Bank of Ireland CFO Myles O’Grady resigns over salary cuts
Bank of Ireland said its CFO, Myles O’Grady, has handed in his advice to take another finance leadership role in an organization outside of the financial services industry.
Group chief executive Francesca McDonagh said the CFO’s decision to step down “highlights the challenge that pay restrictions pose for Irish banks in attracting and retaining talent”. Bonuses continue to be effectively banned in Irish bailout banks, more than a decade after the financial crisis.
âThe lack of a level playing field means that the Bank of Ireland is at a disadvantage compared to other companies, firms and public limited companies which are not restricted in the same way. Any company in a similar position would point out this as a serious challenge, âMs. McDonagh said. âThe standardization of our operations is now vital for the long-term viability of the local banking sector. “
Mr. O’Grady is expected to leave the bank next March and a process to find a successor will now begin, the bank said.
Mr O’Grady, who was previously a senior finance executive at AIB, joined Bank of Ireland in June 2019 as CFO and was appointed CFO in October 2019 and a member of the board of directors the following January.
The executive, who was heavily involved in AIB’s 2017 initial public offering (IPO) as the group’s director of finance and investor relations, has left the second bank in terms of assets. in mid-2018 and then took on the role of CFO of a home builder. , called DRes, which was being lined up at the time of the waterline.
US private equity giant Lone Star and Patrick Durkan, managing director of Durkan Residential, were looking to field a more than â¬ 300 million IPO from DRes. However, the transaction was put on hold at the end of 2018 and Oaktree decided the following year to expand on its huge Irish land through its own house building unit, Quintain.
âSince joining Bank of Ireland, Myles has provided exceptional financial leadership to the Group. He helped the Bank weather the Covid-19 pandemic, overseeing a return to profitability in the first half of 2021, âMs. McDonagh said. “I would like to personally thank Myles for her continued support and wish her the best for her future.”