On 21 February, 2018, the Company announced that Archie Kane intends to step down as Chairman of Bank of Ireland Group PLC and as Governor of The Governor and Company of the Bank of Ireland. Following a selection process, Patrick Kennedy has been appointed to succeed Archie Kane as Chairman and Governor on his retirement from the Board, which will now take place on 31 July 2018.
Patrick Kennedy joined the board as a Non-executive Director in July 2010 and was appointed Deputy Governor in 2015. He joined the Risk Committee in 2011 and was appointed Chairman of the Committee in July 2016. He is a member of the Nomination and Governance Committee since September 2014, a member of the Audit Committee since July 2016, and was a member of the Remuneration Committee from 2011 to 2015. He is a trustee of the Bank Staff Pension Fund since 2015.
Patrick is Chairman of Cartrawler. He was Chief Executive of Paddy Power plc from 2006 to 2014. Prior to joining Paddy Power plc, Patrick worked at Greencore Group plc for seven years where he was Chief Financial Officer and also held a number of senior strategic and corporate development roles. He was a non-executive Director of Elan Corporation plc from 2008 to 2013, and Paddy Power plc from 2004 to 2005.
Patrick Haren, Senior Independent Director, who led the succession process, commented:
“We are very grateful to Archie for his service to Bank of Ireland since his appointment in 2012 and continuing until the end of July. His considerable experience and sound judgement have been of great assistance to the Bank through a challenging period. During his time as Chairman and Governor, Bank of Ireland repaid the Irish taxpayer, exited the Eligible Liabilities Guarantee, and is recommencing dividend payments. Archie leaves the Bank in a strong and sustainable position and the Board would like to wish him well for the future.
“I would like to congratulate Patrick Kennedy on his appointment to succeed Archie as Chairman and Governor. Patrick combines a deep knowledge of the Bank with exceptional commercial acumen gained from a highly successful career in national and international business. We look forward greatly to working with Patrick as Chairman and Governor, as Bank of Ireland makes progress on its three strategic priorities – to transform the bank, to better serve our customers, and to grow sustainably.”