The Bank of N.T. Butterfield & Son Limited (“Butterfield”) today announced that Messrs. Brendan McDonagh and Olivier Sarkozy were elected to its Board of Directors by a majority vote of Shareholders at its Annual General Meeting held on 1 May 2012 in Bermuda. Mr. McDonagh was subsequently appointed Executive Chairman by the Board.
Previous Chairman, Mr. Robert A. Mulderig, retired at the close of the Annual General Meeting, as did Vice Chairman Robert Steinhoff.
Director, James Burr, whose term as a Director expired at the conclusion of yesterday’s Meeting, did not stand for re-election. Mr. Sarkozy replaces Mr. Burr as one of The Carlyle Group’s two nominees on Butterfield’s Board.
In his role as Executive Chairman, Mr. McDonagh will work closely with Butterfield’s Board and management team to continue to implement the Bank’s strategic objectives.
Mr. McDonagh is a career banker with extensive international experience in consumer finance, retail and commercial banking and wealth management. He began his career with HSBC in London in 1979 and held increasingly senior positions within HSBC in Brunei, Hong Kong, Oman, Japan, the Channel Islands and the UK. He transferred to the US in 2002 to lead HSBC’s American retail and commercial banking operations. Mr. McDonagh was appointed Chief Operating Officer of HSBC Bank USA, NA in 2004, Chief Operating Officer for HSBC Finance Corporation in 2006, and Chief Executive Officer of HSBC Finance Corporation and Chief Operating Officer of HSBC North America in February 2007. He was named Chief Executive Officer of HSBC North America Holdings and Group Managing Director, HSBC Holdings plc in 2008. Mr. McDonagh retired from HSBC in 2010.
Mr. McDonagh said, “As Executive Chairman, I look forward to working with senior management to continue to rebuild value in the Butterfield franchise for the benefit of all stakeholders. I am very enthusiastic about playing my part in helping Butterfield achieve its potential.”
Mr. Sarkozy is a Managing Director and Head of The Carlyle Group’s Global Financial Services Group, focusing on investing in management buyouts, growth capital opportunities and strategic minority investments in financial services. He is based out of New York City. Since joining Carlyle, Mr. Sarkozy has led the firm’s investments in such transactions as Bank United, Sandler O’Neil, Central Pacific and Rush Card amongst others. Prior to joining Carlyle, Mr. Sarkozy was Global Co-Head of the Financial Institutions Group at UBS Investment Bank where he worked on many of the largest mergers in the US financial industry, totalling over $100 billion, as well as the largest recapitalisation in US history.
Carlyle Global Financial Services Partners LP is a Shareholder of Butterfield.