M&T director Sheehy steps down from post
Published 28/04/2010 | 05:00
Eugene Sheehy, former chief executive of AIB, has stepped down as a director of the group's 22.5pc-owned M&T Bank in the US.
Mr Sheehy's decision not to stand for re-election as a non-executive at M&T comes as AIB prepares to sell its stake, worth $2.2bn (€1.66bn), as it races to raise €7.4bn of capital by the end of the year. The AIB 'lifer', who famously said a year-and-a-half ago that the group would "rather die than raise equity", retired late last year and was effectively replaced by Colm Doherty, under the new title of group managing director.
Mr Doherty and Michael Buckley, another former group chief executive, are also non-executive directors of M&T.
It is unlikely that AIB will seek to nominate another director to replace Mr Sheehy at the US regional bank.