AIB names Buckley successor as shares drop

AIB’s chief executive designate Eugene Sheehy is the man the bank appointed to sort out delinquent US subsidiary All-First after the Rusnak rogue trading fiasco cost the bank €691 million.

The announcement of the 50-year-old’s appointment as successor to AIB chief executive Michael Buckley by AIB chairman Dermot Gleeson came as no surprise yesterday.

The markets did not react well to Mr Sheehy’s appointment. AIB shares fell 27 cents to €15.63, a 1.70% drop. The fall wiped €233.8m off the value of the company which has a market capitalisation of €13.54 billion.