Butterfield Bank executive Michael Collins is to become the new chief executive officer, the bank announced today.

Mr Collins, at present senior executive vice-president, will replace Brendan McDonagh, who has been CEO for three years, in the role.

But Mr McDonagh, who was chairman and CEO, will become executive chairman, where he will continue to lead Butterfield.

And senior executive vice-president, international Conor O’Dea will take on the roles of president and chief operating officer in addition to his current job.

Mr McDonagh said: “Michael and Connor are highly experienced and have demonstrated their abilities to effect change and deliver results.

“We are fortunate to have them on our team and I congratulate them both on their new appointments.”

Barclay Simmons, Butterfield’s vice-chairman and a senior independent director added: “Since Brendan took on the CEO role, he has focused relentlessly on rebuilding value for shareholders through investment in our core businesses, accretive acquisitions and carefully managing expenses and risks.

“We have been successful in this regard, which is evident in the bank’s first half 2015 results.”

Olivier Sarkozy, managing director and head of Carlyle’s Global Financial Services Group, a Butterfield board member since 2012, added: “The new management structure is a natural evolution that builds upon the momentum that the bank has so clearly achieved since Brendan took over as chairman and CEO.

“We were fortunate to have such a deep bench of management talent within the bank to draw from and, as the bank’s largest shareholder, very much look forward to supporting our expanded management team as they implement Butterfield’s well thought-out and clearly articulated strategy.

“On behalf of the board, I would like to extend sincerest congratulations to all three members of management on this important evolution in their respective careers.”

In his current role, Mr Collins has overall responsibility for all of Butterfield’s client businesses in Bermuda, including corporate, private and retail banking.

Mr Collins, who has 25 years’ experience in banking and joined Butterfield from HSBC in 2009, also manages the operations custody and marketing sectors in Bermuda and the Cayman Islands.

Mr O’Dea has worked for Butterfield since 1989 and became managing director of Butterfield’s Cayman banking arm in 1997.

He later assumed oversight of the firm’s operations in The Bahamas and Barbados and in 2011, all international operations.

All the new appointments will take effect at the start of September.