On Friday, the Irish Times reported that Bank of Ireland’s Finance managing director, Pat Creed, has signalled his plans to retire next March after 31 years with the lender.
The move comes as Bank of Ireland’s new chief executive, Francesca McDonagh, prepares to take over as CEO of the bank today, succeeding Richie Boucher.
Mr Creed will assume the role of executive chairman of his unit, Bank of Ireland Finance (BIF), until his retirement, with Derek McDermott, head of asset and commercial finance, succeeding him as managing director.
The changes were announced in an internal email circulated by Liam McLoughlin, head of Bank of Ireland’s Irish retail division, on Friday, seen by The Irish Times.
Mr Creed joined Bank of Ireland in 1986 from Avonmore and in recent years has overseen the market share growth of Bank of Ireland Finance to become the dominate player in the sector.