BANK OF IRELAND CEO Richie Boucher is stepping down later this year.
The bank announced today he would leave his role and resign as a director of the company later this year. A selection process is underway to appoint a new CEO and Boucher will continue in his role pending completion of the process.
Boucher took over as CEO of the bank more than eight years ago in February 2009, at the height of the global economic crisis.
He was the only senior domestic banking figure to remain in his role following the state bailout of financial institutions.
Bank of Ireland was bailed out to the tune of €4.7 billion but has repaid that sum. The state continues to own 14% in the business.
Boucher said he felt it important that someone else leads the next step in the bank’s future.
“I have made this decision from the fortunate position of enjoying my job and being excited about the next stage in our group’s development, including the transformational investment which is underway in our infrastructure to support our customers and the group, not just for tomorrow but for future generations.
However, I will be 59 in August of this year and I feel it best for the group that someone else leads the group’s next stage of development.
Finance Minister Michael Noonan thanked Boucher for his “commitment, professionalism and drive”.
“Mr Boucher assumed his role as Chief Executive Officer of Bank of Ireland at a time of severe stress for the Bank of Ireland Group and indeed for the Irish banking sector in general.
“Under Mr Boucher’s stewardship, Bank of Ireland navigated its way successfully through these difficult times and, most notably, returned to profitability in 2014 and exited its EU mandated Restructuring Plan in December 2016.”
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