FitzPatrick to become Anglo Irish chairman

ANGLO IRISH BANK has confirmed that Seán FitzPatrick will step down as chief executive and become chairman from January.

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.