Irish Life chief executive to remain in his post
The chief executive of Irish Life, Kevin Murphy (61), is to remain in his position as the possibility of the business being purchased by Canada’s Great-West Lifeco has re-emerged.
A process aimed at finding a successor to Mr Murphy was initiated in the middle of last year but has now being put on hold.
Mr Murphy is to remain in place “for some months pending the appointment of a successor”, a spokesman for the company said.
“That matter is expected to be resolved in the coming months.”
Great-West, owner of Boston-based Putnam Investments, was set to acquire Ireland’s largest life and pensions company in 2011 before pulling out in November of that year amid concerns about the euro zone debt crisis.
The Government set a €1.3 billion price on Irish Life as it reopened talks with Great-West late last year, according to reports.
Garry Hassett, the head of Irish Life Retail, is said to be the only internal candidate who put his name forward to replace Mr Murphy.
Mr Murphy was appointed chief executive of Irish Life and Permanent in June 2009 and announced his intention to retire in June of last year, at about the time the Government bought Irish Life from Irish Life and Permanent Plc.