Bank of Ireland has named Myles O'Grady as its new group chief executive.

Mr O'Grady will take up the position on Thursday and succeeds Gavin Kelly, the bank's interim group chief executive.

Bank of Ireland said the new CEO's remuneration will match that of his predecessors - €960,000 in total.

Mr O'Grady had previously worked at Bank of Ireland as group chief financial officer from January 2020 until March 2022.

He first joined the bank in June 2019 as Director of Commercial Partnering, Ireland and was also appointed group non-executive director at Bank of Ireland (UK) plc and New Ireland Assurance Company.

He was also a Director of the Irish Banking Culture Board.

Before joining Bank of Ireland, he was Director of Finance & Investor Relations in AIB Group and he has held senior positions in international financial services organisations including Citibank and Dresdner Kleinwort Benson.

Until October of this year, Myles served as Chief Financial Officer of the Musgrave Group.

Bank of Ireland's Chairman Patrick Kennedy said he was delighted to welcome Myles back to Bank of Ireland as Group CEO.

"Myles is an exceptional leader with a strong track record of delivery. The focus of the board remains on the execution and delivery of the significant opportunities available to the Group. Myles' appointment underlines the Board's commitment to the ongoing successful execution of its existing strategy," he added.

Bank of Ireland, which avoided nationalisation during the banking crisis, has had more flexibility in senior executive pay than other Irish banks where top salaries are restricted to €500,000.

Its former CEO Francesca McDonagh was paid around €960,000. She left the bank earlier this year.

However, Ms McDonagh had in recent years persistently highlighted the difficulties that the pay restrictions are having on attracting and retaining staff in the bank and the sector.