A former investment banker, reinsurance broker and entrepreneur with lifelong sailing experience has been appointed as the new executive director of the Bermuda Sloop Foundation.

The charity that supports the iconic Spirit of Bermuda said that the appointment of John-Paul Doughty was “pivotal” as the foundation prepares to relaunch its youth development programmes on board the training vessel in 2026.

The BSF, which provides educational voyages on the Spirit for the island’s young people, has struggled through a period of financial instability but recently formulated a strategic plan with the help of the Nonprofit Alliance of Bermuda .

Mr Doughty, when he assumes the role in a couple of weeks, will lead the charity through a phase of strategic and operational renewal, focusing on financial sustainability, programme development and community investment.

While there are no full-time staff in place at present, the board is still active, with Martha Kirkland as chairwoman, and there will soon be a period of recruitment including for a captain of the sloop.

Mr Doughty, known in the community as JP, said that the next chapter for the charity under his leadership will be defined by a focus on organisational stability and a strategic relaunch.

He told The Royal Gazette: “I have an entrepreneurial mindset, and I like complicated problems.

“The fact that the foundation had shrunk to the size that it is now in terms of personnel, the board was in place, they had passed the ship’s safety inspections — all of those factors make it a very exciting prospect.

“Part of me said, it would be a shame to lose this and we almost lost it.

“It fits for me in terms of the challenge, but also the organisation is resilient in that it is in a position to relaunch.”

For close to 20 years, the BSF delivered youth development programmes, providing 13-year-old students in Bermuda with free, weeklong experiential voyages of “self-discovery and teamwork” on the Spirit of Bermuda.

Mr Doughty said that as the foundation prepares to resume the voyages next year, it must be supported by a broader strategy that includes strengthening operations, multiyear career development pathways, strategic partnerships and strong mentorship programmes.

He said: “The organisation has been primarily focused on youth and schoolchildren, which is still the main focus, but in order for it to be sustainable and support the living, breathing asset — the sloop, which is critical to everything — we should look to take a more hybrid approach as we reinvent ourselves.

“Personally, I would like to see the boat engage with the corporate community more in terms of professional development and team-building. I would like it to engage with both the public and private sectors in that regard.

“It could also do more in terms of hospitality and tourism — it is Bermuda’s flagship. It was well positioned during the America’s Cup to take on that role.

“We can look at a different format and make it more commercially viable but the core mission remains the same — we are focused on young people.

“The picture is still unclear because a lot of those middle school programmes relied heavily on donations and the ability for staff and crew to implement them.

“It requires a large amount of infrastructure, especially if they are going out to sea and we have to make sure that it is secure in providing that infrastructure.”

Mr Doughty said raising funds was not so easy in today’s climate with regards to the macro socioeconomic situation as well as inflationary and supply-chain pressures.

“The world has changed,” he noted. “Inflation has had a staggering impact on any piece of infrastructure; the costs have gone up.

“The donor market has also changed, that is a common theme. Funding is becoming harder to achieve, and the needs of charities are going up.

“A strategic plan serves as the North Star and it calls for a more hybrid approach.”

Mr Doughty has been sailing all his life and comes from a maritime family.

His father is the late Paul Doughty, a leading figure in youth sailing in Bermuda who took part in sea trials for the sloop when it was first commissioned, as a consultant for the founders.

Mr Doughty also worked with his father in the charter boat industry.

As a youth, he sailed the Optimist and 420 classes, and during a gap year before university, he spent a year on the Canadian sail training ship Concordia.

He has competed in the Newport Bermuda Race among other competitions.

Mr Doughty started his career as an investment banker in London before becoming a reinsurance broker there and in Bermuda.

About 11 years ago, his career shifted into entrepreneurship when he cofounded or advised several start-up companies, and was a cofounder of Current Vehicles.

He ran business development for a seaweed biotech company in the United States now called Carbon Wave and sat on advisory boards for several fintech companies.

The foundation will be his first foray into the non-profit sector.

Mr Doughty said: “The combination of having worked in large organisations, having been in business development and also being a part of building and scaling start-ups, in several different capacities, suits this role at this time given that we are relaunching.

“It requires somebody with a varied skill set. It is not a traditional role for a traditional non-profit.”

He said capital is available to relaunch but not to sustain.

The operational expenses are more than $1 million annually covering requirements such as staff and funding programmes, and there are additional costs for maintenance, equipment and bursaries.

Mr Doughty said he was on the Spirit during the recent Bermuda Gold Cup.

He added that while some cosmetic work is required, it is in “pretty good shape” and there is an engineer taking care of some maintenance.