Top Stories
O’Grady to return to Bank of Ireland as CEO – Irish Times
Global Banking & Finance Review®
Company
DUBLIN (Reuters) – Bank of Ireland’s board has selected the group’s former chief financial officer Myles O’Grady to become its next chief executive, just months after he left the lender, the Irish Times reported on Tuesday, citing unnamed sources.
DUBLIN (Reuters) – Bank of Ireland’s board has selected the group’s former chief financial officer Myles O’Grady to become its next chief executive, just months after he left the lender, the Irish Times reported on Tuesday, citing unnamed sources.
Francesca McDonagh, who was named chief operating officer at Credit Suisse last week, announced in April that she would step down as Bank of Ireland CEO, around the same time O’Grady left to join Irish food group Musgrave.
The bank, Ireland’s largest by assets, blamed state-imposed curbs on bankers’ pay and bonuses for O’Grady’s exit.
His appointment as CEO is subject to gaining regulatory clearance from the European Central Bank and Irish Central Bank, the Irish Times said.
A spokesperson for Bank of Ireland said the bank would not comment on the report as the process was ongoing.
(Reporting by Padraic Halpin; Editing by Kirsten Donovan)
The European Central Bank (ECB) is the central bank for the euro and administers monetary policy within the Eurozone, aiming to maintain price stability and oversee the financial system of the European Union.
Regulatory clearance refers to the approval process by which a financial institution or company must obtain permission from regulatory authorities before proceeding with certain actions, such as appointing a new CEO.
A financial officer, often referred to as CFO (Chief Financial Officer), is responsible for managing the financial actions of a company, including tracking cash flow, financial planning, and analyzing the company's financial strengths and weaknesses.
A bank's board of directors is a group of individuals elected to represent shareholders and oversee the bank's management and operations, ensuring that the bank adheres to its mission and complies with regulations.
Explore more articles in the Top Stories category
