A Great Step Forward for the BoI.
Five directors have stepped down from the board of the Bank of Ireland, a move that brings the group closer to meeting the terms of the government’s committee and management renewal plan.
Michael Noonan told Irish banks last month to clear out the board members and management that had been in place through the financial crisis. The bank said it continues to be “engaged” in the ongoing programme of change required by the Department of Finance.
To highlight this, the Bank of Ireland announced the resignation of three non-executive directors and two directors from its board.
It said the resignations were accepted “in the interests of facilitating further board renewal and a reduction in the size of the group board.”
As three non-executive directors will be leaving the board, a rebalance is necessary, said the bank.
Directors Denis Donovan and Des Crowley are also not offering themselves for re-election to the board. However, both will continue to be core members of the group executive as head of capital markets and head of the Irish and UK retail operations.
Earlier this year, the Bank of Ireland announced its worst financial results in its 270-year history. It reported whopping pre-tax losses of €3.459bn for 2010.
The Bank of Ireland: a commercial bank with primary operations in Ireland and one of the “Big Four” Irish banks worldwide. It was established by the Royal Charter in 1783.
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