The Bank of N.T. Butterfield & Son Ltd. has announced the appointment of Alan R. Thompson as President and Chief Executive Officer.

Mr. Thompson was officially appointed to the Board of Directors of the Bank on Monday and takes over the CEO position from Calum Johnston who has been at the helm of the Island's second largest Bank for four years.

Chairman of the Board of Directors Dr. James King said yesterday: "With three decades of experience in international and domestic banking, Mr. Thompson has considerable expertise and an outstanding reputation.

"We are fortunate to have attracted someone of this calibre to serve as President and CEO. The Board is confident that Mr. Thompson will build on our existing strengths and will be instrumental in the Bank's continued success."

Mr. Thompson joins the Bank of Butterfield after six years as President and CEO of Riyad Bank in Saudi Arabia, one of the top five commercial banks in the Middle East with total assets of $18.5 billion. Previously, between 1972 and 1995, he held several senior executive positions at First Interstate Bancorp in the US and in Singapore.

Mr. Thompson was born and educated in the US where he received a master's degree in business administration from The University of Pennsylvania's Wharton School of Finance.

In a statement yesterday, the bank said: "This appointment brings to a successful conclusion the diligent search for a replacement for Calum Johnston who will remain at the Bank for some weeks to ensure a smooth transition.

"On accepting his resignation, the Board thanked Mr. Johnston for the outstanding contribution he has made over the last four years as a member of the board and as Chief Executive Officer of the bank."