The Institute of Directors in Ireland has appointed a new president and added three new members to its board.

Tom Byrne is to succeed Ann Riordan as president of the institute, which represents senior business professionals in the State.

Mr Byrne is a chartered director and accountant and was elected to the institute's board in June of last year. He previously served as vice-president. He is a former head of corporate finance at Davy Stockbrokers, where he worked from 1987 to 2001, and he later established Abaris Corporate Advisers Limited.

“In the midst of what is a tremendously difficult period in Irish business, I firmly believe that directors have a meaningful and significant leadership role to play in our country’s recovery and so I am honoured to be appointed as president of the Institute of Directors in Ireland,” he said.

Myra Garrett, Ita Gibney and Kevin Neary have been formally elected to the board of the institute.

Ms Garrett is managing partner of corporate law firm William Fry and is also a director of the Road Safety Authority and a number of private companies.

Ms Gibney is founder and managing director of independent PR company Gibney Communications Ltd, which she established in 1995. She is a former director of Murray Consultants and group director of Corporate Affairs at Greencore Group plc.

Mr Neary is the co-founder and managing director of the GameStop Group, originally Gamesworld, which was founded in 1994.