Robert Elliott is to step down as chairman of Permanent TSB when his six-year term ends next year, the Irish lender has said.
The board said it has commenced a process to find a successor to Mr Elliot, who will leave PTSB at the end of March 2023. The bank has engaged executive search firm Odgers Berndtson to assist with the appointment.
PTSB said Mr Elliott had confirmed his decision to the board now “in order to allow sufficient time to identify and appoint a successor which, based on recent industry experience, may take up to 12 months to complete”.
Mr Elliott said PTSB, which this week announced a new €1 billion loan fund for small and medium-sized businesses, has made “enormous strides over the past decade” and is “poised for a period of transformation and growth”.
PTSB last month reached a deal with NatWest to acquire a €6.8 billion portfolio of mortgages and business loans from Ulster Bank.
“The fact that the end of my term as chairman will coincide with the substantial conclusion of this transaction makes next year the perfect time for me to step away from the bank and allow a new chairperson to take the reins for what will be a crucial and exciting period for the enlarged bank,” he said.
Mr Elliott succeeded Alan Cook as chairman of PTSB in March 2017 shortly after retiring as chairman and senior partner of the international law firm Linklaters.
