AIB and arrogance
Madam, — John McManus (Business Opinion, October 19th) says the board of AIB is being “arrogant” in wishing to appoint Colm Doherty, head of capital markets at the bank, as its new chief executive. I don’t think it’s being arrogant. It’s simply doing its duty because it believes the appointment of Mr Doherty would be the best investment the Irish taxpayer and the other shareholders in AIB could make.
I happen to agree with its choice. I was a non-executive director of AIB until I retired from the board in April 2007, and no longer have any association with the institution, so I hope I will be heard as an independent voice when I say that I believe that he’s the best man for the big task of restoring AIB’s reputation and standing.
He understands risk, as his record will show those in doubt, and had John Rusnak reported to him AIB would not have lost $691 million in 2002 at its Baltimore unit.
He’s also a natural leader, a strong man in a crisis, and understands the culture well enough to know how to change it. — Yours, etc,