Tuesday 26 September 2017

Bank of Ireland appoints high-ranking female banker to succeed Richie Boucher

Bank of Ireland, College Green
Bank of Ireland, College Green

Gretchen Friemann

Bank of Ireland has appointed a high-ranking female banker, Francesca McDonagh, to succeed Richie Boucher as chief executive officer later this year.

The bank unveiled the appointment in a statement  this evening.

Ms McDonagh, who is 42 and from the UK, was formerly head of Retail Banking and Wealth Management, UK and Europe at HSBC., where she has worked for two decades.

A spokesman for the bank also confirmed her remuneration will match that of Mr Bouchers, which reached  €958,000 last year

MInister for Finance Michael Noonan, had signalled earlier this year the government would overlook the €500k salary cap restriction imposed on executives at bailed-out banks if the new CEO was an external appointment.

Governor of the Bank of Ireland Archie Kane said the board had "conducted a thorough search" and described Ms McDonagh as "an exceptional candidate"

Mr Kane added that Mr Boucher had been "an outstanding success at Bank of Ireland, and leaves the Bank in a much stronger position than he inherited when he took up the role of CEO in February 2009."

Ms McDonagh will start her new role on October 2nd.

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