Bowler to retire from Irish Life & Permanent

Gillian Bowler has today announced her intention to retire as chairman and a director of Irish Life & Permanent Group Holdings plc, following the appointed of a successor in the New Year.

She informed the board of her decision at a meeting yesterday.

Ms Bowler has been Chairman of the Group since 2004.

Speaking today, she said that she believed that it was now a good time to step aside and allow someone to bring a fresh perspective to the role of chairman.

She thanked staff across the group, and also acknowledged the support of the Minister and the Department of Finance and the Financial Regulator and his office.

Group chief executive Kevin Murphy paid tribute to Ms Bowler: "Gillian's contribution has been enormous.

"She has played a very important role in helping the Group to navigate the crisis of recent years and I don't think any chairman of an Irish financial institution enjoyed a better relationship with their small shareholders.

"They appreciated her for her plain speaking and accessibility and she always respected them as the key to the group's ongoing success."

The board has commenced a process to identify a successor as chairman as early as possible in 2011.