Tuesday 12 December 2017

Boucher to bow out at BoI

Richie Boucher Picture: David Conachy
Richie Boucher Picture: David Conachy
Donal O'Donovan

Donal O'Donovan

Bank of Ireland's long serving chief executive Richie Boucher will retire before the end of the year the bank said yesterday.

He'll leave ahead of his 60th birthday, in line with the bank's mandatory retirement age.

A recruitment process is underway, but analysts said a pay cap which has been in place since the bank bailouts may limit the potential candidates.

Bank of Ireland's new CEO will earn a maximum of €500,000 a year, less than Richie Boucher's €843,000 pay package.

He was exempt from the salary restriction because his pay was agreed before it was introduced.

"It (the pay cap) will narrow the field especially if you are looking at someone in the big UK banks. Internally it is not going to be an issue and it might not matter for someone prepared to take a longer term view," Investec analyst Owen Callan said yesterday.

Bank of Ireland shares dipped yesterday, an ironic tribute to the most senior Irish banker to have come through the crash without losing his job.

His appointment in 2009 was highly controversial. Before the crash Richie Boucher had led the bank's retail arm - including mortgage lending. He was close to property developer Sean Dunne, including backing his grandiose plans to develop the heart of Ballsbridge.

As CEO his blunt style rubbed many up the wrong way. In 2011 he had an egg flung at him at the bank's annual general meeting.

Irish Independent

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