Bank of Valletta chairman Roderick Chalmers stepped down yesterday following the “tragic loss” of his son earlier this week.

In a letter to Finance Minister Tonio Fenech, Mr Chalmers said he decided to “very significantly reduce my business and other public commitments with immediate effect” following the death of his 31-year-old son, Alistair.

“This will enable me to spend time with my wife Mary Rose and our family at this most difficult time and to begin to try to pick up the pieces of our shattered lives,” he said.

Mr Chalmers said his wife had given him “unconditional support” throughout his 40 years of professional life and was a “hugely effective ambassador” for every organisation he was involved in.

“It is now time for me to provide her with that same unconditional support at this very difficult stage of our lives,” he said.

Referring to a meeting held with Mr Fenech in the morning, Mr Chalmers said he asked to be allowed to stand down as chairman as soon as his successor was appointed.

Being chairman for the past eight years was an “honour” and a “privilege”, he said.

Mr Chalmers said he had “no doubt” that, under the leadership of CEO Charles Borg, the bank would “continue to develop, prosper and grow as Malta’s leading financial institution”.

Mr Fenech said he accepted Mr Chalmer’s decision with “regret” but expressed his “full understanding”.