Thursday 23 February 2017

Ex-Ulster Bank chief executive takes up BWG post

John Mulligan

John Mulligan

The former group chief executive of Ulster Bank Cormac McCarthy has been appointed a non-executive director of retail and wholesale group BWG.

BWG, which is headed by Leo Crawford, owns the rights to the Spar and Mace symbol brands in Ireland. Mr Crawford and John Clohisey are its main shareholders.

Mr Crawford said Mr McCarthy would bring "considerable experience and valuable insights" to the BWG business.

Mr McCarthy announced his intention to resign from Ulster Bank last year.

He said that he had decided to "move on" and that it was the "right time for me to seek new opportunities".

Mr McCarthy joined First Active in 1998 and was appointed chief executive in 2000. He became chief executive of Ulster Bank in 2004 when Royal Bank of Scotland (RBS) bought First Active.

In March, Ulster Bank named New Zealander Jim Brown as its new chief executive.

Ulster Bank recorded over €1.35bn of loan losses in the first quarter of this year, bring its total of loan losses to over €8bn. RBS has said it expects loan losses at Ulster Bank to "remain elevated" in the current quarter before declining.

Sales at Spar Ireland fell for the first time in 10 years in 2009.

BWG operates a franchised network of over 900 Spar, Eurospar, Mace and XL stores across Ireland and the UK. It also has 22 cash-and-carry outlets and employs 900 people.

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