Friday 20 July 2018

Bank of Ireland reshuffles board at its UK business

Bank of Ireland CEO Francesca McDonagh
Bank of Ireland CEO Francesca McDonagh
Samantha McCaughren

Samantha McCaughren

Francesca McDonagh has certainly been a new broom at Bank of Ireland. Among those leaving the bank are Michael Torpey, chief executive of the corporate and treasury division and Peter Morris, CEO of governance, who have both signalled that they plan to retire during the summer. Liam McLoughlin, Bank of Ireland's long-serving head of retail banking, was another to announce his departure this year.

Filings for Bank of Ireland UK, the subsidiary that includes its joint venture with the Royal Mail, has also seen a raft of changes at the top. Three directors have moved on from the board.

David Weymouth, chairman of OneSavings bank left in late 2017. Patrick Butler has also left and has been appointed as a non-executive director of Dublin-listed challenger bank Aldermore and as chairman, while the group chief operating officer Lewis Love, who revealed plans to depart earlier this month, has naturally left the UK board also. As the three men have exited the UK business, a new woman has joined the board since Francesca's arrival from HSBC. Mimi Kung has become the second woman to join what appears like a slimmed down board. Mimi has quite an interesting CV and is also a non-executive director at Post Italiane. Her previous roles include stints at American Express and GE Capital.

Some 40pc of the Bank of Ireland's assets are in the UK and given the regulatory Brexit uncertainty which lies ahead, Mimi and the board with have their work cut out for them.

Sunday Indo Business

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