Bank of Ireland confirms Gavin Kelly as interim CEO

Bank of Ireland has confirmed that Gavin Kelly, head of its Irish retail banking unit, will become its interim group chief executive from Saturday, after Francesca McDonagh leaves the bank following five years at the helm.

The largest bank in the State by assets also said that it is “making good progress on the process to appoint a permanent successor” to Ms McDonagh.

The Irish Times reported on Tuesday that the bank’s board has selected the group’s former chief financial officer Myles O’Grady to become its next chief executive, just months after he left the lender to join Musgrave Group, the food wholesaler and retailer. The appointment remains subject to regulatory approval. The bank has not commented on the report.

[ Cantillon: Bank of Ireland opts for continuity candidate — of sorts — as new chief executive ]

“I would like to congratulate Gavin on his appointment as interim group chief executive officer. Gavin brings a wealth of experience to this role,” said Bank of Ireland chairman, Patrick Kennedy.

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Mr Kelly joined Bank of Ireland in 2007 from Permanent TSB and has held a number of senior roles with the group. He was appointed chief executive of the Retail Ireland division four years ago.

“In this role, Gavin oversaw the provision of banking products and related financial services to personal, business and wealth and insurance customers,” Mr Kennedy said.

Ms McDonagh said in April that she was leaving Bank of Ireland to become chief executive of the Europe, Middle East and Africa (EMEA) region for embattled Swiss financial group Credit Suisse.

However, Credit Suisse said early last week that she would become group chief operating officer on joining the company in the first big leadership reshuffle under its new CEO, Ulrich Koerner.