After more than seven years’ service with the Cayman Islands Monetary Authority (CIMA), Michael Austin, CIMA chairman since 2002 and overseer of the organisation’s transition to full autonomy, has announced his final retirement, effective 31 July.
Commenting on the outgoing chairman’s retirement, Financial Secretary George McCarthy thanked Mr. Austin for his leadership through one of CIMA’s most important phases.
"On behalf of the Government and the people of the Islands, I express great appreciation to Mr. Austin, and I wish him well as he gets back to his ‘retirement’ - which was greatly interrupted, no doubt, by his stint as chairman of the board," stated Mr McCarthy.
Post-independence, CIMA realised a series of accomplishments under Mr. Austin’s leadership, including preparation for an assessment by the International Monetary Fund (IMF), the publication of a regulatory handbook, and the establishment of strategic plan task forces to review all aspects of regulation that fall to CIMA’s remit.
“Mr. Austin has a long history of support of and leadership in the industry and from the perspective of service on the Private Sector Consultative Council. We shall certainly be hoping that we will continue to be able to draw on his experience and expertise from time to time," Mr McCarthy added.
The incoming chairman, Tim Ridley, comes to the role having served as deputy chairman of CIMA since July 2002.
He is also currently a member of the National Advisory Council, which advises on fiscal, economic, cultural and legal matters, and the Private Sector Consultative Committee, which consults with the Portfolio of Finance on issues relating to the financial industry.
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