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Wednesday 28 June 2017

Former chairman sees stock plunge from €6m to €140,000

Siobhan Creaton

AIB's former chairman, Dermot Gleeson, is amongst the biggest losers as a result of the AIB's share-price collapse.

The barrister and former Attorney General holds 400,000 AIB shares that were worth €6m when the shares were trading at their highest levels. But today they have plunged in value to just €140,000.

Mr Gleeson began to acquire AIB shares when he was appointed as a director to the bank in 2000.

He assumed the chairman's role in 2003 and held that position until 2009.

Mr Gleeson was pelted with eggs by a disgruntled pensioner at a tense shareholders meeting in the height of the banking crisis that year.

The bank's former chief executive, Eugene Sheehy, also still holds 2,760 AIB shares, which he acquired over his lengthy career at the bank.

Some were acquired in the form of share options, while he also purchased some of the stock.

When AIB shares were at their highest price, his shares were worth more than €63,000 but are now worth less than €1,000. Mr Sheehy, who was paid millions during his three-year reign, left the bank in 2009 with an almost €900,000 payout and a pension of around €450,000 a year.

AIB is a shadow of its former glory having sold off its international businesses and will be taken into majority state owenership at the end of the year.

Irish Independent

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