AIB has confirmed that the regulatory fitness and probity assessment process and consultation with the Minister for Finance in respect of the proposed appointment of Dr Colin Hunt as CEO of the bank has concluded successfully.
Accordingly, Mr Hunt has been appointed CEO and executive director with immediate effect.
He succeeds Bernard Byrne who steps down from his executive duties and from the board on today, and leaves the country’s biggest bank on 26 April 2019.
Mr Byrne is moving to a role at Davy Stockbrokers.
AIB's chairman, Richard Pym, said the board of the bank are “delighted” to welcome Dr Hunt as the new CEO.
"This appointment from within our senior team is testament to the calibre of people we have in AIB.”
“I want to thank Bernard for his leadership and commend his many achievements during his time with the bank. I look to the future with confidence and optimism that under Colin's leadership AIB will continue to grow and prosper in the years to come," he added.
Dr Hunt is a well-known economist - he had a high media profile in the early to mid-2000s when he was chief economist at Goodbody Stockbrokers. He was later a special adviser to Brian Cowen until mid 2007, when the former Taoiseach was Minister for Finance, and before that he'd been a special adviser to former Transport Minister Martin Cullen from 2004.
An experienced banker, Dr Hunt has been managing director of wholesale and institutional banking and a member of the senior executive team at AIB since May 2016, after joining from Australian finance house Macquarie's Irish operations.