first public statements before the media today, shareholders and other interested parties will be keen to hear how he plans to lead the company.

The bank had gone through a painful period of restructuring and top executive changes before Calum Johnston, 63, was hired as its president and chief executive officer in December.

The bank, its management, and insiders views on the reasons behind previous lackluster financial returns are the focus of a feature article appearing in The Bottom Line magazine, which will be available on newsstands tomorrow.

The article looks at the turmoil the bank suffered as it strove to sail out of the troubled waters management had gotten it into.

"The past includes a board of directors and executives who, according to insiders, were very much behind the times,'' the article states. "It was a board which critics say did not have the experience, the ability, the foresight and perhaps even the inclination to guide the bank properly in the tough world of international banking.'' Featured are interviews with former chairman Sir David Gibbons, and Mr.

Johnston's predecessor, the controversial John Tugwell. Mr. Tugwell was the clean-up man in the bank's attempt to right itself and get on track to better returns for its shareholders. He quickly moved to cut unprofitable operations and fire unproductive staff.

Mr. Tugwell quit after six months on the job last year, citing personal reasons for his decision. The Tugwell legacy will be one of the key elements Mr. Johnston will have to deal with as he continues the work of expanding the bank's international presence and cutting costs on its local retail operations.

He has loads of international experience behind him. Mr. Johnston has worked for most of his career at The Bank of Nova Scotia, Canada's fourth largest bank. Scotiabank, as it is called, has assets of about US$136 billion and branches worldwide.

Mr. Johnston, who was born in Glasgow, Scotland, began his banking career with The Clydesdale and North of Scotland Bank Ltd. After a two-year stint in the military he joined The Bank of West Africa in Ghana, first as a branch manager and then as area manager.

The bank, which became part of the Standard Bank Group, then moved him to Nigeria where he attained the position of manager. Scotiabank hired him in 1969 and he was moved first to New York, then to Honk Kong, where he established the bank's first office.

In 1974 he became manager of the bank's offices in Kuala Lumpur, Malaysia. Two years later he was manager of the main branch in Jamaica. He moved back to Toronto in 1979 where he rose in the ranks to become general manager in charge of credit for the Caribbean region.

In 1983 Scotiabank made him general manager in charge of commercial credit in Canada, and three years later promoted him to executive vice president in charge of international banking.

He was then hired by the Bank of Butterfield last year. In picking Mr.

Johnston for the top post, the bank is in a sense continuing to keep its link with Scotiabank. In the past Scotiabank owned a 13.7 percent stake in Butterfield, which it sold in 1987.

The late Scott McDonald, another former Scotiabank employee, was a director at the Bank of Butterfield before becoming its top executive from 1987 to 1992.

He took up the position again temporarily when his successor Michael Collier fell sick in 1996, and was replaced by Mr. Tugwell.

The Bottom Line article quotes insiders as saying Mr. Johnston's age is a factor in his appointment.

"There is a question mark about Johnston,'' the article states. "Considering his age -- he is in his early 60s -- Johnston is seen by some Bank insiders as a stop-gap appointment rather than the modern, more aggressive and innovative leader they feel the bank needs.'' He has been described as "territorial'' while working at Scotiabank, but others describe him as "not an easy pushover'', according to the article.

How Mr. Johnston manages to fit into the top executive team will be a key factor in the bank's progress as it tries to expand its remaining operations, and grow the business, the article concludes.

Other features in Bottom Line include a feature article on Bermuda-based Centre Re by business reporter David Fox. Elizabeth Harvey contributes another on proposed new legislation to protect consumers.

The Bottom Line is a quarterly business magazine published by Crown Communications, a division of The Royal Gazette Ltd., and will be available free of charge at stores around the Island.

CALUM JOHNSTON -- Meets the media today.