Paul McWeeney, Managing Director of Bank of The Bahamas Limited today provided clarification on his notice of intention to retire in a statement to issued to the media. The statement reads as follows:

By way of clarification, having served almost 25 years with Bank of The Bahamas, I decided at the end of last year that I would not wish to renew my contract of employment with the Bank and that I would retire instead. I am required by my contract to serve no less than 6 months advance notice of my intention to retire and this is what I gave in December. This 6 months notice was not at my discretion. It is specifically required by my contract.

Notice of my intention to retire was given to the Chairman of the Bank who informed the Bank’s majority shareholder, the Government of The Bahamas. I also intimated at the Bank’s AGM in December that the Bank would be undergoing management changes and that a succession plan was in the works.

I would like to emphasize two things:

The decision to retire is entirely mine. It has been given freely and was not demanded or requested of me by the board or the majority shareholder.

I am fully committed to ensuring that a proper plan of succession is implemented so that there will be an orderly handover to my successor during the notice period. The Bank’s employees, customers, shareholders and the general public can be assured of my fullest co-operation in ensuring that this happens.