LEADING banker Gerry Mallon, Ulster Bank's chief executive in the Republic, is leaving his role in Dublin after less than two years to take up a senior post with the financial services arm of Tesco in London.
He has been appointed to replace Tesco Bank's current chief executive Benny Higgins, who is due to retire next month after nearly a decade (and who reportedly earned more than £2 million a year).
And it means Mr Mallon will have operated in a top position with a fourth different bank in just 15 years.
He only took up his current role with Ulster Bank in June 2016, having spent more than six months on "gardening leave" following his appointment the previous November from his then position as head of Danske Bank in Belfast, where he'd been since 2008.
Prior to that he had spent a number of years with Bank of Ireland.
In a statement, Ulster Bank said that Mr Mallon - who is also chairman of the Irish Football Association - will remain in the CEO role while he serves his notice and while a replacement is identified.
"My decision to accept this role with another organisation was an enormously difficult one, but it is an excellent opportunity for me and for my family," Mr Mallon said.
"I am grateful to the board, executive and staff of Ulster Bank for their unstinting support to me as chief executive and I wish them and the broader group every success for the future," he added.
Ulster Bank Ireland chairman Des O'Shea thanked him for his contribution at an important time for the bank and for working tirelessly on progressing its strategy.
He said that Mr Mallon will remain in place until the middle of the year to manage the transition with the board and the Ulster Bank executive committee.
Before embarking on his lengthy banking career Mr Mallon - who'd studied engineering in Cambridge before turning to economics - was a civil servant and then spent a period with consultancy firm McKinsey.
