Philip Butterfield formally retired as HSBC Bank Bermuda’s CEO yesterday, handing the reins over to the company’s former deputy CEO, Richard Moseley.Mr Butterfield steps down after serving as the bank’s CEO for eight years, but will stay on with the bank as chairman of its board of directors.“I’m looking forward to the new relationship that I’ll have with my fellow directors and with the management team and most importantly, the working relationship which I will enjoy with Richard Mosley,” said Mr Butterfield. “He’s gotten to know our clients, he’s gotten to know our staff, he’s gotten to know Bermuda and so I’m very confident that under Richard’s leadership, our organisation will continue to be the leading financial services provider in Bermuda.”After joining the bank in June of 2000 as chief administration officer, Mr Butterfield was appointed to the role of CEO when global bank, HSBC acquired Bank of Bermuda in 2004. Previously, he held a number of senior positions with Citibank in New York where he worked for 28 years.“The past eight years in particular have been an extraordinary journey for me personally and professionally. While I will miss the day-to-day activity because this will be the first time in 40 years that I will be waking up and not having to go to work, I am looking forward to a schedule that will allow me to do other things but also a schedule that allows me to continue my association with an organisation that is near and dear to my heart,” Mr Butterfield said.“I’m absolutely confident that Richard’s leadership will enable us to continue on our pathway towards success and to make our institution an institution that assuredly realises its full potential.”Mr Moseley has been with the bank for about two-and-a-half years and with the HSBC Group for 32 years.“I’m delighted and honoured to be entrusted with the leadership responsibility of HSBC Bank Bermuda. I think we have a fabulous franchise here and I have really enjoyed my two-and-a-half years here in Bermuda,” Mr Moseley said. “I’m very confident and comfortable that going forward, Phil and I will be a ‘dream team’ if I can put it that way, to take HSBC further forward.”In his new role, Mr Moseley will have management oversight and responsibility for all lines of business within the bank and will lead the executive management committee in setting strategic direction for the bank.“I’m very conscious of the fact that I’m responsible here for an institution which is very, very important to Bermuda and that therefore being entrusted with that, I need to play my part to ensure that we, HSBC, help Bermudians to be successful,” he said.Mr Moseley said providing good customer service and developing talent within the company are key priorities as he steps into his new role.“I look forward to working with our clients, key stakeholders and staff and really helping our staff to grow and develop and see who in the firm today could emulate the success of Phil and how can they aspire to bigger and greater positions within the bank, be it in Bermuda or globally within HSBC. So people development is going to be a very important element and focus on the customers.”John Campbell, chairman of the bank’s board of directors also announced his retirement yesterday. Mr Campbell has been with the bank for 25 years, serving as chairman for the last seven.“My 25 years with the bank as a director and seven as chairman have been a great journey, a wonderful experience and a continuous education,” Mr Campbell said.Mr Campbell said he’s leaving the bank in good hands with Mr Butterfield as his replacement and Mr Moseley as the new CEO.“It is great for the bank that we are not going to be losing his [Mr Butterfield’s] talent for leadership, his sound judgment and vision, his energy and his passion. I am certain that he will be an outstanding chairman. We are obviously different in many ways but we share a sense of humour and we also share a belief in the values and aspirations, which underpin the purpose in life of the bank.”“He [Mr Moseley] is an outstanding example of the talent which HSBC has been good enough to give to us to supplement and support the very real local talent that has existed for a number of years now on the ground here in Bermuda.”