Pat Molloy, a former chief executive of the Bank of Ireland, is to become the financial institution's new chairman.
Mr Molloy is to fill the position which will be left vacant by Richard Burrows who is standing down next month.
Bank of Ireland met Finance Minister Brian Lenihan today. The lender is now 25% owned by the National Pensions Reserve Fund on behalf of the State.
Mr Molloy has been appointed a non-executive director and the bank's board has named him chairman-designate to succeed Richard Burrows in July.
Mr Molloy served as chief executive until 1998 and is also a former chairman of CRH and a former director of Eircom and Waterford Wedgwood.
The State has two public interest representatives on the board of Bank of Ireland and will appoint two more directors.
