The chief executive and director of stockbroker Davy, Bernard Byrne, is to step down next year, the firm has said.
Mr Byrne has been CEO of the broker since March of 2021, when he was appointed on an interim basis following the resignation of then chief executive, Brian McKiernan, during the fallout from a €4.1m fine of the organisation by the Central Bank.
Mr Byrne's interim appointment was later confirmed on a permanent basis in February of last year, after regulatory approval had been received.
Prior to taking up the CEO role in 2021, he had been Head of Capital Markets and Deputy CEO at Davy which he joined in May 2019.
He had previously been the chief executive of AIB for four years.
"Bernard Byrne has informed me of his intention to step down from his role as CEO during 2024," said Vincent Crowley, Chair of Davy.
"Bernard has been an exceptional leader of Davy during a time of considerable change and has assembled an experienced and talented Executive Management Team."
"In addition to playing an integral part in the sales process, he has worked to expand and grow Davy’s business, including integrating Bank of Ireland’s high-net-worth clients into Davy earlier this year."
Bank of Ireland bought Davy in July of 2021 in the wake of the Central Bank fine that resulted from a number of regulatory breaches related to a bond deal in November 2014.
As well as Brian McKiernan, non-executive Director Kyran McLaughlin, and Head of Bonds, Barry Nangle, also resigned in the aftermath of the controversy.
The developments led to the company being put up for sale, with Bank of Ireland buying the bulk of the business.
"Post the successful integration of Davy under Bank of Ireland ownership, continuing strong momentum and a positive outlook, next year feels like the right time for a leadership transition to drive the next phase of growth for Davy and its clients," said Bernard Byrne.
"The staff of Davy are probably the most talented and experienced team I have ever had the privilege to work with and I am very grateful for their unstinting support over the last five years."
"The Davy team is now over 900 strong, still growing and motivated to deliver for clients. I have always viewed Bank of Ireland as the optimum owner of this great business and I am confident that under its ownership the firm’s best days lie ahead."
Davy said a process to find a new CEO will start right away and Mr Byrne will stay in his role in the interim.
"Bernard has been at the helm in Davy during a time of great change," said Myles O'Grady, CEO of Bank of Ireland.
"He played a pivotal role during the acquisition, and since then has been driving the transformation and integration work across the Group and Davy to the benefit of the clients we serve and all of our colleagues."
"Davy – along with New Ireland and Bank of Ireland's wealth business – is central to the Group’s multi-year strategy for wealth management. Bernard’s successor will play an important role in the next stage of the achievement of our strategy."
