Irish Nationwide appoints new chief executive

Irish Nationwide has appointed a new chief executive to replace Michael Fingleton, who was forced to resign earlier this year after running the building society for almost 40 years.

Mr Fingleton stepped down from the role following controversy over a €1m bonus he received last year while the company was racking up massive losses.

The bonus was awarded after the State decided to guarantee deposits in all Irish financial institutions.

Fingleton was also severely criticised for arranging a €27m pension for himself.

He is now set to be replaced by Gerry McGinn, who is currently the head of Goodbody Stockbrokers in the North.

The 52-year-old previously worked for 18 years at Bank of Ireland in Dublin, Belfast and London.

His salary will be capped at €360,000 under the terms of the bank guarantee scheme.