DISGRACED FORMER Irish Life Permanent (IL&P) directors Denis Casey and Peter Fitzpatrick are set to resign as directors of the Irish arm of German insurer Allianz as part of the fallout from their departures from the listed financial services group.
Separately, former Anglo Irish Bank non-executive director Anne Heraty, who is chief executive of recruitment firm CPL, announced yesterday that she was resigning from the boards of State companies Bord na Móna and Forfás “with sincere regret”.
These are the latest in a series of resignations linked to the collapse of Anglo Irish Bank in recent months. Mr Casey and Mr Fitzpatrick were IL&P’s representatives on the board of Allianz here.
IL&P is a 30 per cent shareholder in the Irish insurance business.
It is understood that the resignations of Mr Casey and Mr Fitzpatrick are currently in train. No documentation has yet been filed with the Companies Registration Office here.
"In light of recent developments, Allianz now awaits new board member nominations from IL&P," the insurer said in a statement released to The Irish Times.
A spokesman for IL&P said it would announce replacements to the board of Allianz in “due course”.
The two executives were directors of Allianz Irish Life Holdings plc and Allianz plc, which were both registered here.
German-based Allianz owns 66 per cent of the Irish insurance company of the same name, with “minority interests” holding 4 per cent between them.
Mr Casey and Mr Fitzpatrick resigned from IL&P earlier this month following the revelation of the group’s controversial €7.45 billion deposits into Anglo Irish Bank last year.
Ms Heraty’s decision to step down from the boards of Bord na Móna and Forfás follows her departure from the board of the Irish Stock Exchange, which was announced on Monday.
She was among five non-executive directors to resign en masse last month from Anglo Irish Bank following its nationalisation.
Fellow Anglo director Gary McGann announced on Tuesday that he was stepping down from the board of the Dublin Airport Authority, the State company responsible for Dublin, Cork and Shannon airports.
In a statement yesterday, Ms Heraty said that both boards had accepted her resignation, which would take immediate effect.
“I wish the two organisations, their staff and their boards the very best in the future,” she said.
Ms Heraty founded listed recruitment firm CPL in 1990, and is a former winner of the Ernst & Young Entrepreneur of the Year award.
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