Bermuda Monetary Authority chairman Alan Richardson stepped down from the regulator's board yesterday.

Finance Minister Paula Cox said deputy chairman Darren Johnston would fill the chairman's role until the end of this year.

The appointment of a new chairman will be announced early next year, Finance Minister Paula Cox said yesterday.

"Mr. Richardson has held the role of chairman since January 2007 and has made a significant contribution in leading the board and the Authority in consolidating its standing as a world class regulator of financial services," Ms Cox said.

"I wish Mr. Richardson well in his future endeavours and offer thanks on behalf of the Government and the people of Bermuda for his significant service to the Authority."