Bank of Ireland takes a punt on Kennedy as chair
Bank of Ireland has named long-time board member Patrick Kennedy as its new chairman.
The former Paddy Power CEO's appointment follows the February confirmation by Bank of Ireland that Archie Kane was to stand down as chairman later this year.
The Irish Independent had previously reported that Mr Kane was planning to stand down and named Patrick Kennedy as the favourite to replace him.
Mr Kane will now retire as chairman and governor of the bank on July 31.
Mr Kennedy joined the Bank of Ireland board in 2010, and was appointed deputy governor - or deputy chairman, in 2015.
The 48-year-old's appointment completes a generational shift at Bank of Ireland, where Francesca McDonagh (43) took over as CEO last year.
Mr Kennedy was chief executive at Paddy Power from 2006-2014, after spending seven years working at Greencore, including as chief financial officer.
He was also a non-executive director of Elan Corporation from 2008 to 2013.
At Bank of Ireland, he's served on a number of committees, including the risk committee, nomination and governance committee, and the bank's remuneration committee.
He has also been a trustee of the bank's staff pension fund since 2015.
Commenting on the appointment, Patrick Haren, a senior independent director who led the succession process, said that Mr Kennedy combined 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.
Mr Haren also wished outgoing chairman Archie Kane well.
"His considerable experience and sound judgment have been of great assistance to the bank through a challenging period," Mr Haren said.