The former director of the charitable ACE Foundation will lead the fund-raising drive to pay for the new hospital wing.

Ralph Richardson, who has served on the boards on several non-profit organisations, replaces Wendy Augustus as the new executive director of the Bermuda Hospitals Charitable Trust (BHCT).

He said that he became aware of the need to modernise the King Edward VII Memorial Hospital in 2002, after touring the site.

Mr Richardson added: “For several years, in my role in the philanthropic community, I was continually apprised of the development, the proposed solutions, the challenges faced by the ageing hospital.

“It is extremely exciting to see the project nearing completion and even more so now as I have the opportunity to assist with the final phase of the BHCT’s capital campaign.”

The BHCT is running the Why It Matters campaign to drum up $40 million to help support redevelopment at the Paget hospital.

BHCT chairman Philip Butterfield said: “We are really pleased to have Ralph on board. He brings a wealth of knowledge and expertise to the position from his varied career in both the business and non-profit sector.”

Mr Richardson has completed a Stanford University leadership in philanthropy course and retired from the ACE Foundation in 2010.

He is a current board member of the Bermuda Institute of Ocean Sciences, the Argo Foundation selection committee and chairman of the Bermuda Water Safety Council.

He also served as Commodore of the Royal Bermuda Yacht Club.