Premier Lotteries Ireland, which runs the National Lottery, has appointed Andrew Algeo as its new chief executive.

Mr Algeo replaces Dermot Griffin, who announced earlier this year year his intention to step down. 

It is expected that Mr Algeo will take up his new role in June.

Mr Algeo, 48, was until recently an adviser at Ryanair where he oversaw a commercial reorientation programme.

He is also part of the group advising the Department of Justice on its current transformation and was previously managing director of Commercial & Risk at Paddy Power. 

PLI's Chairman Padraig Ó Ríordáin said that Mr Algeo "comes with a wealth of expertise which makes him an ideal choice to lead the National Lottery through the next phase of its development and deliver on our objective of further increasing the amounts we raise for good causes".

Premier Lotteries Ireland holds the exclusive licence to operate the National Lottery until the year 2034.

It is owned by the Ontario Teachers' Pension Plan, An Post and An Post Pension Funds and is regulated by the Regulator of the National Lottery.