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01/05/2009
Goodbye Sheehy, As AIB Lose Top Three
Top bank, AIB has moved to change its top managment team.
Despite being determined to stay for the next six years, time has already been called on the tenure of the bank's boss, Eugene Sheehy only a month after his defiant claim.
All of AIB's top three directors, including the Chief Executive (Eugene Sheehy), the Chairman Dermot Gleeson and Finance Director John O'Donnell are departing.
They have all resigned after intense pressure from the Government and stakeholders.
The announcement will comes just as Mr Sheehy, 54, said last month he planned to stay in his post for the next six years. He will remain in his post until a successor is appointed.
Mr Gleeson will leave in July and Mr O’Donnell will retire in August, the bank said.
Mr Sheehy joined AIB in 1971 when he was 17-years-old and spent 20 years in retail banking, including branch manager appointments in a number of Dublin branches at Capel Street, Dame Street and Phibsborough.
Sheehy, who was known for a list of unpopular measures to work practices during his incumbency, assumed responsibility as Group Chief Executive with effect from July 1, 2005, and mangaged to side step much of the controversy surrounding his predecessors.
Welcoming the resignations, Fine Gael's Finance Spokesman Richard Bruton said: "I welcome the decision of AIB Group Chief Executive Eugene Sheehy, Group Chairman Dermot Gleeson and Group Finance Director John O’Donnell to resign their positions.
"The departure of these two executives will allow AIB to make a fresh start and leave the financial morass of the last few years behind.
“It is in everyone's interests to have a rigorous new framework for banking regulation. The current system has failed and must be replaced by one that is credible and efficient. This will not be possible while other key personnel remain in leadership positions in the financial sector and beyond."
(DW/BMcC)
Despite being determined to stay for the next six years, time has already been called on the tenure of the bank's boss, Eugene Sheehy only a month after his defiant claim.
All of AIB's top three directors, including the Chief Executive (Eugene Sheehy), the Chairman Dermot Gleeson and Finance Director John O'Donnell are departing.
They have all resigned after intense pressure from the Government and stakeholders.
The announcement will comes just as Mr Sheehy, 54, said last month he planned to stay in his post for the next six years. He will remain in his post until a successor is appointed.
Mr Gleeson will leave in July and Mr O’Donnell will retire in August, the bank said.
Mr Sheehy joined AIB in 1971 when he was 17-years-old and spent 20 years in retail banking, including branch manager appointments in a number of Dublin branches at Capel Street, Dame Street and Phibsborough.
Sheehy, who was known for a list of unpopular measures to work practices during his incumbency, assumed responsibility as Group Chief Executive with effect from July 1, 2005, and mangaged to side step much of the controversy surrounding his predecessors.
Welcoming the resignations, Fine Gael's Finance Spokesman Richard Bruton said: "I welcome the decision of AIB Group Chief Executive Eugene Sheehy, Group Chairman Dermot Gleeson and Group Finance Director John O’Donnell to resign their positions.
"The departure of these two executives will allow AIB to make a fresh start and leave the financial morass of the last few years behind.
“It is in everyone's interests to have a rigorous new framework for banking regulation. The current system has failed and must be replaced by one that is credible and efficient. This will not be possible while other key personnel remain in leadership positions in the financial sector and beyond."
(DW/BMcC)
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