AIB Chief Executive Bernard Byrne has announced his intention to step down from his position.
The bank’s chairman Richard Pym said Mr Byrne had informed him that “he had an external opportunity which he wanted to pursue.”
Mr Byrne will continue as CEO into 2019 while the bank’s board goes through a process to appoint his successor.
In a statement this morning, the Minister for Finance Paschal Donohoe said Mr Byrne was “instrumental” in the bank’s floatation on the stock market.
The floatation saw the Sate selling a 28.8% stake in the bank, raising €3.4bn for the Exchequer.
“Mr Byrne can be proud of the many changes he introduced in the bank including a renewed focus on customers and staff engagement,” he said.
“He leaves the bank in a much stronger financial position as outlined in this morning’s trading update.
“I would like to thank Mr Byrne for his professionalism and dedication throughout his time in AIB and I wish him continued success in the future."
Mr Byrne was appointed the bank’s CEO in May 2015, having previously held a number of senior executive positions within the bank.
Executive pay
He is the second significant high-level departure from the bank in the last number of weeks.
AIB's Chief Financial Officer Mark Burke also recently announced his exit.
Newstalk Business Editor Vincent Wall said restrictions placed on the bank are causing it to lose senior executives.
"The Government-imposed restrictions on executive pay and bonuses in banks where the taxpayer has a significant shareholding is actually causing many senior executives to leave," he said.
"Mr Pym, the chairman, had suggested earlier this year the reintroduction of a modest enough executive bonus scheme but it was voted down.
"[It was] politically still unpalatable in the bailed-out banks - voted down by the Minister for Fiance Paschal Donohoe."
"Grim day"
Mr Pym said it was a “very grim day in my life” when his CEO informed him of his decision to move on.
“Bernard has been a great business partner to me and a good friend,” he said.
“He has produced exceptional results from the bank - not just financially and operationally, but has also dramatically improved staff engagement and customer advocacy.
“He is liked and admired by the entire AIB team who I am sure will join with me in wishing him well for the future.
“He is an exceptional chief executive with a very wide set of business and personal skills.”
AIB released its latest quarterly report this morning, noting that it was continuing to perform well and is “on track to deliver a full year financial performance in line with market expectations.”
