Soon to retire BF&M president and CEO Glenn Titterton will not be cutting ties with the company he has worked for for 43 years ? he is to become chairman of the board.

He replaces Lt. Col. Michael Darling who is retiring as BF&M chairman as well as quitting director posts in various subsidiary companies.

Lt. Col. Darling will hand over control of the board to Mr. Titterton, 60, at the end of the year.

Chief Financial Officer John Wight has been named to replace Mr. Titterton as president and CEO.

In a release issued by the Bermuda Stock Exchange (BSX) yesterday, BF&M said that Lt. Col. Darling felt he had reached an age where he was reducing his business activities and responsibilities.

He also said it was an ideal time for him to retire as it made way for Mr. Titterton to take up the non-executive role of chairman.

"Glenn Titterton gave notice several years ago that he intended to retire as president CEO upon reaching the age of 60 . However, the board considered that it would be a terrible waste to lose entirely Mr. Titterton's drive and extensive experience in the insurance market along with the many personal global contacts that he had built up over so many years. This gave me the chance I was looking for to retire and, with the agreement of the board, to offer the non-executive position of chairman to Mr. Titterton. Those of us who are somewhat over 60 considered that this was much too young an age for Mr. Titterton to leave BF&M altogether. We all consider the chance for him to assume the position of chairman, an opportunity not to be missed," Lt. Col. Darling said.

Mr. Titterton's appointment was unanimously passed by the board on September 9.

Mr. Titterton said: "I look forward to supporting John Wight, who will be CEO at that time, as well as his executive team and to doing whatever I can to assist BF&M. I also welcome the opportunity to work with my fellow directors in guiding the group on behalf of the shareholders and to ensuring that BF&M complies with best practice in corporate governance."

Mr. Titterton took the opportunity to thank Lt. Col. Darling for his "firm hand on the tiller" during his six and a half years as chairman of BF&M Limited. Mr. Titterton said that Lt. Col. Darling was not only a businessman with experience on a number of different boards but he was also very much a gentleman, who had earned the respect and loyalty of all who worked with him at BF&M and elsewhere.

"I have learned a great deal from Col. Darling over the years and I hope I shall be successful in bringing the same dignity and integrity to the office of chairman."