AIB has appointed Eugene Sheehy as chief executive designate to succeed Michael Buckley on his retirement in 12 months time.
Mr Sheehy is currently chairman and CEO of the Mid Atlantic Division of M&T Bank. AIB has a 22% stake in M&T, the US bank which bought Allfirst.
Mr Sheehy will take up his new role as chief executive designate in April. His new job has a total pay package around €1.5m.
Mr Sheehy joined AIB in 1971 and spent 20 years in the retail network in the Dublin area. In 1999 he was appointed General Manager, Retail Operations for AIB Bank and in early 2001 was appointed managing director of AIB's banking business in the Republic of Ireland.
In March 2002 he was appointed as CEO of AIB's US division and later joined the board of M&T after the Allfirst deal in September 2002.
AIB shares closed 27 cent lower at €15.63 in Dublin this evening as the other financial stocks were also weaker.
