Tuesday 24 April 2018

Bank of Ireland appoint former Paddy Power executive as chairman

Photo: Bloomberg
Photo: Bloomberg
Ellie Donnelly

Ellie Donnelly

Bank of Ireland has appointed Patrick Kennedy has its new chairman.

Mr Kennedy's appointment follows the February announcement from Bank of Ireland that Archie Kane was to stand down as chairman later this year.

Mr Kane will now retire as Chairman and Governor of the Bank on 31 July.

Having joined the board of Bank of Ireland in 2010, Mr Kennedy was appointed Deputy Governor of the Bank in 2015.

The former chief executive at Paddy Power Betfair - where he served in role from 2006 -2014, Mr Kennedy has served on a number of committees at Bank of Ireland since joining the bank's board in 2011, including the bank's risk committee, nomination and governance committee, and the bank's remuneration committee.

He is also a trustee of the Bank Staff Pension Fund since 2015.

Commenting on Mr Kennedy's appointment, Patrick Haren, a senior independent director, who led the succession process, said that Mr Kennedy combines a deep knowledge of the bank with "exceptional commercial acumen gained from a highly successful career in national and international business".

"We look forward greatly to working with Patrick as Chairman and Governor, as  Bank of Ireland makes progress on its three strategic priorities – to transform the bank, to better serve our customers, and to grow sustainably," Mr Haren said.

Prior to joining Paddy Power, Mr Kennedy spent seven years working at Greencore, where he was chief financial officer and also held a number of senior strategic and corporate development roles. 

He was also a non-executive director of Elan Corporation from 2008 to 2013, and Paddy Power from 2004 to 2005.

Mr Haren also used the announcement to wish out-going chairman Archie Kane well.

"We are very grateful to Archie for his service to Bank of Ireland since his appointment in 2012 and continuing until the end of July. His considerable experience and sound judgement have been of great assistance to the Bank through a challenging period," Mr Haren said.

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