Bank of Ireland has appointed Myles O'Grady as group chief executive and executive director on a permanent basis, replacing interim CEO Gavin Kelly, who will step down from the board on Thursday (17 November).

O'Grady previously served as Bank of Ireland's chief financial officer for two years before leaving to take on the same position at wholesaler Musgrave in March.

He is also the permanent successor to Francesca McDonagh, who left Bank of Ireland after five years to join Credit Suisse as group chief operating officer in September after failing in her efforts to get the cap on banker pay lifted.

O'Grady originally joined the bank as director of commercial partnering, Ireland in June 2019 and was also appointed group non-executive director at Bank of Ireland (UK) and New Ireland Assurance Company. He was also director of the Irish Banking Culture Board.

Prior to joining Bank of Ireland, O'Grady was director of finance and investor relations at AIB Group and served in senior positions at a number of companies in international financial services organisations, including Citibank and Dresdner Kleinworth Benson.

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During a career spanning more than 30 years, O'Grady has worked across the retail, business and investment banking sector and has deep experience of working with customers, staff, investors and regulatory authorities.

During his first stint at Bank of Ireland, he played an integral role in the bank's acquisition of Davy, and its €5bn purchase of performing mortgages and loans KBC Bank Ireland.

"I am delighted to welcome Myles back to Bank of Ireland as Group Chief Executive Officer," said Patrick Kennedy, chairman of Bank of Ireland.

"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."

“I would also like to thank Gavin Kelly for stepping into the Interim Chief Executive Officer position over the last number of months," he added.

"Gavin showed huge commitment and leadership during this period. Gavin will work closely with Myles to support a smooth transition into the role of Group CEO, and will remain a key member of the Group Executive Committee.”

Bank of Ireland returned to full private ownership in September after the state sold down its remaining stake. Shares in Bank of Ireland were down 2% in trading on Monday morning.

Photo: Myles O'Grady. (Pic: Naoise Culhane)