Michael Collier has retired as chairman and as a director of Bermuda Commercial Bank Ltd.

The bank said today that he will be replaced as chairman on an interim basis by Alan Gilbertson, who is a non-executive director of the bank and the former president of Orbis Investment Management Ltd.

Mr Collier, a career banker, has served on the BCB board as a director and chairman for four years. He was formerly president and CEO of The Bank of NT Butterfield & Son until he retired in 1996 after 33 years and a director of Ascendant Group Ltd for 23 years and its chairman between 2004 and 2012.

Mr Gilbertson has agreed to serve as interim chairman to enable the board to find a permanent successor to Mr Collier.

Mr Gilbertson has 35 years of experience in the financial services and the non-profit sectors in Bermuda, South Africa and Asia. A Chartered Accountant, he helped to establish the Orbis Investment Management Group in Bermuda, and was the group’s president until he retired in February 2000. Mr Gilbertson’s other directorships include Orbis World Ltd, The Global FoodBanking Network, FoodBank South Africa, and the Bermuda Triathlon Association. He recently agreed to serve as a Trustee of the Bermuda Underwater Exploration Institute.

“Michael’s contribution to BCB has been immense and hugely appreciated,” said BCB CEO Peter Horton.

“We are sorry to see him retire and are grateful that he will be available and willing to provide continuing advice and the benefit of his experience. On behalf of the directors and staff, we all wish him well in his retirement.”

Mr. Collier said: “I have thoroughly enjoyed my commitment to the financial services industry, here in Bermuda and abroad, over the past five decades. I was delighted to serve as chairman of Bermuda Commercial Bank Ltd since the change in majority ownership of BCB in April 2010 and to see how the bank has expanded in both profitability and in number of employees.

“It is now time for me to take retirement seriously, to focus on maintaining good health and to spend quality time with my family.”