Irish Life & Permanent has named Kevin Murphy as its new chief executive.
Mr Murphy, who is already a board member, has worked with Irish Life since 1972 and most recently headed the group's life and pensions business.
He replaces Denis Casey, who resigned in February in the wake of a controversy over transactions between Irish Life & Permanent and Anglo Irish Bank, which allowed Anglo to dress up its accounts. IL&P lost two other directors - finance director Peter FitzPatrick and head of group treasury David Gantley - following the controversy.
Mr Murphy, 57, was previously chief executive of Irish Life Investment Managers between 1993 and 2005. He is also a director of the Irish Stock Exchange.
IL&P chairman Gillian Bowler said described Mr Murphy as 'one of the outstanding strategic thinkers in the financial services industry in Ireland'. She said he had played a critical role in managing the group over the past five months. Ms Bowler also indicated that IL&P would be looking to recruit new non-executive directors.
In March, IL&P reported a 42% fall in operating profits to €341m for last year.
