Former Ace Ltd. chief executive officer Brian Duperreault said last night he would have “big shoes to fill” when he takes over from Dr. James King as chairman of Butterfield Bank in April.

At a board meeting on Wednesday, Dr. King announced his intention to step down after the Bank’s annual general meeting on April 18. Dr. King has served as chairman for nearly ten years and as a board member for 29 years.

Mr. Duperreault, currently the Bank’s co-vice-chairman, was elected to take over from Dr. King at the AGM.

“I have big shoes to fill, as Dr. King has done a wonderful job as chairman for about ten years,” said Mr. Duperreault. “The Bank has made tremendous positive strides during his tenure.

“This is a wonderful Bank and I feel very honoured to have been chosen to be its chairman.”

The Bank, which will celebrate its 150th anniversary next year, has operations in the Cayman Islands, Barbados, Guernsey, Switzerland, the Bahamas and the UK.

After announcing record profits of $134.1 million for 2006 earlier this week, the Bank said its outward growth would continue with the expansion of fund administration business into Canada.

“I think the Bank is poised to continue to expand,” Mr. Duperreault said. “It’s done a great job with the acquisitions it has made over the last few years.

“I’m sure it will continue to grow as we look for further opportunities and I have every faith in the management and staff.”

In June last year, Mr. Duperreault stepped down to end a 12-year tenure as Ace Ltd.’s CEO, during which he oversaw the company’s expansion into a truly global player in the insurance industry. He is still the non-executive chairman of Ace.

Asked if he missed the cut and thrust of the CEO life, Mr. Duperreault said: “Of course. I didn’t step away because I didn’t enjoy the job, I just thought it was the right time for a change of leadership, time to allow the next person to take over.”

Alan Thompson, Butterfield Bank’s president and CEO, said: “On behalf of the management team, I would like to thank Dr. King for the strong governance oversight and leadership he has provided. During his tenure as chairman, the Bank has grown substantially and provided significant returns to our shareholders.”

Dr. King was unavailable for comment last night.

Shaun Morris has been nominated by the board to fill the vacancy created by Dr. King’s retirement. Mr. Morris is managing partner of law firm Appleby Hunter Bailhache’s Bermuda office.

He holds BA and MA degrees in Economics from Dalhousie University and received his law degree from the London School of Economics. His nomination to the Bank’s board will be voted on by shareholders at the AGM.

The Bank also announced the retirement of another director, Roderick A. Ferguson III, who has served on the board for 19 years. The board has nominated Julian W. Francis to replace him.

Mr. Francis was recently Governor of The Central Bank of The Bahamas and has more than 30 years’ experience in international banking. Mr. Francis holds a BSc and an MBA in Finance from New York University. Mr. Francis’ nomination will also be voted on by shareholders at the AGM.