Saturday 23 June 2018

Bank of Ireland confirms chairman Kane's departure

Archie Kane Photo: Frank Mc Grath
Archie Kane Photo: Frank Mc Grath
Donal O'Donovan

Donal O'Donovan

Bank of Ireland has announced that Archie Kane will stand down as chairman later this year.

It confirms the move first reported by the Irish Independent last Saturday.

In a brief statement to the Irish Stock Exchange, the bank said that the Scottish banker had informed the company he intends to step down as chairman/governor later this year.

A succession process to appoint a new chairman is under way, which will ultimately determine Mr Kane's departure date, the bank said.

Bank of Ireland's deputy chairman and long-standing director Patrick Kennedy, the 48-year-old former CEO of betting giant Paddy Power, is tipped as a leading candidate to take over as chairman. That would cement the generational shift at Bank of Ireland, where Francesca McDonagh (42) was appointed CEO last October.

Mr Kane will stand down after six years overseeing the lender through its post-bailout recovery. The announcement comes just ahead of financial results on Monday, when the bank is expected to announce its first shareholder dividend since the crash.

It also follows last year's succession process when long-time CEO Richie Boucher was replaced by British-born former HSBC executive Ms McDonagh.

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