4th Sep 2019 15:44
(Alliance News) - AIB Group PLC on Wednesday announced a raft of changes to its board, including the resignation of its deputy chair.
Catherine Woods, Jim O'Hara and Peter Hagan are resigning from the lender's board whilst Elaine MacLean and Basil Geoghegan are joining the board.
Chair Richard Pym said: "As I previously noted, due to planned retirements of some of our long serving Non-Executive Directors, we have been working for some time on our board succession plan. We are delighted that this work has come to fruition as we welcome Elaine and Basil to AIB. Their diverse and extensive knowledge will serve to further enhance the boards experience and skills profile."
Saying goodbye to his colleagues, Pym continued: "Joining in a period of great difficulty, they have guided the group through a significant level of positive change during their tenures. The wealth of experience and knowledge of AIB Group shared by these individuals is un-paralleled and will be a loss to the board. On behalf of my fellow board members, I would like to thank them all sincerely for their meaningful contribution to the board, board committees and to AIB Group as a whole."
Between them Woods, O'Hara and Hagan have served on AIB's board for 25 years.
Woods, the lender's deputy chair, will be leaving on October 12, marking the end of nine years on the board. AIB said a replacement deputy chair will be appointed in "due course".
O'Hara is also stepping down on October 12 as he has come to the end of his nine-year tenure. Hagan will depart on September 30.
MacLean and Geoghegan will start their tenures on Wednesday.
Geoghegan is a partner at investment bank advisory group PJT Partners having previously served as managing director at Goldman Sachs Group Inc, Deutsche Bank AG and Citigroup Inc.
MacLean is a "highly experienced" human resources director, AIB said. She held HR roles at luxury department store Harrods and Windsmoor before joining Arcadia Group as retail operations & HR director. She then joined FTSE 100 firm Legal & General Group PLC in 2006 as group HR director.
Shares in Allied Irish Banks were 4.3% higher in London on Wednesday afternoon at EUR2.34 each.
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