Wednesday 21 March 2018

Ex-chief put 'star' Drumm in spotlight

Siobhan Creaton

SEAN FitzPatrick was the most influential figure when it came to selecting his successor at Anglo in 2004.

And while the appointment of the unknown 37-year-old David Drumm as chief executive came as a bolt from the blue to most people, Mr FitzPatrick was happy he had landed the right man for that job.

Tiarnan O'Mahoney was always seen as the frontrunner, with John Rowan -- the head of Anglo's UK operations -- and senior executive Tom Browne also viewed as strong contenders for the post. Mr Drumm had been working in the US.

Mr O'Mahoney, who headed up the bank's treasury operations, was devastated to miss out on the top job. It was decided that he didn't "fit" the Anglo culture, according to Mr FitzPatrick.

"Treasury was about full-backs, centre-halfs, goalkeepers and wing-halfs. The lending guys were all about (being star forwards like) Lionel Messi. They were all strikers. They were the pop stars. They were the guys who were making money. They didn't worry about how the money was (come by) to give to them," he said.

And while Mr Drumm was given the responsibility to run the bank, it was clear Mr FitzPatrick was a formidable chairman. The book mentions Mr Drumm's frustration in dealing with the bank's board.

The former chief executive told friends he believed Mr FitzPatrick had thrashed out the issues ahead of board meetings with his close allies so he would always get his way.

Irish Independent

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