Permanent TSB has appointed Declan Norgrove as interim chief financial officer (CFO) effective immediately.
Mr Norgrove is a member of the bank’s senior leadership team and is currently head of risk governance and strategy at the State-backed lender.
The bank has yet to replace its previous CFO, Eamonn Crowley, who became its chief executive in June last year.
Mr Crowley earned a basis salary of €431,250 in his role as CFO at the bank in 2019. When benefits and pension expenses are included his remuneration was €510,924 for the year.
Over the last fifteen years, Mr Norgrove has held a number of senior leadership roles across both the finance and risk functions at Permanent TSB (PTSB), including group head of finance, head of corporate development, and, head of financial accounting and operations.
In Mr Norgrove’s current role he has led the bank’s risk transformation strategy and the restructuring of the group risk function, according to a statement from PTSB.
“I am delighted to be taking on the role of interim CFO at Permanent TSB,” Mr Norgrove said.
“I believe in the bank’s people, its potential and the opportunity for future growth and I look forward to working with Eamonn and the wider team to deliver on our ambition of becoming Ireland’s best personal and small business bank.”
PTSB said it is continuing to progress the recruitment of a permanent CFO and will update the market “as appropriate.”
Commenting on Mr Norgrove’s appointment, Mr Crowley said: “Declan’s knowledge and understanding of Permanent TSB will be of huge value as we embark on a significant period of development over the coming year.”
“Declan is a seasoned leader who brings a wealth of experience to the role and I look forward to working with him in the time ahead.”
Earlier this year PTSB entered into a Memorandum of Understanding with NatWest regarding a potential acquisition of certain parts of the Ulster Bank retail and SME business in the Republic of Ireland.
In a trading update last month PTSB said it is continuing to work with NatWest with a view to entering into legally binding agreements “over the coming months”.
“Until an acquisition is finally concluded there can be no certainty that an acquisition will occur or on what terms,” PTSB said in October.