Archive

by David Elkin

The Chairman of Anglo Irish Bank, Donal O'Connor, has officially announced that he will retire from his post this year.

A statement released by Anglo Irish Bank today said that former Fine Gael leader and Minister for Finance Alan Dukes will replace O'Connor, who is set to retire in June. Dukes is currently the government-appointed non-executive director at the bank and is also chairman of its remuneration and nomination and succession committees.

Alan Dukes was appointed to the board of Anglo in December 2009 as a public interest director under the Government bank guarantee scheme.

Donal O'Connor, who has informed Minister for Finance Brian Lenihan of his decision, has been a director of the bank since June 2008.

In the statement released today, O'Connor said, "With the scale of the bank about to be significantly reduced though the transfer of assets to Nama, with a major cost reduction program well advanced, with the restructuring plan having been submitted to the EU, and, most importantly, with a new senior management team in place (including six external appointments), the bank is now in a position that allows me to move on," Mr O'Connor said.

The board is currently made up of Donal O’Connor, Alan Dukes, former Bank of Ireland chief executive Maurice Keane and Anglo’s chief executive Mike Aynsley.

Finance Minister Brian Lenihan thanked O'Connor for his work with Anglo Irish Bank 'at a time of great challenge for the bank and the financial system generally'.

'Mr O'Connor has worked tirelessly to help stabilise the bank and introduce a new management team to lead it in the future. He also instigated the restructuring plan that was submitted to the EU Commission last year,' Lenihan said.

Back to top.