Under-pressure IL&P boss quits

Irish Life & Permanent chief executive Denis Casey has today resigned from the Group.

Irish Life & Permanent chief executive Denis Casey has today resigned from the bank.

Renewed calls for Casey’s resignation followed the bank board’s statement this morning, which said it had declined an offer from Casey to resign after last night’s emergency meeting.

The bank's finance director Peter Fitzpatrick and treasury head David Gantly have already stepped down, following the controversy surrounding deposits made to Anglo Irish Bank.

The announcement came as Minister for Finance Brian Lenihan met IL&P chairperson Gillian Bowler this afternoon.

Casey has agreed to remain as acting group chief executive for a transition period “to assist the board and the Group which is beginning a process of identifying, recruiting and bedding in a suitable successor”, according to a statement from the bank.

Bowler said that she accepted the notification of resignation with the “utmost regret”.

“Denis Casey is a man of the highest integrity and honour,” she said. “I have always held him in the highest regard as a colleague and as a friend and I know that his decision today – as always – has been prompted by his dedication and loyalty to the company.”

Bowler will now chair a committee of non-executive directors to oversee a competition for the recruitment of a new chief executive. This committee will comprise Danuta Grey, Breffni Byrne, Liam O’Reilly, Margaret Hayes and Ray MacSharry.

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