Bermuda Business Development Corporation names new CEO

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HAMILTON, Bermuda — The Bermuda Business Development Corporation (BBDC) has announced that it has named Stephen Lund as chief executive officer. Lund is expected to join the BBDC in mid-August and be responsible for leading, developing and executing a growth strategy that aligns with the goals of the organization to grow and sustain international business and create on-island jobs.

Caroline Foulger, chair of the BBDC said, “Our focus from the beginning has been on finding the most talented and experienced executive in the marketplace today who has the proven experience to help us create and lead a new organization that will drive international business growth, attract capital and create jobs in Bermuda. Stephen Lund has an exceptional track record as the CEO of Nova Scotia Business Inc. in doing just those things and we are delighted to have him join our team.”

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Stephen Lund

Lund, 55, has 30 years of business experience which includes five years’ experience working in Bermuda. Lund has been the CEO of Nova Scotia Business Inc. (NSBI), Nova Scotia, Canada’s business development agency, since its creation in 2001. NSBI has attracted some of the top companies in the world including IBM, BlackBerry, CITCO, Marsh and Lockheed Martin. NSBI exceeded its goal of helping generate $800 million in direct client payroll during its most recent 5-year strategic plan period 2007 – 2012. During this time, NSBI achieved $1.2 billion in direct client payroll and generated a 43% return on investment for Nova Scotia under Lund’s leadership.

Before joining NSBI, Lund was vice-president of Working Ventures Canadian Fund, Canada’s largest national venture capital fund, where he led investing activities for the fund in Atlantic Canada. His time in Bermuda included working with the Bank of Bermuda and Butterfield Bank. In 2011, he was inducted into Atlantic Business Magazine’s prestigious Top 50 CEO Hall of Fame, and was recognized by the Dublin-based publication, Financial Centres International, as one of the top 500 most influential people in financial centres worldwide.

“Bermuda is a highly respected international business centre with a reach that extends far beyond its shores,” said Lund. “I am looking forward to returning to Bermuda to lead the BBDC and to work with Bermuda’s business sector and the government to enhance Bermuda’s competitiveness in the global economy.

Minister of economic development, Dr Grant Gibbons, said, “We are in a highly competitive world that requires new ideas and thinking. We need the best, most experienced executives to help lead our efforts. Everyone in Bermuda, and particularly in government, is committed to expanding the workforce and jobs available to Bermudians. We are excited that the BBDC has been able to attract someone of Stephen’s caliber. His independent perspective when combined with his experience with Bermuda and more recently, his success in Nova Scotia will be critical to ensuring that we have the right resources, strategies and tactical approach to help Bermuda attract international business and grow our economy. We welcome him to Bermuda again and look forward to his leadership of the BBDC.”

Lund was selected after a global search was conducted in which the BBDC received 180 applications from candidates in Bermuda and from around the world.

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