Bank of Ireland CEO Francesca McDonagh to step down in September

Francesca McDonagh said she leaves Bank of Ireland with a heavy heart and pride in what has been achieved during her tenure.

Bank of Ireland chief executive Francesca McDonagh has announced her intention to step down from the role later this year.

Ms McDonagh, who took up the role in 2017, is expected to leave the bank in September.

She previously worked for HSBC in a number of roles which spanned various countries.

Announcing the decision today, Ms McDonoagh said she leaves with a heavy heart and pride in what has been achieved during her tenure.

"Five years ago, we set out to transform the bank’s culture, systems, and business model. The benefits of this transformation have never been clearer than over the past two years as we navigated the pandemic while also agreeing two significant acquisitions," said Ms McDonagh.

"In addition, the strong progress we have made has facilitated the Irish Government in selling down its shareholding and has further reset the State’s relationship with the bank."

Bank of Ireland chairman Patrick Kennedy hailed Ms McDonagh as an exceptional chief executive with ambition and commitment.

"Along with agreeing two transformative acquisitions, she has delivered a more efficient, digitally enabled, customer-focused, and profitable bank. All of this strongly enhances the group’s long-term sustainability," said Mr Kennedy.

"The impact of Francesca’s many achievements will live long beyond her time at the bank."

Finance Minister Paschal Donohoe said Ms McDonagh was instrumental in driving a change in culture within the bank.

Mr Donohoe said she played a key role in helping customers and the country navigate their way through the pandemic.

Bank of Ireland said the process to appoint Ms McDonagh's successor will now commence.