Top AIB board members to step down

The three top executives at Allied Irish Banks are to step down, it emerged today.

Group chairman Dermot Gleeson is to stand down in July after six years at the helm and will be succeeded by Dan O'Connor, who joined the AIB board in 2007.

A new position of deputy chairman will be filled by board member David Prichard on May 14.

AIB also said group chief executive Eugene Sheehy is stepping down but will continue in his role until his successor is appointed in coming months.

Group finance director John O'Donnell also announced he is to retire in August.

"The process to identify and appoint successors for both Mr Sheehy and Mr O'Donnell will consider both external and internal candidates for the positions," an AIB spokesman said.

"AIB has consulted with the Minister for Finance and the minister has conveyed his good wishes to the new chairman and deputy chairman," added the spokesman.

Incoming chairman Mr O'Connor, 49, was chairman of AIB's Audit Committee. He is a former president and CEO of GE Consumer Finance Europe.

AIB is to hold its AGM on May 13.

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