Breffni Byrne and Danuta Gray are to step down as non-executive directors at Irish Life & Permanent.

The two have advised the group that having served two full terms as directors, they do not intend to stand for re-election to the board at the next annual general meeting in May.

Mr Byrne and Ms Gray have been non-executive directors at IL&P since 2004. Both were involved in the appointment of Kevin Murphy as chief executive of the group following the resignation of Denis Casey in 2009.

Irish Life chairwoman Gillian Bowler thanked both directors for their contributions to the board. She said the appointment of a new chairperson to replace her is likely before May.