Michael Schrum has been promoted to president and group chief risk officer at Butterfield Bank.

The bank also announced that Craig Bridgewater has been promoted to group chief financial officer and joins the bank’s executive committee.

Mr Schrum, who has served as group chief financial officer since 2015 and an executive director since 2020, takes over from Sabeth Siddique, group chief risk officer, who is to leave Butterfield at the end of May and will continue to be available in an advisory capacity.

Mr Bridgewater has served as group head of finance at the bank since 2019.

Michael Collins, Butterfield’s chairman and chief executive officer, said: “I congratulate Craig and Michael on their new appointments. As industry professionals with extensive experience and service to Butterfield, their knowledge and oversight is valued as we continue to execute our strategy for long-term growth.”

He added: “I extend my thanks to Sabeth for his contributions and thought leadership. In addition to managing our credit exposure during pandemic-related uncertainties and economic contraction, the risk management enhancements he has made have been impactful and will continue to serve us well.”

Mr Schrum has more than 25 years of financial services experience in London, New York and Bermuda.

He joined Butterfield from HSBC in Bermuda where he was chief financial officer. He is a CFA Charterholder and a Fellow Chartered Accountant (Institute of Chartered Accountants in England and Wales).

Mr Bridgewater was previously a partner at KPMG where he spent 18 years working in both Bermuda and the US and has worked at Orbis Investment Management Limited and Price Waterhouse (now PricewaterhouseCoopers).

He is a Fellow of the Chartered Professional Accountants of Bermuda and Canada.