The Regulatory Authority of Bermuda has unveiled Richard Ambrosio as its new chief executive.

Mr Ambrosio, who had been interim chief executive of the RA since November 2023, said he was honoured to be named for the post.

“Our work is critical to encouraging investment, stability and innovation, and I look forward to collaborating with industry partners, the Government and the community at large to drive meaningful progress,” he said.

Mark Fields, the chairman of the board of commissioners, expressed his confidence in Mr Ambrosio’s leadership.

“Richard has demonstrated a relentless commitment to the RA’s mission and we are confident in his ability to guide the organisation through the opportunities and invigorating agenda ahead,” he said.

“His expertise, vision and dedication make him the right choice to lead the RA into the future.”

An RA spokesman said Mr Ambrosio has been an integral part of the body since 2020 and previously served as senior legal adviser and the director of legal services and enforcement.

Under Mr Ambrosio’s leadership, the spokesman said the RA would “continue to uphold its values of transparency, independence and efficiency” while addressing the needs of the island.

The spokesman added: “His leadership has been instrumental in advancing the RA’s mission to ensure a fair, competitive and dynamic regulatory environment that serves the best interests of Bermuda.”

The RA board of commissioners appoints chief executives to serve for three years, but they can be reappointed for one or more terms under the Regulatory Authority legislation.

However, Mr Ambrosio is the sixth person to hold the post of chief executive at the RA in the past 13 years.

Philip Micallef became the RA’s first chief executive when he was appointed in October 2012, three months before the body commenced operations.

Mr Micallef cited “personal reasons” when he left the RA in September 2014.

Robert Watson became the post holder in January 2015 but lasted only nine months before he left, also citing personal reasons.

Kyle Masters, then a legal adviser to the RA, became interim chief executive after Mr Watson left, just as he had done on two previous occasions.

Matthew Copeland assumed the top job in March 2016 and nearly reached the two-year mark in the post. He left in February 2018.

Aaron Smith then took on the role on an acting basis.

Denton Williams left an executive position at Ascendant Group to join the RA as chief executive in January 2019 and lasted about 3½ years in the post.

Abayomi Carmichael, Mr Ambrosio’s immediate predecessor, began his tenure as chief executive on January 1, 2023.