AIB has announced some management changes aimed at rebuilding the bank's credit and risk infrastructure.
In a memo to staff yesterday, the bank's group managing director Colm Doherty said that the bank is first and foremost a 'credit institution'. He said the challenge of ensuring that an appropriate credit culture is redeveloped is an 'absolute priority' for him.
The bank said it has appointed Joe O'Connor, currently chief credit officer at AIB Capital Markets to the new position of group chief credit officer. He will also join the Group Executive Committee and will be responsible for credit underwriting, credit risk policy and strategy, best practice and standards.
Michael O'Farrell, currently general manager credit at AIB ROI, has been named as the bank's group general manager credit and will act at Mr O'Connor's deputy.
Maeliosa O hOgartaigh has been appointed to the new role as head of corporate development and Government relations and will lead the implementation and ongoing interaction with NAMA, the bank's EU restructuring talks and all Government relationships.
He will also continue to act as chief financial officer pending an external appointment, Mr Doherty said.
Mr Doherty also told staff yesterday that the bank was establishing a NAMA unit, which will be headed up by Kieran Bennett, currently group chief credit officer.
Other changes include the appointment of Jerry McCrohan as managing director of capital markets. He is currently head of corporate banking.
Marcel McCann will replace Steve Meadows, who has announced his retirement as head of operations and technology. John Conway will become head of group HR, replacing Mary Toomey, who has announced she will retire in April.
Mr Doherty also said he was centralising the office of the company secretary, corporation relations and investor relations into a new corporate services unit, under the leadership of Alan Kelly. He is currently general manager of group finance.
The AIB boss said he hopes to be in a position to announce appointments to the positions of chief financial officer and chief risk officer in the 'near future'.
