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Out going BOI Chief Executive Francesca McDonagh. Sam Boal

Bank of Ireland announces CEO Francesca McDonagh to step down

McDonagh joined Bank of Ireland in October 2017 as Group Chief Executive Officer.

BANK OF IRELAND has announced that chief executive Francesca McDonagh will leave the company in the autumn. 

McDonagh is currently group CEO and executive director of Bank of Ireland Group plc.

The bank said that she will leave her post in September 2022. A process to appoint her successor will now commence.

McDonagh joined Bank of Ireland in October 2017 as Group CEO having worked for HSBC for many years in a number of roles spanning various countries. 

The Minister for Finance Paschal Donohoe praised McDonagh’s work at the head of the financial institution.

“Bank of Ireland has prospered under Ms McDonagh’s leadership ensuring that the Bank continued to play its role as a vital supporter of economic growth and jobs in Ireland.

“She was instrumental in driving a change in culture within the Bank, seeing through the IT transformation programme, and also played a key role in helping customers and the country navigate their way through the recent Covid-19 crisis.

“I would like to thank Ms McDonagh for her commitment and professionalism throughout her time in Bank of Ireland and wish her every success in the future,” he said. 

Patrick Kennedy, Bank of Ireland Chairman paid tribute to the department CEO.

“Francesca has been an exceptional chief executive of Bank of Ireland. Since taking up the position in 2017, she has driven – with ambition and commitment – a clear strategic focus on transformation, service improvement, and business growth.

“Along with agreeing two transformative acquisitions, she has delivered a more efficient, digitally-enabled, customer-focussed and profitable bank. All of this strongly enhances the Group’s long-term sustainability,” he said.

McDonagh said that she was happy with her achievements as chief executive but was sad to leave her role.  

“While I will leave Bank of Ireland with a heavy heart, I am proud of all that we have achieved. Five years ago, we set out to transform the Bank’s culture, systems and business model.

“The benefits of this transformation have never been clearer than over the past two years as we navigated the pandemic while also agreeing two significant acquisitions.

“In addition, the strong progress we have made has facilitated the Irish Government in selling down its shareholding and has further reset the State’s relationship with the Bank,” she explained. 

During McDonagh’s leadership Bank of Ireland closed 103 branches across Ireland in a bid to cut costs.

She was also at the head as the financial institution secured a deal to take on more than €13 billion worth of performing mortgages, commercial and consumer loans, deposits and non-performing  loans from KBC Bank Ireland.

Last year Bank of Ireland also agreed a deal to buy stockbrokers Davy for €440m. She also was involved in a cultural change programme following the tracker mortgage controversy.

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