Irish Life names veteran employee as new chief executive

A veteran Irish Life & Permanent employee was today appointed the new group chief executive.

The post became vacant when Denis Casey was forced to quit earlier this year amid the scandal over €7bn worth of loans paid in a secret attempt to prop up now nationalised Anglo Irish Bank.

Kevin Murphy, aged 57, has been with Irish Life since he was 20 and was appointed to the Board in 1999, and for the last four years has been responsible for the life and pensions division.

Chairman Gillian Bowler, who has been running Irish Life on a day-to-day basis with Mr Murphy since February, described him as one of the outstanding strategic thinkers in the finance industry.

“He knows this group intimately and has played a critical role in managing it over the past five months,” she said.

“Like all financial services businesses at present, we face challenges in the months and years ahead and Kevin has the right blend of experience and skills to build on the progress we’ve already achieved and to lead us through this period.”

Ms Bowler also indicated Irish Life would be looking to recruit new non-executive directors.

Mr Murphy said: “Our group has some considerable advantages in dealing with the current situation – the strength of our life, banking & pensions businesses, the low risk nature of our operations and the fact that we didn’t engage in any significant development lending to speak of in recent years.

“Our focus over the coming months will be on working with Government, shareholders, staff and customers alike to manage the challenges in the business and the wider economy.”

An actuary by profession Mr Murphy was earlier this week appointed President of the Society of Actuaries of Ireland. He is also a Director of the Irish Stock Exchange and former chairman of the Irish Association of Investment Managers and a past President of the Irish Insurance Federation.