Banks usually keep one link to their past
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Wednesday November 18 2009
NO bank has managed to retain its entire top tier, but every bank has retained at least one link to the past -- apart from nationalised Anglo Irish Bank.
Allied Irish Bank signalled the biggest shake-up of management earlier this year. It effectively sidelined the head of its loss-making Republic of Ireland division and parted company with its combative chairman Dermot Gleeson and finance director John O'Donnell.
Chief executive Eugene Sheehy has been waiting to go since April.
Bank of Ireland lost its chief executive, Brian Goggin, in the spring and replaced him with insider Richie Boucher, a move that courted controversy at the time. The bank turned to another insider, naming former chief executive Pat Molloy to replace Richard Burrows as chairman. Chief financial officer John O'Donovan has held on to his position.
Another to keep their job was Irish Life & Permanent's Gillian Bowler who is the only chairperson to retain her spot. She parted company with her chief executive Denis Casey, finance director Peter Fitzpatrick and head of treasury David Gantly in February amid controversy over the group's €7.5bn deposits with Anglo Irish late last year.
EBS' Fergus Murphy, who joined the group in early 2008, was the only chief executive to hold on to his job. He saw off his chairman Mark Moran and finance director Alan Merriman after the board decided he wasn't to blame for lending that took place before he arrived.
Irish Nationwide's Michael Fingleton finally fell on his sword in April when he retired at the age 71 following a furore over a €1m bonus and €27m pension pot. He was replaced by Gerry McGinn.
- Thomas Molloy and Joe Brennan
Irish Independent
