Drumm succeeds FitzPatrick at Anglo

ANGLO IRISH BANK ended months of speculation yesterday when it announced that David Drumm had won the race to succeed Seán FitzPatrick as chief executive.

Mr Drumm, 37, will be one of the youngest chief executives in Irish corporate history. He is Anglo’s head of banking with responsibility for Ireland and the USA. He will take over when Mr FitzPatrick steps down in January. Banking analysts expressed surprise at the appointment, but said Mr Drumm was a strong candidate who had done well to beat off high-quality competition for the top job. He had been seen as a good outside bet and was on most observers’ shortlists, along with chief operating officer Tiarnan O’Mahony, head of wealth management Tom Browne, and British chief John Rowan.

The markets adopted a “wait-and-see” approach to the appointment, with Anglo shares down 2% at €14.85 yesterday. Goodbody analyst Eamonn Hughes expected Mr Drumm to hit the ground running and make his presence felt among institutional investors in the coming weeks by setting out his vision for the bank in the post-FitzPatrick era. Mr FitzPatrick will maintain his involvement with the bank by becoming chairman when he vacates the hot seat.