Business

Myles O'Grady back at Bank of Ireland as new group CEO

Naoise Culhane

BANK of Ireland has named Myles O’Grady as its new group chief executive.

The move comes just seven months after Mr O’Grady left the bank to take up the role of the chief financial officer of Supervalu and Centra owner Musgrave.

Speculation linking the finance executive with the top job has been rife since he announced his departure from Musgrave in August for a “unique leadership opportunity”.

The Bank of Ireland last year reacted Mr O’Grady’s departure for Musgrave by blaming the €500,000 cap on senior executives’ pay, introduced in response to the Irish State bail outs of banks during the last financial crisis.

However, it’s understand that as group CEO, Mr O’Grady will receive the same €960,000 pay package as his predecessors Francesca McDonagh, who moved to Credit Suisse in September, and Richie Boucher.

Commenting on the appointment, Bank of Ireland’s chairman, Patrick Kennedy, said: “I am delighted to welcome Myles back to Bank of Ireland as Group Chief Executive Officer.

“Myles is an exceptional leader with a strong track record of delivery.

“The focus of the board remains on the execution and delivery of the significant opportunities available to the group. Myles’ appointment underlines the board’s commitment to the ongoing successful execution of its existing strategy."

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