BML’s CEO Sawyer decided against renewing contract

Bank of Maldives (BML)'s CEO and Managing Director Tim Sawyer speaks at the bank's 2021 AGM at Hotel Jen in Male' City on May 29, 2022. (Sun Photo/Mohamed Naail Hussain)

Bank of Maldives (BML)’s CEO and Managing Director Tim Sawyer has decided against renewing his contract with the bank.

In a message to the bank’s staff on Thursday morning, Sawyer said that his three-year contract with the bank was drawing to an end, and that he had agreed with the bank’s board not to renew his contract.

Sawyer said her would therefore be leaving the bank in a month or two.

“It has been a difficult few years especially with Covid but I do feel I am leaving with the bank well positioned for the future. I am sorry that I was not able to get to as many branches and sites as I planned but I have truly enjoyed my time with you,” he said.

Sawyer said that he was proud of the achievement of the bank’s staff during his tenure.

At BML’s 2021 AGM held at Hotel Jen earlier this week, Sawyer said the bank had talented Maldivian employees capable of leading the bank in the future.

“It’s common for their to be foreign employees in top and mid-level positions in even the most well-operated companies in Maldives. But the Bank of Maldives is operating with 99 percent Maldivians and just six foreign employees,” he said.

Sawyer said that the next generation of leaders were starting to make their mark, which meant the bank will remain Maldivian-led in the future.

“It is something we should be proud of,” he said.

BML had generated a profit after tax of MVR 1.9 billion in 2021 – a 470 percent increase compared to 2020. It marked the best financial performance in the bank’s history.

At the AGM, BML’s shareholders approved a total dividend payout of MVR 258 million with MVR 48 per share – in a record dividend payout reflecting the bank’s strong performance in 2021.