Pepper Ireland appoints new CEO as US buyout giant KKR closes in
Pepper Ireland has appointed former Ulster banker, Cormac Ryan, as the chief executive of the Sydney-headquartered firm's Irish division.
The reshuffle comes as the company's current boss, Paul Doddrell, plans to relocate to Canada to lead a push into the North American market - a move first reported by the Irish Independent.
Global buyout firm, KKR, is inthe midst of acquiring Pepper, which provides lending, advisory and asset services, after lobbing in a A$656m bid for the non-bank lender earlier this year. The takeover is on course to conclude in November.
Mr Ryan assumes the reins in October and will oversee Pepper Ireland's 400-strong workforce located in Dublin and Shannon.
Mr Ryan has worked in the financial services industry for over two decades and held senior roles in a number of banks, most recently at Ulster Bank where he worked as programme director in its workout unit, referred to as the RBS non-core division. Prior to that he held senior roles in UBS' wealth management division and Accenture Capital Markets in the UK.
Pepper CEO, Mike Culhane, welcomed Mr Ryan and said he "brings with him extensive local and international experience of the financial services market which will be invaluable in leading our talented team of people and realising our ambition in this market. Cormac joins at a time when Pepper is approaching its fifth anniversary in Ireland and the business is strongly positioned for continued growth and success, based on a clear strategy and plan.”
Mr Ryan said “I’m delighted and honoured to take up the CEO position at Pepper Ireland and I look forward to working with my new colleagues and the team at Pepper to continue to grow the business, building on the huge success of the company’s first five years in Ireland.”
Mr Doddrell, a UK banker, oversaw Pepper's expansion into Ireland in 2012 when the company snapped up GE Capital's residential loan book in the aftermath of the banking crisis. He has been appointed group managing director, shared services and will assume his new role as head of Pepper's global back office operations in Halifax, Nova Scotia next month.