Francesca McDonagh steps down as Bank of Ireland director

Francesca McDonagh is stepping down as chief executive of Bank of Ireland after 4½ years in the role.

The bank announced to its shareholders after the close of trading on Tuesday that Ms McDonagh would step down by September and also step down from the bank’s board.

“A process to nominate his successor will now begin,” the bank said.

“Francesca has been an outstanding chief executive of Bank of Ireland,” said bank chairman Patrick Kennedy. “She has driven – with ambition and commitment – a clear strategic focus on transformation, service improvement and business growth.”

Ms McDonagh said she was leaving the bank “with a heavy heart, I am proud of everything we have achieved”.

Finance Minister Paschal Donohoe wished Ms McDonagh well and said the bank had “thriving” under her leadership.

“She was instrumental in driving a culture change within the bank, seeing through the IT transformation agenda, and also played a key role in helping customers and the country forge ahead. way through the recent Covid-19 crisis,” he said.

Ms McDonagh, a London-born Oxford University graduate of Irish descent, was the first female chief executive of Bank of Ireland when she was appointed in October 2017 to succeed Richie Boucher. Previously, she held various management positions for HSBC.

She was paid almost a million euros in 2020, the most recent year for which her salary details are available.