us over many years and understand the markets in which we operate.”

The appointments are subject to regulatory and immigration approvals.