Allied Irish Banks (AIB) has revamped its management team as part of a wider series of management changes with an emphasis on attracting new external talent. This will deliver a combination of internal and external experience and perspective necessary to ensure that AIB’s culture, structure and management team is ideally equipped to lead the group through this critical period.
Dan O’Connor, currently non-executive chairman of AIB, will take on the role of executive chairman on a temporary basis in order to oversee the group’s work on the completion of the key tasks of capital raising, the implementation of NAMA and the EU restructuring plan. AIB group chief executive, Eugene Sheehy, is to retire on 30 November.
Colm Doherty, former managing director of AIB capital markets, has been appointed as managing director. Mr Doherty will take up his new role with immediate effect. He will be responsible for the day to day running of the group.
Michael Somers, chief executive of The National Treasury Management Agency, will be appointed to the AIB board as deputy chairman. He will also chair the AIB board risk committee. Mr Somers will take up his new post on completion of the regulatory approval process. David Pritchard, currently AIB deputy chairman, is to step down from that post. However, Mr Pritchard will be retaining his role as senior independent director.
