New IL&P chair to be appointed within weeks
THE hunt to find a new chairperson for Irish Life & Permanent (IL&P) is "well advanced" with a successor expected to be announced before May, the bancassurer confirmed yesterday.
The update on the search for a replacement for Gillian Bowler came as IL&P announced the "planned retirement" of two other directors, NCB chairman Breffni Byrne and O2 chief executive Danuta Gray.
A spokesman for the group yesterday confirmed that IL&P was already "engaged in a process" to find directors to replace Mr Byrne and Ms Gray -- due to step down at an annual general meeting (AGM) on May 18.
Budget Travel founder Ms Bowler announced plans to step down from IL&P in mid-December. The outgoing chair yesterday said she "expected" her role to be filled "in advance of the forthcoming AGM in May.
Ms Bowler also paid tribute to Mr Byrne and Ms Gray, who had both served two full terms as members of IL&P's board and were stepping down "in line with good corporate governance practice".
"Both Breffni and Danuta have been valued colleagues and have made enormous contributions to the board during their respective tenures," Ms Bowler said.
News of the board changes came days after IL&P announced losses of €197m for 2010, as spiralling bad loan provisions at its Permanent TSB bank wiped out rising profits at the core life insurance. The results were overshadowed by the upcoming stress test results at the end of March, which will detail how much more capital IL&P needs to raise and which assets it needs to sell.