New roles for Irish Life and Permanent execs ahead of separation
IRISH Life & Permanent has begun divvying up its senior 'group' executives between Irish Life and the Permanent TSB bank in preparation for the operations' formal separation next year.
The bank yesterday announced new roles for seven senior executives, who will move from Irish Life & Permanent Group at the end of March (subject to approval from the Central Bank).
A spokesman confirmed that external consultants were engaged to assess whether executives would be better suited to the life insurance or banking business.
A key determinant was whether the bulk of their duties over the past two years involved Permanent TSB, or Irish Life Assurance. All executives will keep their existing pay and conditions once they move over.
The positions already settled will see IL&P head of risk and compliance Bill Hannan take over the same function at a standalone Permanent TSB.
He'll be joined there by IL&P company secretary Ciaran Long, who becomes Permanent TSB's company secretary, and IL&P's group head of HR Tony Hession, who will have the same title at the new Permanent TSB.
The final executive already assigned to Permanent TSB is IL&P's chief legal officer Cathal MacCarthy, who will become the bank's legal boss.
Barry Walsh, who heads up IL&P's investor relations, will become Irish Life Assurance's company secretary in addition to his current responsibilities.
IL&P's group head of internal audit Paul Wigham is set to transfer to the same role at the life company, while head of group finance at IL&P Philip O'Neill becomes head of group finance at Irish Life.
No announcement has been made about group chief executive Kevin Murphy, though he is expected to be assigned to the life insurance company.
Meanwhile, IL&P is at an "advanced stage" of selecting a chief executive to run Permanent TSB as a standalone bank.
It is understood that a "handful" of candidates, including Permanent TSB boss David Guinane and other internal candidates, are being considered, along with external candidates.