Bank of Ireland appoints director to replace Prem Watsa

Bank of Ireland appoints

Bank of Ireland appoints director to replace Prem Watsa

Bank of Ireland has appointed Bradley Martin as a non-executive director with immediate effect.

Martin is currently vice president, strategic investments at Fairfax Financial Holdings Ltd, which invested in Bank of Ireland two years ago. He joins the board to replace Prem Watsa, founder, chairman and chief executive of Fairfax, who has decided to retire from the board, also with immediate effect.

The appointment has been approved by the Central Bank of Ireland.

“Fairfax invested in Bank of Ireland in the summer of 2011 and since then the bank has made very significant progress against its strategic objectives,” said Watsa. “Fairfax continues to be confident in the outstanding leadership of the CEO, his management team and the board of Bank of Ireland Group.

“Reflecting the progress made and my other commitments, I feel that now is the appropriate time for me to step down from the board.  I am pleased that we have been able to offer someone of Brad’s calibre and experience as our nominee to the Bank of Ireland Group’s board as Fairfax, as long term focused investors, continue to support Bank of Ireland in the achievement of its strategic objectives.”

“On behalf of the board I should like to thank Prem for his diligence and commitment as a board member,” said chairman Archie Kane. “We have benefited greatly from his insights. I should also like to welcome Brad to our board.  He brings extensive experience and skills to the role and we all look forward to working with him as we continue to make good progress against the group’s strategic objectives.”

Martin’s career includes 11 years with the Canadian law firm Torys LLP, including one year on secondment to the Ontario Securities Commission followed by a partnership at the firm  in 1995.  Since 1998 he has worked in a variety of senior roles in the Fairfax Financial Group and has served on the boards of a number of companies in which Fairfax is a significant investor.

He is chairman of Ridley Inc and of Resolute Forest Products Inc. Previously, he was a director of Hub Group Limited, Odyssey Re Group Limited, Northbridge Financial Corporation, The Brick Limited and chairman of Imvescor Restaurant Group Inc.