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Agreement not yet reached on salary of new AIB Chairman

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Leadership

Agreement not yet reached on salary of new AIB Chairman

19.11.2009
Just as the furore over the €500,000 salary cap applied to the new Managing Director of AIB Colm Doherty dies down, it appears that AIB has yet to agree the salary of the bank’s new interim Executive Chairman of AIB Dan O’Connor with the Government.

According to an AIB spokesperson, the bank will agree O’Connor’s salary with the Department of Finance, the Irish Times reports.

However, a spokesman for the Department of Finance told the paper that no discussions are currently ongoing with the bank on the issue. AIB has also not yet submitted details of O’Connor’s proposed salary to the department.

AIB yesterday announced the appointment of Colm Doherty as its Group Managing Director, while Dan O’Connor is to become Executive Chairman.

O’Connor, who is currently Non-Executive Chairman of AIB, will take over as Executive Chairman on a temporary basis to oversee the group’s work on capital raising, the implementation of NAMA and the EU restructuring plan.

AIB said that once NAMA and the EU restructuring plan are finalised, its board, O’Connor and Doherty, in consultation with the Minister for Finance and other stakeholders, will reassess the AIB group management structure.

Separately, the Irish Independent reports this morning that four large investment funds put “intense pressure” on AIB over the past week to ensure that O’Connor would take on the role of Executive Chairman for just six months.

Pictured: AIB's new interim Executive Chairman Dan O'Connor

 

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