Bank of Ireland announces Governor Designate and other Non-Executive Director appointments
Bank of Ireland Group is pleased to announce the following appointments to its Board:
Appointment of Governor Designate:
Mr Archie Kane has been co-opted to the Board as a non-executive director and appointed as Governor Designate with immediate effect. He will succeed Mr Pat Molloy as Governor with effect from 29 June 2012.
Archie Kane (60) retired from Lloyds Banking Group plc, where he was Group Executive Director – Insurance and Scotland, in May 2011. Prior to that he held a number of senior and general management positions with Lloyds Banking Group plc and TSB Bank plc. (See full biographical details below).
Commenting on the appointment, Pat Molloy, outgoing Governor, said: “We are delighted to welcome Archie Kane to the Board of Bank of Ireland. His distinguished track record in financial services internationally brings significant experience to the Board which will be a major asset to the Group. Amongst other things the depth of Archie’s experience in the UK Financial Services Industry will assist the Group’s pursuit of its strategic ambitions for that market while his extensive knowledge of retail banking and large change management programmes will enable Archie make a very meaningful contribution to the ongoing development of the Group’s Irish businesses.”
Archie Kane commented “I am pleased to be taking up this role in Bank of Ireland at this important time for the Bank and for the Irish Economy. Bank of Ireland has made a lot of progress in raising capital whilst remaining in private ownership, in restructuring its balance sheet and in enhancing efficiencies and sensibly reducing its costs whilst retaining its core franchises and continuing to develop its relationships with its customers in those franchises. The Bank recognises that there is more to be done in restoring profitability and in achieving its strategic objectives – and in so doing contributing positively to the economies in which the Bank operates, particularly the Irish economy. I am looking forward to working with the Board and management to address the challenges and opportunities which face the Bank.”
Appointment of Non-Executive Director – Mr Prem Watsa:
Mr Prem Watsa has been appointed to the Board of Directors as a non-executive director with immediate effect. Mr Watsais the Chairman and Chief Executive Officer of Fairfax Financial Holdings Limited, a publicly traded financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. (See full biographical details below).
Appointment of Non-Executive Director – Mr WL Ross, Junior:
Mr WL Ross, Junior has been appointed to the Board of Directors as a non-executive director with immediate effect. Mr Ross serves as Chairman and Chief Executive Officer of WL Ross & Co., LLC. He also serves as Chairman of Invesco Private Capital, Inc. (See full biographical details below).
Mr Archie Kane:
Archie Kane was Group Executive Director – Insurance and Scotland at Lloyds Banking Group plc from 2009 to 2011. Prior to that he held a number of senior and general management positions with Lloyds Banking Group plc and TSB Bank plc. He was appointed to the Board of Lloyds Banking Group plc in 2000 as Group Executive Director – IT and Operations and he was appointed Group Executive Director – Insurance and Investments in October 2003. Mr Kane was Chairman of the Association of British Insurers from 2007 to 2010 and is a member of The City UK Supervisory Board, an independent membership body promoting the UK financial services industry. He is a former member of the Financial Services Advisory Board, Government of Scotland (2009-2011), the UK Takeover Panel (2007-2010), the Financial Services Global Competitiveness Group and the Insurance Industry Working Group, HM Treasury (2008-2009), and Council Chairman of the Association for Payment Clearing Services (2002-2003).
Archie Kane is a Chartered Accountant and spent several years in practice before working in industry for 6 years prior to joining the TSB Bank in 1986. He holds a Bachelors Degree in Accountancy from Glasgow University and obtained his MBA from City University Business School, London.
Mr Prem Watsa:
Mr Watsais the Chairman and Chief Executive Officer of Fairfax Financial Holdings Limited, a publicly traded financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Mr Watsa is also the Chairman of Northbridge Financial Corporation, Crum & Forster Holdings Corp., Odyssey Re Holdings Corp. and a director of Zenith National Insurance Corp., each of which is a subsidiary of Fairfax and was previously a publicly traded company (having ceased to be a publicly traded company in February 2009, June 2010, October 2009 and May 2010, respectively).He has been a non-executive director of Research In Motion Limited since January 2012. He was previously (before resigning in December 2011) a non-executive director of ICICI Bank Limited.
Mr Watsa holds a Bachelors Degree in Chemical Engineering from the Indian Institute of Technology in Madras, India and obtained his MBA from the Richard Ivey School of Business at the University of Western Ontario, Canada. He is a Chartered Financial Analyst.
Mr WL Ross, Junior:
Mr Ross serves as Chairman and Chief Executive Officer of WL Ross & Co., LLC. He also serves as Chairman of Invesco Private Capital, Inc. He serves as Chairman of Plascar Participacoes Industriais S.A. and International Textile Group, Inc. Mr Ross is Chairman and non-executive director of Diamond S Shipping; non-executive director of BankUnited, Inc.; ArecelorMittal; Air Lease Corporation; Sun Bancorp, Inc.; Assured Guaranty Ltd., Greenbriar Companies Inc., EXCO Resources, Inc. and Navigator Holdings Ltd. He previously served as Chairman and non-executive director of International Coal Group, Inc. He is Chairman of the Brookings Institution Economic Studies Council and is a former Chairman of the Smithsonian Institution National Board.
Mr Ross holds a Bachelors Degree from Yale University and an MBA with distinction from Harvard University.
Commenting on the appointments of Mr Watsa and Mr Ross to the Board, Pat Molloy said: “At the time of our recapitalisation last year we indicated that we would anticipate welcoming representatives from certain of the new shareholders to our Board. We are delighted that Mr Ross and Mr Watsa will, themselves, personally, join the Board. They will each individually bring their extensive international expertise, business acumen and skills to assist the development of our strategic ambition for the Group and how we meet both the challenges and the opportunities the Group faces. Their personal involvement is a major vote of confidence in both the Group and in Ireland.”
Prem Watsa said: “We have great confidence in the Bank of Ireland and we appreciate the significant efforts and progress Richie Boucher and the management team have made in the very challenging circumstances of the past couple of years. We thank Pat Molloy for his efforts and dedication to the Bank of Ireland and we look forward to working with Archie Kane and the rest of the Board to continue to support Richie and his team as we work together in strengthening and developing the Bank”
Wilbur Ross said: “This complements the Board team for the next phase of Bank of Ireland’s recovery from the banking crisis. The first phase was identification and quantification of the problems inherent in the Bank’s loan portfolio. The second phase was creating a capital structure that could survive extremely stressed conditions. The present phase is developing strategy and tactics for achieving near term profitability and long term growth. As we enter this third phase the combination of skills on the present Board with the expertise of the new additions will provide support and counsel that will help Richie Boucher and his management team accomplish this final phase of the turnaround. I am proud to be part of it.”