Carlyle McLaughlin Jr, who will be taking over from Tim Ridley as Chairman of the Cayman Islands Monetary Authority (CIMA), said it was “a great honour to be given the opportunity” to serve in that position.
Mr Ridley will be stepping down 26 July, after four years in the organisation’s top job.
In a telephone interview with Cayman Net News, Mr McLaughlin added he would endeavour to “to uphold the high standards entrusted” to the chairman.
The Portfolio of Finance & Economics announced Mr Ridley’s departure in a press release, and named Mr McLaughlin as the new chairman with effect from 27 July.
Cabinet has also appointed two long-standing financial industry professionals as new directors to the CIMA Board - Harry Chisholm and Richard Harris - who fill the directors’ vacancies left by Mr Ridley and overseas-based Dr Richard Rahn, whose term also expires on 26 July.
The release said that Mr McLaughlin is one of three existing directors whose appointments have been renewed for a second three-year term. The others are local attorney Adriannie Webb, and Joel Walton, who remains CIMA’s Deputy Chairman.
Financial Secretary, Hon Kenneth Jefferson, said Cabinet had noted the outstanding contributions made by Mr Ridley to the authority since his appointment to the Board in 2002 and during his time as the Chairman from 2004.
“The Cayman Islands Government and the Portfolio of Finance and Economics appreciated the high standard of professionalism, acuity and vigour with which Mr. Ridley discharged his duties in this very demanding role,” Mr Jefferson said in the press release.
Mr McLaughlin told Cayman Net News he wanted to ensure that staff continue to encourage the high standards required for the financial-services industry.
He said that although he had only been at CIMA for the last three years, “I found the way forward very much guided by (Mr Ridley)”.
“It’s important that those who use our services be assured that we’ll continue to move forward in the same manner,” Mr McLaughlin added.
Eduardo Silva, Chairman of the Cayman Islands Financial Services Authority (CIFSA) told Cayman Net News, “We would like to acknowledge the hard work and high standards of outgoing Director Richard Rahn and outgoing Chairman Tim Ridley and thank them for their considerable efforts.”
He continued:
“CIFSA is confident that incoming Chairman Mr McLaughlin and the new CIMA Board will continue the excellent work that we have come to expect from our well-respected regulators and we look forward to working with them.”
Paul Byles, Managing Director of Focus Corporate Services & Consulting and former Head of Policy at CIMA, added:
“Mr Ridley has a good mix of regulatory knowledge, understanding of the wider economy and the international issues.
“I am sure CIMA and the industry in general benefited greatly from his role as Chairman.”
In the release, Mr Jefferson acknowledged Dr Rahn for his service to CIMA’s Board since 2002, noting that Government was additionally appreciative of Dr Rahn’s public advocacy efforts in his personal capacity on issues of concern to the Cayman Islands.
The Financial Secretary welcomed the appointments of Mr McLaughlin as the Board Chairman and Mr Chisholm and Mr Harris as new directors, saying they had extensive experience and expertise in the financial industry.
Prior to Mr McLaughlin’s appointment as a director with CIMA, he spent 25 years with Ernst & Young, retiring as a senior partner. He is a trustee of the International College of the Cayman Islands and currently serves a director on the Board of the Cayman Islands Turtle Farm and chairs the Audit and Finance Sub-committee of CIMA’s Board.
Mr McLaughlin has previously served on the Immigration Board, the Cayman Islands Society of Professional Accountants (CISPA), the National Drug Council, the National Pensions Board, the Cayman Islands National Insurance Company, and the Silver Thatch Pension Plan.