Mr McLaughlin, a CIMA director since 2005, will succeed Mr Timothy Ridley, as Chairman.

Mr Ridley’s term of office as a director expires on 26 July 2008.

In addition, Cabinet has appointed two long-standing financial industry professionals as new directors to the CIMA Board.

They are Mr Harry Chisholm, and Mr Richard Harris.

They fill the directors’ vacancies left by Mr Ridley and overseas-based director Dr Richard Rahn, whose term also expires on 26 July 2008.

Mr McLaughlin is one of three existing directors whose appointments have been renewed for a second three-year term. The others are local attorney Ms Adriannie Webb, and Mr Joel Walton. Mr Walton remains CIMA’s Deputy Chairman.

Announcing the changes, Financial Secretary, Kenneth Jefferson, said that Cabinet noted the outstanding contributions Mr Ridley had made 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," said the Financial Secretary.

Mr Jefferson also 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 Messrs. Chisholm and Harris as new directors, saying they had extensive experience and expertise in the financial industry.

Prior to Mr McLaughlin’s appointment as a CIMA director he spent 25 years with Ernst & Young, retiring as a senior partner.

He 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.

He is a trustee of the International College of the Cayman Islands and is currently a director on the Board of the Cayman Islands Turtle Farm and chairs the Audit and Finance Sub-committee of CIMA’s Board.

Mr Chisholm, a Member of the Order of the British Empire and Justice of the Peace, retired in December 2007 as Vice President and Cayman Islands Area Manager for Royal Bank of Canada (RBC). He had been with RBC for 42 years.

He has served on numerous public boards, including the Immigration Board, the Water Authority Board, the Prison Inspection Panel, the Cayman Islands Stock Exchange and the Health Services Authority.

He is a trustee of the Silver Thatch Pension Plan.

Mr Harris retired from PricewaterhouseCoopers as a partner in 2004 after 34 years with the company and its predecessor. He is a past president of CISPA.

Currently, Mr Harris serves the Royal Cayman Islands Police Service (RCIPS) as a part-time forensic accountant, is a director of the Health Insurance Commission and Commandant of the RCIPS Special Constabulary.

Mr Harris is also a Notary Public and a Fellow of the Chartered Institute of Accountants in England and Wales (FCA).

In addition to Messrs. McLaughlin, Chisholm, Harris, Walton, and Ms Webb, the other members of CIMA’s Board are Mr Bryan Bothwell, MBE; Dr Warren Coats; Prof William Gilmore; Dr Christopher Rose, and Managing Director, Mrs Cindy Scotland.