Marita Moloney
Marita Moloney

13.40 6 Mar 2021


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The Chief Executive of Davy stockbrokers has resigned from his position.

The company says it has accepted the resignation of Brian McKiernan as CEO and as a Board Director.

Two other senior executives at Davy have also resigned.

Kyran McLaughlin has stepped down from his role as a non-executive Director and of Barry Nangle from his executive role as Head of Bonds at Davy.

The firm says all three offered to step down after it was fined €4.1m by the Central Bank for breaches of market rules.

An investigation was started after a group of 16 staff members engaged in a personal transaction with a client in November 2014.

In a statement today, Davy said it "deeply regrets the shortcomings that emerged from the Central Bank of Ireland’s investigation and apologises unreservedly and unequivocally that these failures occurred".

John Corrigan, Chairman of J&E Davy, said: “In accepting their resignations, I acknowledge their substantial contribution to the development of the company over many years.

“As we reflect on the Central Bank investigation our priority now is to restore trust in the integrity and robustness of our control environment and culture, and to ensure we provide our clients with the standard of service and protection that I know our people are committed to.”

Bernard Byrne, Deputy CEO of Davy has been appointed Interim CEO, with his appointment subject to approval by the Central Bank.

Following today's resignation announcements, the firm's Board will comprise entirely of directors who joined after the 2014 transaction.

Main image: The Davy offices on Dawson Street. Photo: Sasko Lazarov/Rollingnews.ie

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