Bank of Ireland has moved quickly to replace its former chief executive, who resigned suddenly last weekend. The bank announced last night that it was appointing Mr Brian Goggin to the top slot. Siobhán Creaton, Finance Correspondent reports

Mr Goggin (52) will replace Mr Michael Soden, who resigned from the post last weekend after he was found to have accessed a website that had links to material of an adult nature.

Mr Goggin had been a front runner to take over the chief executive's position two years ago but was beaten by Mr Soden at that time. Since then he has headed Bank of Ireland's asset management division. He will continue to take responsibility for that division pending the appointment of his replacement, a statement said.

Bank of Ireland governor Mr Laurence Crowley said Mr Goggin had the breadth of experience and leadership qualities to take the bank forward at this challenging time. "There is great change taking place in the financial services industry worldwide and particular skills are required to lead Bank of Ireland successfully through this environment of change," he said. "I and my fellow directors are confident that Brian has the skills, experience and personal attributes to lead Bank of Ireland to further achievements and ensure our continued success as a leading international financial services business."

Mr Goggin said he was delighted and proud to accept the position. "I am committed to driving the group forward in all our business divisions," he said.

The bank has moved quickly to appoint a replacement following Mr Soden's shock departure and his elevation to the top job is expected to be positively received by investors. Mr Goggin would be well known to institutional investors through his role at the asset management division.

Bank of Ireland shares have risen this week with the markets expressing confidence that an internal candidate was likely to take over the running of the Republic's second biggest bank. Its shares had closed at €9.70 last Friday before Mr Soden's resignation was announced. Yesterday Bank of Ireland shares closed at €10.49.

Mr Soden hadn't been universally popular with investors, with some analysts expressing deep concern about his strategic vision.

Mr Goggin is a career banker who has held senior positions across the Bank of Ireland group. He joined the bank in 1969 and has worked at its Irish, US and UK divisions.

He was appointed chief executive of the bank's corporate and treasury operations in 1996 and joined Bank of Ireland's court of directors in 2000. He is also a director of the Gowan Group.

He was selected by a sub-committee of the bank's directors that included Mr Crowley and five other directors: Mr Richard Burrows, deputy governor, Ms Mary Redmond, solicitor, Ms Caroline Marland, director of the Burberry group, Mr David Dilger, Greencore chief executive and Esat Telecom founder, Mr Denis O'Brien.

Second time lucky for Goggin as he gets top job: page 3