Irish Life & Permanent has appointed Denis Casey to succeed David Went as chief executive. Mr Casey, who is currently chief executive of the group's banking arm, Permanent TSB, will take over when Mr Went steps down next May.

A former chief executive of Irish Life's retail and pensions arm, he was appointed to the board of Irish Life & Permanent in 2000.

Mr Casey, who is a certified accountant, joined the then Irish Life in 1980 and has worked in a number of the group's divisions.

He is current chairman of Financial Services Ireland and a past president of the Insurance Institute of Ireland.

Long regarded as the favourite to land the top post, Mr Casey was chosen from a shortlist of four senior internal executives. They included finance director Peter Fitzpatrick, head of the life division, Kevin Murphy, and head of corporate life assurance Donal Casey.

Irish Life & Permanent chairwoman Gillian Bowler said Denis Casey had an outstanding track record in each of the positions he had held in the group.

"He has a unique experience of running our banking and life assurance businesses and has demonstrated his ability to bring focused, results-driven leadership to his various roles," she said. "We have no doubt that he will be a tremendous success in guiding the group through the years ahead and bringing us closer to our goal of being the number one provider of personal financial services in the Irish market."

Mr Casey said he was "honoured" to have been selected as chief executive designate and said the aim of becoming the top provider in the financial services market in Ireland was achievable.

"The focus will remain on Ireland where we see plenty of opportunities," he said.

"In recent years we've clearly positioned ourselves as the major force for competition in the banking and life assurance markets. We are already the number one player in the life and pensions market. The challenge now is to grow our position strongly in the banking market."