Dr. James King is the Bank of N.T. Butterfield and Son's new chairman of the board. He succeeds Sir David Gibbons who left the board in compliance with a bank rule requiring retirement at age 70.

Sir David has been board chairman for the past 11 years, and has served as a director for the past 30 years. Dr. King, who is president of Argus Insurance Co. Ltd., and chairman of The Bermuda Telephone Co. Ltd., takes over at a time when the bank is undergoing a difficult time as it makes a transformation to try and revitalise profits.

The bank is also in the process of choosing a new president and chief executive officer after John Tugwell quit after less than six months on the job. Mr. Tugwell has stated he left due to personal reasons.

While on the job Mr. Tugwell closed the bank's 23-staff Singapore office and announced a cut of 50 people from the London office. He also began a programme of trimming back staff on the Island through the offer of an early retirement package to 50 eligible employees, and the cutting of 20 from management positions.

This week the bank announced record profits of $10.7 million for the first quarter ended September 30, "reflecting solid performance from its core businesses, the fundamental strengths of the group and the effectiveness of the bank's strategic plan,'' according to a press release.

In the last financial year ended June 30 the bank made a profit of only $4.2 million after taking a one time charge of $20.6 million for the cuts overseas.

Dr. King has served as vice chairman of Butterfield's board since 1986 and was most recently chairman of its audit committee. He has been a director for 19 years. Dr. King, who is also a former chairman of the United Bermuda Party, was unavailable for comment yesterday.

Robert Stewart, a board member since 1988, becomes the new vice chairman. He is the chief executive of the Royal Dutch/Shell Group of Companies in Bermuda.

At the annual general meeting shareholders also authorised the board to have the power to initiate a share buyback programme and to grant stock options.

TOP MAN -- Dr. James King, named chairman of the Bank of Butterfield.

BUSINESS BUC