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BANK OF IRELAND has announced that chief executive Francesca McDonagh will leave the company in the autumn.
McDonagh is currently group CEO and executive director of Bank of Ireland Group plc.
The bank said that she will leave her post in September 2022. A process to appoint her successor will now commence.
McDonagh joined Bank of Ireland in October 2017 as Group CEO having worked for HSBC for many years in a number of roles spanning various countries.
The Minister for Finance Paschal Donohoe praised McDonagh’s work at the head of the financial institution.
“Bank of Ireland has prospered under Ms McDonagh’s leadership ensuring that the Bank continued to play its role as a vital supporter of economic growth and jobs in Ireland.
“She was instrumental in driving a change in culture within the Bank, seeing through the IT transformation programme, and also played a key role in helping customers and the country navigate their way through the recent Covid-19 crisis.
“I would like to thank Ms McDonagh for her commitment and professionalism throughout her time in Bank of Ireland and wish her every success in the future,” he said.
Patrick Kennedy, Bank of Ireland Chairman paid tribute to the department CEO.
“Francesca has been an exceptional chief executive of Bank of Ireland. Since taking up the position in 2017, she has driven – with ambition and commitment – a clear strategic focus on transformation, service improvement, and business growth.
“Along with agreeing two transformative acquisitions, she has delivered a more efficient, digitally-enabled, customer-focussed and profitable bank. All of this strongly enhances the Group’s long-term sustainability,” he said.
McDonagh said that she was happy with her achievements as chief executive but was sad to leave her role.
“While I will leave Bank of Ireland with a heavy heart, I am proud of all that we have achieved. Five years ago, we set out to transform the Bank’s culture, systems and business model.
“The benefits of this transformation have never been clearer than over the past two years as we navigated the pandemic while also agreeing two significant acquisitions.
“In addition, the strong progress we have made has facilitated the Irish Government in selling down its shareholding and has further reset the State’s relationship with the Bank,” she explained.
During McDonagh’s leadership Bank of Ireland closed 103 branches across Ireland in a bid to cut costs.
She was also at the head as the financial institution secured a deal to take on more than €13 billion worth of performing mortgages, commercial and consumer loans, deposits and non-performing loans from KBC Bank Ireland.
Last year Bank of Ireland also agreed a deal to buy stockbrokers Davy for €440m. She also was involved in a cultural change programme following the tracker mortgage controversy.
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Boo hoo hoo hoo hoo hoo f****** hoo, so now there average 70,000 per annum wage might be under threat.. Welcome to the real Irish world.
The ESB will stay under state control. This union move is just to get another 10k a year for employees…
Are the ESB workers afraid of efficient working practices? Or of ESB being a competitive company?
Who’d willingly jump off the gravy train
We all know the ESB lads have it handy , new owner means they might have to go and do a bit of work for a change ……. “start the strikes early and get all we can out of the government before they sell ” …………………… all state and semi state bodies are being breastfed by the government —- time for a change in our staple services .
hahaha ESB workers…bye bye to your 4 foreign holidays a year and 70/80.000 salary!!
Well done Gavin Sheridan of TheStory.ie. NAMA will have to crawl further under the rock of secrecy.
Norris has some determination!
Others might call it neck.
Privatisation does not equate with efficiency. It equates with theft, low wages and shit working conditions. Private sector efficiency is bullshit. If there is efficiency it is efficient direction of capital and money to a small cabal of greedy bastards. This is achieved by job losses and effective dismantling of customer service. Wake up you neoliberal automatons they will soon be fucking with your futures too.
I wouldn’t call it neo-liberal to suggest that public-sector spending should have efficient direction of capital. Especially if that capital is paid through our taxes.
have your say