Mr Richard Hoare, operations director at First Active, has resigned his position to set up a new corporate development advisory business. Mr Hoare joined the former building society in 1997 as general manager with responsibility for retail banking. Previously, he was managing director of Bank of Ireland Finance.

Mr Hoare had been considered to be one of the contenders to replace Mr John Smyth as group chief executive when he resigned earlier this year. That position went to Mr Cormac McCarthy. In a statement yesterday, Mr McCarthy thanked Mr Hoare for his significant contribution to the company.