FitzPatrick to become Anglo Irish chairman
The bank said he will replace Peter Murray, who is stepping down from the board at the same time. Mr Murray has been with Anglo in a non-executive role since 1993.
The search for a new chief executive will get underway immediately, though market sources expect the appointment to come from within the bank. The favourite to succeed Mr FitzPatrick is chief operating officer Tiernan O'Mahony, who has long been tipped as the next boss.
However, other sources pointed out that Tom Browne, who heads the wealth management division and the head of its British operations, John Rowan, would also be considered strong candidates for the job. Anglo said in a statement yesterday: "the process to select and appoint a chief executive designate, which is being managed by the group's nomination and succession committee, is well underway. As previously indicated, we will make an announcement of the board's decision prior to the end of the current financial year."
Mr FitzPatrick has been with the bank since 1980 and is credited with turning the bank from a small Dublin outfit into the third-largest institution in the country with a large share of business and private clients banking. The bank made profits of €228 million in the six months ended last March.
Mr FitzPatrick, 58, is also the highest paid banker in Ireland, earning €2.3 million last year, including a €934,000 performance bonus. Shares were flat at €12.80 yesterday on the Irish Stock Exchange, valuing the bank at €4.2 billion.
