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Sarkozy steps down from Butterfield board

Resigned as director: Olivier Sarkozy, pictured on a visit to Bermuda in 2010, has stepped down from the Butterfield board

Olivier Sarkozy has resigned as a director of Butterfield Bank.

The move follows Mr Sarkozy’s resignation as head of the financial services group of private-equity form Carlyle Group, which is Butterfield’s largest shareholder.

His resignation as a director of the bank, which was effective June 13, was announced in a filing with the Bermuda Stock Exchange today.

Mr Sarkozy led Carlyle’s initial $150 million investment in Butterfield in 2010. Last year, Carlyle bought 23.4 million more Butterfield shares. Mr Sarkozy will remain an adviser to Carlyle Group.

James Burr has replaced Mr Sarkozy as a Carlyle Group representative and non-executive director on the Butterfield board.

Mr Sarkozy has become used to the public eye, as the half-brother of Nicolas Sarkozy, the former French President, and the husband of Mary-Kate Olsen, the fashion designer and former actress.

Carlyle manages some $178 billion in private-equity holdings, real estate, credit assets and hedge funds.