AIB confirms Duffy is new chief

AIB HAS formally named David Duffy as its chief executive, confirming media speculation.

The nationalised bank has been without a formal chief executive since last year’s departure of Colm Doherty, but has been headed up by executive chairman, David Hodgkinson in the interim period. Mr Hodgkinson will remain on the bank’s board in the role of non-executive chairman.

While there had been some concern that AIB’s new chief could be paid nearly €200,000 more than the existing €500,000 salary cap for Irish senior banking executives, the Department of Finance yesterday confirmed that Mr Duffy’s remuneration will fall within the set limit — Finance Minister, Michael Noonan, saying that the Government “is pleased that the remuneration policy set down by the previous Minister for Finance, Brian Lenihan, in capping the salaries of bank CEOs has been applied to this appointment.”