Francesca McDonagh Bank of Ireland

2022 - 4 - 26

Francesca McDonagh

Post cover — Image courtesy of "The Irish Times"

Francesca McDonagh to step down as Bank of Ireland chief executive (The Irish Times)

The bank announced to its shareholders after the close of trading on Tuesday that Ms McDonagh is leaving her role and will also step down from the bank's board.

Ms McDonagh recently said she expected the bank to be back fully in private ownership by next year. Ms McDonagh’s exit comes as the State continues to slowly sell down its stake in the bank by drip-feeding shares into the stock market. In February, the bank reported a net profit of €1.05 billion for 2021, compared to a loss of €707 million for 2020. Ms McDonagh was paid close to €1 million in 2020, the most recent year for which her salary details are available. KBC and Ulster Bank are both exiting the Irish market, creating uncertainty for hundreds of thousands of customers. She will leave the bank by September for, it is understood, another job with another European financial institution.

Bank of Ireland announces CEO Francesca McDonagh to step down (thejournal.ie)

BANK OF IRELAND has announced that chief executive Francesca McDonagh will leave the company in the autumn. McDonagh is currently group CEO and executive ...

Five years ago, we set out to transform the Bank’s culture, systems and business model. “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. BANK OF IRELAND has announced that chief executive Francesca McDonagh will leave the company in the autumn.

Francesca McDonagh to step down as Bank of Ireland CEO (RTE.ie)

Bank of Ireland has announced that Francesca McDonagh is to step down as Group Chief Executive Officer. In a statement, the bank said Ms McDonagh is ...

"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," Minister Donohoe said in a statement. Minister for Finance Paschal Donohoe, who is responsible for banking policy, thanked Ms McDonagh for her "commitment and professionalism" throughout her time in Bank of Ireland, and wished her success in the future. However, the Bank of Ireland CEO has in recent years persistently highlighted the difficulties that the pay restrictions are having on attracting and retaining staff in the bank and the sector. During her five-year tenure at Bank of Ireland, Ms McDonagh has led the bank through a period of significant change and restructuring, including the Covid-19 pandemic. "Francesca has been an exceptional chief executive of Bank of Ireland," Patrick Kennedy, Bank of Ireland Chairman said in a statement. In a statement, the bank said Ms McDonagh is expected to leave the bank this September. It said a process to appoint her successor will now begin.

Francesca McDonagh to quit as Bank of Ireland CEO (Independent.ie)

Bank of Ireland today announced Francesca McDonagh is to step down as CEO and as a director of the bank.

Along with agreeing two transformative acquisitions, she has delivered a more efficient, digitally-enabled, customer-focussed and profitable bank. A process to appoint her successor will now commence. Bank of Ireland Chairman, Patrick Kennedy, stated: “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.

Bank of Ireland CEO Francesca McDonagh to step down in September (Irish Examiner)

'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 ...

"Five years ago, we set out to transform the bank’s culture, systems, and business model. Bank of Ireland said the process to appoint Ms McDonagh's successor will now commence. Ms McDonagh, who took up the role in 2017, is expected to leave the bank in September.

Bank of Ireland chief Francesca McDonagh to quit as pay cap bites (Financial Times)

Banker joins exodus over €500000 limit on executive pay imposed after country's banking crisis.

Bank of Ireland: Francesca McDonagh steps down as chief executive (BBC News)

After five years in the job, she is taking up a new role with Credit Suisse in Zurich.

When Ms McDonagh joined Bank of Ireland in 2017, she became the first ever female chief executive of a bank in the Republic of Ireland. The first female CEO of a bank in the Republic of Ireland is to step down after five years in the job The bank described her as an "exceptional chief executive" and the Irish finance minister said the company had "prospered" under her leadership.