Bank of Ireland’s Pat Creed to retire

Move comes as bank’s new CEO, Francesca McDonagh, prepares to take over

 Pat Creed

Pat Creed

 

Bank of Ireland’s head of finance in the car finance division, Pat Creed, has signalled his plans to retire next March after 31 years with the lender.

The move comes as Bank of Ireland’s new chief executive, Francesca McDonagh, prepares to take over on Monday, succeeding Richie Boucher.

In the past two months, two other senior executives, Mick Sweeney and Mark Cunningham, have also decided to leave the lender. Mr Creed will assume the role of executive chairman of his unit, Bank of Ireland Finance (BIF), until his retirement, with Derek McDermott, head of asset and commercial finance, succeeding him as managing director.

The changes were announced in an internal email circulated by Liam McLoughlin, head of Bank of Ireland’s Irish retail division, on Friday, seen by The Irish Times.

Mr Creed joined Bank of Ireland in 1986 from Avonmore.