By Mark McSherry — Bank of Ireland Group plc announced the appointment of Myles O’Grady as group chief executive officer (CEO) and executive director.
O’Grady is Bank of Ireland’s former chief financial officer, who left last year to join Irish food group Musgrave in a move that Bank of Ireland blamed on state-imposed curbs on banker pay and bonuses.
O’Grady will take up his new positions on November 17, 2022, and will succeed Gavin Kelly, interim group chief executive officer.
Kelly will step down from the group board on November 17.
Bank of Ireland announced in April that former CEO Francesca McDonagh would step down as group chief executive officer.
McDonagh’s departure to Credit Suisse Group was also blamed on Ireland’s banking salary cap, which was imposed at banks in Ireland that were bailed out by the government during the financial crisis a decade ago.
“The board welcomes Myles back to the group, having previously served as group chief financial officer from January 2020 until March 2022,” said Bank of Ireland.
“Myles originally joined the group in June 2019 as director of commercial partnering, Ireland and was also appointed group non-executive director at Bank of Ireland (UK) plc and New Ireland Assurance Company plc.
“Myles was also a director of the Irish Banking Culture Board.
“Prior to joining Bank of Ireland, Myles was Director of Finance & Investor Relations in AIB Group and he has held senior positions in international financial services organisations including Citibank and Dresdner Kleinwort Benson.
“Until October 2022, Myles served as chief financial officer of the Musgrave Group.
“In a career of more than 30 years, Myles has worked nationally and internationally including in senior roles across retail, business and investment banking.
“He has extensive local market knowledge and deep experience of working with a range of stakeholders including customers, colleagues, investors and regulatory authorities.
“He is also skilled in strategic development and delivery and played an integral role in the Davy and KBC portfolio acquisitions when he was Bank of Ireland chief financial officer.”
Bank of Ireland chairman Patrick Kennedy said: “I am delighted to welcome Myles back to Bank of Ireland as group chief executive officer.
“Myles is an exceptional leader with a strong track record of delivery.
“The focus of the board remains on the execution and delivery of the significant opportunities available to the group.
“Myles’ appointment underlines the board’s commitment to the ongoing successful execution of its existing strategy.
“I would also like to thank Gavin Kelly for stepping into the interim chief executive officer position over the last number of months.
“Gavin showed huge commitment and leadership during this period.
“Gavin will work closely with Myles to support a smooth transition into the role of group CEO, and will remain a key member of the group executive committee.”