Business Development Agency (BDA) chief Stephen Lund has quit his post after just seven months to return to his homeland of Canada.

Now deputy chairman David Cash will take over as CEO of the organisation while it recruits a successor.

BDA chairman Caroline Foulger said: “We are grateful to Stephen for his service to the BDA and we thank him for his contributions to the organisation.

“The BDA is greatly changed from when Stephen joined the organisation and he leaves us much strengthened from the time of his arrival.

“We acknowledge Stephen’s personal decision to return home to Canada and we wish him well in his future endeavours.”

She added that a search was replacement for Mr Lund, who leaves at the end of the month, is already underway and that she was “confident the BDA will not miss a beat through this transition.”

Mr Cash — former CEO of insurance and reinsurance company Endurance — said: “Stephen has put in place a terrific group of professionals at the BDA and I am looking forward to working together with this team to execute our business development strategy in the marketplace.”

Mr Lund was appointed to the CEO’s role at the revamped business development organisation, formed through a merger of Business Bermuda and the Insurance Development Council, in July last year and took up the job in August.

He is a former CEO of Nova Scotia Business, which attracted firms like IBM, BlackBerry, CITCO, Marsh and Lockheed Martin to the province.