'Board has accepted resignation with regret'
BANKS STATEMENT IN FULL:"THE CHAIRMAN of Anglo Irish Bank plc, Donal O'Connor, today (December 19th, 2008) announces that Mr David Drumm, group chief executive, has tendered his resignation to the board. The board has accepted his resignation with regret.
Mr Drumm will step down as chief executive with immediate effect; however, he will work with the chairman through a transition phase until a new chief executive is appointed. The board will commence a process to appoint a new chief executive immediately.
Mr Drumm said: "It is appropriate for me to step down today given last evening's announcement in relation to the resignation of Seán FitzPatrick and given the strong statement of support for the bank and its recapitalisation programme by the Minister for Finance. Good progress is being made on the recapitalisation.
"It is undoubtedly in the best interests of Anglo that a new chief executive is appointed to lead the bank through its next phase of development. The appointment of Donal O'Connor as chairman together with a new chief executive augurs well for the bank and for all its stakeholders. It gives the bank fresh impetus and an upward trajectory. I would like to thank all of my colleagues for their intense commitment and honest endeavour and for their friendship over the last 15 years."
Mr Donal O'Connor, chairman said: "David's decision has been made to ensure that Anglo Irish Bank can move forward with new momentum. He deserves great credit for that.
"We will have an orderly transition and I am confident that the bank will progress well through this important time. We have a high-calibre management team with great strength in depth, in whom the board has confidence and who will serve the bank well in the years ahead. We also have a tremendous and loyal staff who deserve great credit for their professionalism and team work.
"I welcome the Minister's statement which underpins the bank's recapitalisation programme and ensures the bank's long-term strength and viability as a bank of systemic relevance and importance in Ireland. I would like to thank David for his immense contribution to Anglo over the past 15 years and I wish him well for the future."