McDonagh will take over his new responsibility with immediate effect.
McDonagh had joined Butterfield in January 2012 as executive chairman designate and was officially appointed to the position of executive chairman in May 2012.
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He is taking over Bradford Kopp, president & CEO and a director of the Bank, who has retired.
Kopp had joined Butterfield in 2009 as CFO and was appointed to the position of president & CEO in March 2010.
And as the CFO, Kopp had played a key role in the 2010 recapitalization of the Bank.
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