Davy staff briefed on changes to board
Staff at Davy Stockbrokers have been briefed by management of director changes that will result in a majority of board positions being held by external non-executives.
Davy, the country's biggest wealth management and capital markets business is appointing Patrice McDonald and Ronan Murphy as new non-executive directors from March 16, according to an internal memo circulated to staff yesterday.
Staff were told the appointments are part of a broader evolution of the board over the past 18 months, which had already seen a reduction in the number of directors and the appointment of outside chairman John Corrigan, the former chief executive officer at the National Treasury Management Agency, as well as of Ronan Molony, a partner at McCann FitzGerald, as a non-executive director.
The appointments are set to be confirmed over the coming days.
Following the latest appointments the Davy Board will comprise: John Corrigan (chairman), Patrice McDonald, Ronan Molony, Ronan Murphy, Davy chief executive Brian McKiernan, Kyran McLaughlin and Peter Newman.
Patrice McDonald is a former chief risk officer and head of governance at Barclays Wealth and Barclays Capital. She is the non-executive chairman of TD Bank Europe.
She holds an MBA from Harvard Business School and previously held senior roles in the financial services industry - in Strategy, Corporate Governance, Risk, Technology and major Programme Management and regulatory change.
Ronan Murphy is a former partner at PwC, where he was senior partner from 2007 to mid-2015. He is a founding board member of the British Irish Chamber of Commerce.
The new appointments will follow the retirement of directors Pat Ryan and Chris Cullen.