Business Irish

Wednesday 24 January 2018

Byrne is the main winner following bank reshuffle

Emmet Oliver

AIB has not brought in much new blood as part of its management reshuffle, but former ESB group finance director Bernard Byrne is now a key figure at the bank, at least until a new chief executive officer is appointed.

  • Byrne is going from chief financial officer of the bank to director of personal and business banking for the entire group. What this means, in effect, is that Byrne will run the Irish retail bank and SME offering, the part of AIB expected to be most active in the coming years.

Byrne, a chartered accountant, has been centrally involved in the recapitalisation talks for AIB and also in regular contact with the Central Bank and the ECB over funding issues.

  • Another winner is Jerry McCrohan, who gets to run the old AIB capital markets division, but also takes over in the area of commercial banking.
  • One of the few newer names in the line-up is PwC restructuring expert Peter Spratt, who will run the bank's non-core unit. Spratt led a number of strategic reviews of quoted and private companies including the EMI Group, Marconi and Samsonite in his career.

He has also led a number of other project management teams including advice to the United Nations deployment of donations following the 2004 Tsunami, and the financial restructuring of the Louisiana transport system following Hurricane Katrina.

  • Meanwhile Keith Davies, who is known for turning around health systems has been appointed group services and transformation director. Five years ago he was asked to head up the turnaround of 150 English National Health Service (NHS) organisations that were forcing the health service into deficit for the third year.
  • An existing AIB staff member, Paul Stanley becomes acting CFO, until that position is filled permanently.
  • Stephen Bell, another PwC executive, has been appointed acting chief risk officer pending a permanent appointment.

Irish Independent

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