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Bermuda regulator sets year-end date to leave position

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Bermuda regulator sets year-end date to leave position

HAMILTON, Bermuda--Cheryl-Ann Lister, chairman and chief executive officer of the Bermuda Monetary Authority, said she will step down from both posts at the end of 2006.

"After careful consideration, I decided that the end of this current contract would be the opportune moment for me to step down from having both these responsibilities," Ms. Lister said in a statement last week.

Ms. Lister--who has served as chairman of the regulatory body since 1999 and was appointed chairman and CEO in 2002--during her tenure led the BMA through a period of changes that expanded the organization's original role as mainly the supervisor of Bermuda's banking sectors to the regulator of Bermuda's entire financial services industry, including insurance, investment and other businesses.

In the statement, Ms. Lister noted that her move stems partly from recent legislative changes at the BMA; under an amendment to the organization's bylaws earlier this year, the chairman and CEO position will be split into two separate roles.

"The authority has experienced rapid growth, particularly in the last five years," she said. "The separation of the chairman and CEO positions is in my view a positive development, given the greater size and scope of responsibilities of the authority, both of which continue to grow."

In the statement, Ms. Lister also cited a desire to spend more time with family as a contributing factor for her decision.

Terry E. Lister, her husband, earlier this month stepped down from his role as Bermuda's minister of education and development.

According to the BMA, the organization's board of directors has already begun the process of locating successors for Ms. Lister, who will officially relinquish her responsibilities when her current contract with the BMA expires on Dec. 31.

"The Government of Bermuda values the dedicated public service that Mrs. Lister has given to the development and careful oversight of the Bermuda Monetary Authority at such an important time for Bermuda," Paula A. Cox, Bermuda's finance minister, said in a statement.