Fergus Murphy steps up for new position at AIB
Transformation director Keith Davies is leaving revamp role
The only permanent newcomer to be appointed to AIB's revamped top team is stepping down less than six months after joining the almost-nationalised bank.
AIB executive chairman David Hodgkinson confirmed the departure of the bank's "transformation director" Keith Davies in an email to staff yesterday. His role is being taken over by EBS chief Fergus Murphy (right) , who will take on the position in addition to his job running EBS as an AIB subsidiary.
A lawyer by training, Mr Davies was appointed in May as part of a revamp of the bank's 10-man executive team, dubbed 'exco'. He was the only permanent newcomer in a line-up that included six AIB staffers and two secondees from accountancy firm PriceWaterhouse Coopers.
It is understood that Mr Murphy will not receive any additional remuneration for the role, which will see him continue his work on integrating EBS and AIB.
AIB's transformation into a smaller, more focused bank is entering a critical stage, with newly-appointed chief executive David Duffy set to take the reins in early December.
His most imminent challenge will be jump-starting stalled negotiations around some 2,000 job losses that were first signalled back in April.
Mr Hodgkinson said the bank's transformation effort would treat "rapidly evolving" issues in mortgage and business loans as a "critical and priority agenda item" and would work with the bank's various segments on those areas and provide "leadership".
The transformation unit will also have more general responsibilities like "embedding . . . new behaviours and culture across the bank", a job that would arguably be easier for an AIB outsider like Mr Murphy than for a long-time AIB staffer.