Leadership

Dukes appointed new Anglo Chair as O’Connor retires

12.03.2010
The chairman of Anglo Irish Bank Donal O’Connor has formally announced today that he is to retire from the position at the end of June this year.

The Minister for Finance Brian Lenihan TD said he would be appointing former Fine Gael finance minister Alan Dukes (pictured) to succeed O’Connor as chairman of the nationalised lender.

“With the scale of the bank about to be significantly reduced though the transfer of assets to NAMA, with a major cost-reduction programme well advanced, with the restructuring plan having been submitted to the EU, and, most importantly, with a new senior management team in place (including six external appointments), the bank is now in a position that allows me to move on,” O'Connor said in a statement.

“Many further challenges lie ahead but I have every confidence that the board and the new management team, under the leadership of CEO Mike Aynsley, will meet them successfully,” he added.

O’Connor, a former managing partner of accountancy firm PricewaterhouseCoopers, replaced the disgraced former chairman of Anglo Irish Sean Fitzpatrick in December 2008. Fitzpatrick was forced to resign from his position following revelations that over an eight-year period he hid the loans he had taken out from Anglo.

O'Connor's work 'greatly appreciated'
Minister Lenihan thanked O’Connor for his work as chairman of Anglo Irish Bank “at a time of great challenge for the bank and the financial system generally”.

“Mr O’Connor has worked tirelessly to help stabilise the bank and introduce a new management team to lead it in the future. He also instigated the restructuring plan that was submitted to the EU Commission last year,” the Minister said.

“I greatly appreciate his dedication to his work at the bank and his steadfast support of the Government’s efforts to stabilise the banking system. I know how onerous and demanding his role was over the last year and I am greatly indebted to him for his important contribution,” he added.

Dukes' appointment ensures continuity
In relation to Alan Duke’s appointment as O’Connor’s successor, Minister Lenihan said Dukes had been “intimately involved” in the bank since it was nationalised through his membership of its board.

“His appointment will ensure continuity as the bank charts its future. I know Alan will bring his keen intelligence and application to the task,” he added.

Dukes is currently a government-appointed director on Anglo’s board and also chairs the bank’s remuneration and nomination and succession committees.

The Minister also said he would be making further appointments to Anglo’s board in the near future. The Irish Times reported this morning that the Minister is preparing to appoint two or possibly three new non-executive directors to the Anglo Irish board.