down with Neville Conyers appointed to head the company, it was revealed yesterday.

BFCL is continuing its efforts to create a financial centre at the old Bermudian Hotel site.

Mr. Winfield, president of the company since its inception three years ago, will continue to serve BFCL as a director.

He said he made the decision to step down because of "other commitments'' primarily to Cambridge Beaches hotel. Mr. Winfield is managing director of Cambridge Beaches.

He also said that "new officers might, at this stage of the development of the project, better enable the company to proceed.'' Mr. Conyers, currently chairmanship of the Bermuda Electric Light Company Ltd.

(Belco) and on the Bank of Butterfield's board, is a major shareholder of BFCL.

The board considers successful completion of the project to be important for Bermuda, Mr. Conyers said.

As well as Mr. Conyers, BFCL announced that Robert Tucker and Charles Gambrill were appointed new directors of the company.

Mr. Tucker, retired general manager of the West End Development Corporation, is on Bermuda Hospitals as well as Belco boards while Mr. Gambrill, an American, has been a BFCL investor since the company was set up, Mr. Winfield said.

They join continuing directors Fraser Butterworth, David Hamshere, James Pearman and Heather Robinson as well as Mr. Winfield.

Mr. Winfield said that BFCL is "in the middle of discussion which could lead to a positive conclusion'' surrounding the development of a financial centre to include one-quarter million square feet of office space, 150 hotel rooms and 45 condominiums.