Francesca McDonagh is stepping down as CEO of Bank of Ireland

The Bank of Ireland announced today that Francesca McDonagh will step down as CEO and as a Director of the bank.

he is expected to retire in September 2022. A process to appoint her successor is now under way. She is believed to be taking on a new role elsewhere and pay, which is capped at all the bailed banks here, is believed to be a factor in the move.

In its five-year tenure, the bank has undergone significant changes, including deals to buy Davy Stockbrokers and most of KBC Ireland, and a reduction in taxpayer ownership of the lender.

Bank of Ireland Chairman Patrick Kennedy said: “Francesca was an exceptional Chairman of the Bank of Ireland. Since taking office in 2017, she has set a clear strategic focus on transformation, service improvement and business growth with ambition and commitment. Along with agreeing two transformative acquisitions, it has created a more efficient, digitally enabled, customer-centric and profitable bank. All of this contributes significantly to the long-term sustainability of the group.”