Sonia Baxendale has joined the Butterfield Bank board as an independent director.

She has extensive retail banking and wealth management leadership experience, and held senior leadership roles within Canadian Imperial Bank of Commerce, including six years as senior executive vice-president and president of retail banking and wealth management with responsibility for 28,000 employees serving 11 million clients in Canada, as well as investment management and business banking services for clients in the Caribbean, China and Singapore.

Ms Baxendale is currently the president and CEO of the Global Risk Institute, a think tank and consultancy that provides thought leadership and actionable insights on emerging risks within the global financial services industry. Prior to joining CIBC, she held progressively senior positions with Saatchi & Saatchi and American Express Canada.

She serves on the boards of Foresters Financial, Laurentian Bank of Canada, and RSA Insurance Group, and is the chairwoman of the board of SickKids Foundation and a member of the board of trustees for Toronto’s Hospital for Sick Children.

Michael Collins, Butterfield’s chairman and CEO, said “Sonia is an experienced corporate director who has served in executive leadership roles for one of North America’s leading banks. She has a deep understanding of the retail banking business and wealth management internationally, including relevant experience in the Caribbean.

“As the CEO of GRI, she brings additional useful insight of emerging risk factors affecting the global financial services industry. Her perspective will be invaluable to Butterfield as we continue to pursue growth and build sustainable value for shareholders as the world’s leading independent offshore bank and trust company. We are pleased to welcome Sonia to our board.”

Ms Baxendale’s appointment coincides with the departure of Leslie Godridge, who is stepping down from the board to pursue other opportunities.

Mr Collins said: “I would like to thank Leslie for her service to Butterfield as a Director and wish her the best in her future endeavours.”