AIB Chief Executive to step down

AIB Chief Executive to step down

Bernard Byrne is to step down as Chief Executive of AIB.

He informed the Board of AIB Group plc of his intention to step down as Chief Executive Officer and Executive Director.

Mr Byrne was appointed as CEO in May 2015, having previously held a number of senior executive positions and was appointed to the Board of Allied Irish Banks, p.l.c. in June 2011. He was appointed to the Board of AIB Group plc in December 2017.

"It was a very grim day in my life when Bernard told me that he had an external opportunity which he wanted to pursue," said AIB Group Chairman, Richard Pym.

"The fact that it came so soon after the resignation of our CFO, Mark Bourke, made it doubly difficult.

"Bernard has been a great business partner to me and a good friend.

"He has produced exceptional results from the bank - not just financially and operationally, but has also dramatically improved staff engagement and customer advocacy.

"He is liked and admired by the entire AIB team who I am sure join with me in wishing him well for the future.

He is an exceptional chief executive with a very wide set of business and personal skills.

Minister for Finance and Public Expenditure and Reform Paschal Donohoe thanked Mr Byrne for his "professionalism and dedication".

"AIB has continued its transformation under Mr Byrne’s leadership and is an important supporter of economic growth and jobs in the Irish economy.

"Mr Byrne was instrumental in the successful IPO of AIB last year working closely with my predecessor and I and officials in my Department.

"Mr Byrne can be proud of the many changes he introduced in the bank including a renewed focus on customers and staff engagement.

"He leaves the bank in a much stronger financial position as outlined in this morning’s trading update.

I would like to thank Mr Byrne for his professionalism and dedication throughout his time in AIB and I wish him continued success in the future.

Mr Byrne will remain as CEO of AIB Group into 2019.

The Board will appoint his successor.

The bank's latest trading update, released today, shows strong quarterly performance.

"Following a positive financial performance in H1, we continue to deliver strong profitability, generate capital and increase new lending. With a strong capital base, lower NPEs and a growing loan book the balance sheet continues to strengthen and risk profile improves," Mr Bryne said.

"In October we executed a successful inaugural USD 750m MREL issuance, putting us firmly on track to meet our overall MREL requirements.

As a truly purpose-led organisation we continue to evolve our operating model to align our strategy and our structure on delivering for our customers.

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