Francesca McDonagh is stepping down as chief executive of Bank of Ireland after 4½ years in the role.
The bank announced to its shareholders after the close of trading on Tuesday that Ms McDonagh is leaving her role by September and will also step down from the bank’s board.
“A process to appoint her successor will now commence,” the bank said.
“Francesca has been an exceptional chief executive of Bank of Ireland,” bank chairman Patrick Kennedy said. “She has driven – with ambition and commitment – a clear strategic focus on transformation, service improvement and business growth.”
Ms McDonagh said she leaves the bank “with a heavy heart, I am proud of all that we have achieved”.
Minister for Finance Paschal Donohoe wished Ms McDonagh well and said the bank had “prospered” under her leadership.
“She was instrumental in driving a change in culture within the bank, seeing through the IT transformation programme, and also played a key role in helping customers and the country navigate their way through the recent Covid-19 crisis,” he said.
Ms McDonagh, a London-born Oxford University graduate who is of Irish descent, was Bank of Ireland’s first woman chief executive when she was appointed in October 2017 to succeed Richie Boucher. She previously worked in a variety of senior roles for HSBC.
She was paid close to €1 million in 2020, the most recent year for which her salary details are available.
