Breffni Byrne and Danuta Gray are to stand down from the Board of Irish Life & Permanent, the company said today.
A statement said the directors do not intend to stand for re-election to the board at the forthcoming AGM on May 18.
"Breffni Byrne and Danuta Gray have advised the Board that having served two full terms as members of the board they do not intend, in line with good corporate governance practice, to stand for re-election," the statement said.
IL&P Chairman Gillian Bowler thanked both Directors for their contribution to the Board.
"Both Breffni and Danuta have been valued colleagues and have made enormous contributions to the Board during their respective tenures," she said.
"On behalf of my colleagues, I want to express our appreciation to both of them for their work on the Board and we wish them every success in the years ahead.”
Ms Bowler also commented that the process to appoint a new Chairman to the Board as signalled on the December 15, 2010 was now well advanced and that she expected the position to be filled in advance of the forthcoming AGM at which she will be retiring and not standing for re-election.