AIB bows to pressure over boss's salary cap
18/11/2009 - 11:27:47Allied Irish Bank bowed to Government pressure today agreeing not to exceed a half million euro salary cap for its new chief.
Colm Doherty has been appointed AIB group managing director after signing the €500,000 a year contract – a pay cut of €133,000.
AIB said the contract reflected his personal commitment to the bank and its future.
“His contractual remuneration package will therefore be considerably lower than applied in the past to the chief executive officer role, or indeed to Mr Doherty’s previous role in AIB, reflecting his personal commitment to the Bank and its future,” AIB said in a statement.
