The chairman and directors of Anglo Irish Bank have turned their attention to selecting a candidate to replace chief executive Mr Sean FitzPatrick.
Mr FitzPatrick, who is 55, seems set to leave the bank in good shape yielding record profits. He has said that he will leave the bank at the end of this year or in early 2005, after a 22-year career there.
In an interview with the Irish Times, Mr FitzPatrick said his successor will come from within the existing management team, with the head of Anglo's wealth management division, Mr Tom Brown, and chief operations officer, Mr Tiarnan O'Mahoney, said to be amongst the frontrunners. Mr John Rowan, head of the bank's UK division, is also viewed as a contender.
Investment institutions have been consulting with Anglo chairman Mr Peter Murray and other directors about the succession. Some sources suggest that Mr Brown may be edging ahead although no decision has been reached. The selection will be made by the bank's nomination committee, which includes former Glanbia head Mr Ned Sullivan and the head of the RTE Authority, Mr Paddy Wright.
In February, Mr FitzPatrick raised €27.6 million by selling two million - or about half - of his Anglo shares.
Mr Peter Killen, the bank's former head of group risk management who began his career with FitzPatrick, retired earlier this year and raised €9.3 million by selling half of his shareholding.
