Bank of N.T. Butterfield & Son Reappoints Michael Schrum as CFO Amid Bridgewater's Departure

Bank of N.T. Butterfield & Son has reappointed Michael Schrum as CFO after Craig Bridgewater stepped down to pursue other opportunities. Schrum previously held the role and has a strong background in finance. His reappointment is expected to provide stability and continuity in the company's financial leadership.

The Bank of N.T. Butterfield & Son (NYSE: NTB) has announced the reappointment of Michael Schrum as its Group Chief Financial Officer (CFO) following the decision by Craig Bridgewater to step down from the role to pursue other opportunities. This appointment comes as part of a broader series of senior leadership changes aimed at reinforcing the bank's commitment to disciplined risk management and high-quality client relationships [2].

Michael Schrum, who previously served as Butterfield's CFO from 2015 to 2022, will retain responsibility for Corporate Development and Group Strategy. He will also continue to serve on the Executive Committee and the Board of Directors. Schrum's reappointment is expected to provide stability and continuity in the company's financial leadership, given his extensive background in finance and his previous role in overseeing the Bank's U.S. IPO and NYSE listing [1].

Additionally, Bri Hidalgo has been appointed Group Chief Risk Officer, taking over the role previously held by Schrum. Hidalgo brings over 25 years of international banking experience, having most recently served as Group Head of Compliance and Operational Risk at Butterfield. Prior to joining Butterfield, she held senior risk management and compliance roles at Wells Fargo Bank, Wachovia Securities, and First State Investments [2].

Meredith Steinhaus has been named Interim General Counsel while the Bank conducts a search for a permanent successor to Simon Des-Etages, who has decided to leave the Bank for other opportunities. Steinhaus has been Corporate Secretary for Butterfield since 2018 and has a strong background in senior legal roles [2].

Commenting on the changes, Michael Collins, Butterfield’s Chairman and Chief Executive Officer, stated, "We are grateful to Craig and Simon for their many contributions to Butterfield. At the same time, I am pleased that we are able to draw from our deep internal talent pool for these important risk and financial roles. Michael, Bri, and Meredith are well-known Butterfield executives who have performed well for us over many years and understand the markets in which we operate" [2].

These appointments are subject to customary regulatory and relevant immigration approvals. Forward-looking statements in this release are subject to the cautionary notice provided in the announcement [2].

Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey, and The Bahamas, Switzerland, Singapore, and the United Kingdom. The bank is publicly traded on the New York Stock Exchange (symbol: NTB) and the Bermuda Stock Exchange (symbol: NTB.BH).

References:
[1] https://seekingalpha.com/news/4491012-bank-of-nt-butterfield-son-s-reappoints-michael-schrum-cfo
[2] https://www.marketscreener.com/news/butterfield-announces-senior-leadership-appointments-ce7c50d3dc80f623