Having stepped up to the top role when his boss left amid a scandal last month, Barnaby Molloy has now been confirmed as Guernsey Finance’s new Chief Executive.
Guernsey Finance says his appointment is “marking the beginning of a new chapter for the organisation and its work to promote the island’s finance sector”.
Commenting on his appointment, Mr Molloy added: “I am pleased to take on the role of Chief Executive at a time of both opportunity and challenge for our finance sector.
“Guernsey Finance plays a vital role in promoting and connecting our industry, which is respected around the world, and my focus will be on continuing to build on the strong foundations already in place, working closely with our members and partners to strengthen the island’s global profile and support long-term, sustainable growth.”
Mr Molloy has been with Guernsey Finance for more than nine years, with three and a half years as its Deputy Chief Executive.
He has worked under both Rupert Pleasant – who was CE from 2020 until last month – and Dominic Wheatley who was Guernsey Finance’s previous CE.
Mr Pleasant resigned from the organisation after an investigation was launched into an unconfirmed incident last month.
His departure was followed by that of Guernsey Finances’ Communications Director, Rosie Allsopp, who left the organisation once Mr Pleasant’s departure had hit the headlines in the local and national press.
Express has asked for an update on the investigation.
Following the scandal, the Economic Development Committee – which gives Guernsey Finance £2.5m per year – confirmed it will reinstate a political member to its board as well as two additional non-executive directors to offer additional oversight.
Economic Development President, Deputy Sasha Kazantseva-Miller welcomed Mr Molloy’s appointment this week.
“The Committee welcomes the appointment of Barnaby as the new Chief Executive of Guernsey Finance. Barnaby has the necessary experience and the long-standing relationships across the Guernsey financial services industry to successfully lead the organisation into its next chapter. The Committee is looking forward to working closely with Barnaby and the Guernsey Finance Board to continue championing Guernsey’s strengths as a world-class financial centre on the global stage.”
The Chair of Guernsey Finance, Paul Sykes said Mr Molloy brings a proven record of strategic leadership, clear and effective communication, strong governance experience and a deep understanding of the finance sector.
He also thinks Mr Molloy’s appointment represents a natural progression in the organisation’s leadership as it continues to build on established foundations.
“Following a rigorous process, the Board is pleased to confirm Barnaby Molloy as our new Chief Executive. Barnaby has played a central role in leading Guernsey Finance in recent years and delivering its campaigns and strategic objectives. He is closely involved in the jurisdictional strategy work, the Finance Sector Policy Framework, already underway.
“He is an excellent communicator and has consistently demonstrated his commitment to the success of Guernsey’s finance sector. His proven track record of delivery means that, at an important time for the organisation, his appointment brings both a fresh approach and continuity, ensuring a stable platform for the next phase of our work and economic growth.”
Mr Sykes said Guernsey Finance will maintain its strategic direction under Mr Molloy’s leadership, with a continued focus on sustainable industry growth, international engagement and close collaboration with members and global partners to advance strategic priorities.
Jo Peacegood, Guernsey Finance Independent Non-Executive Director and Chair of the Guernsey International Business Association, added: “Barnaby is a well-respected figure within the sector and has built strong, positive relationships with industry leaders and senior stakeholders. He brings valuable experience and sound judgement, and his appointment provides consistency for our stakeholders and partners whilst also coming at an important time for the finance sector with respect to the future strategic direction, and considering how Guernsey Finance can assist in delivering those strategic priorities.”