Tim Sawyer has decided to step down as the Chief Operating Officer (CEO) of the Bank of Maldives (BML).
In a message to BML employees, CEO Sawyer said that he has discussed with the board on not renewing his three-year contract and that he will remain at the national bank for two more months. He noted the last few years were especially difficult for BML due to the challenges it faced during the COVID-19 pandemic but that it has been able to show a strong performance because of the hard work of its employees who have paved the way for future successes.
BML shareholders have approved a total dividend payout of USD16 million at the annual general meeting (AGM). The national bank stated it is a record dividend payout reflecting its best-ever performance in 2021. Speaking at the AGM, Sawyer expressed his appreciation to the BML staff for their hard work and to the shareholders and customers for their confidence in the bank, adding that recent results are evidence that the bank is in the strongest position it has ever been in.
BML stated the total dividend payout for the year 2021 is USD16.7 million and that the government, as the biggest shareholder, stands to benefit with USD8.5 million as dividend and a further USD35 million as tax for the year 2021. BML distributed USD5 million as the final dividend, at a rate of USD0.97 per share in 2020.
Timothy Sawyer joined BML in 2019. He has over 30 years of international experience in financial services, including 20 years at Executive and Board level. Prior to joining BML, he was the Chief Investment Officer at Innovate UK, the investment arm of the Government of the UK. He was also the CEO of Start Up Loans, during which he was awarded Commander of the Most Excellent Order of the British Empire by Queen Elizabeth for his services to the UK industry in developing small businesses and entrepreneurs. He holds first class honors in Master of Arts in History from the University of Oxford, UK. He is also an Associate of Chartered Institute of Bankers.