Sunday 21st Jul 2024
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Bank of Maldives

BML's CEO decides not to renew contract

Bank of Maldives PLC (BML) Chief Executive Officer Tim Sawyer says that he does not intend to renew his contract with the company at the end of his term.
In a letter sent to BML staff on Thursday, Sawyer said that he only intended to stay in his role for about a month or two. He also said that he had discussed with the board not to extend his contract, as well.
He stated that the past few years were the most challenging years for the bank, singling out covid as the biggest challenge. In spite of these challenges, Sawyer said the bank had overcome all the challenges and was poised for bigger things.
Sawyer had warned of impending economic shocks. In the BML AGM held this week, Sawyer said that the world was facing unprecedented economic hardships. The fallout from this hardship was already being experienced by some countries, he added.
In such a situation, Sawyer said that there would be more pressures on dollar availability. He also warned that with this, and coupled with rising prices in the markets, Maldives would suffer.
“Winter is coming,” Sawyer concluded, referring to HBO’s Game of Thrones series.