Insurer FBD names Paul D’Alton as interim chief executive

Insurer FBD Holdings has named well-known corporate figure Paul D'Alton as its interim chief executive as it continues work on securing a permanent successor to Fiona Muldoon.

Ms Muldoon announced last October that she planned to step down as chief executive this year, after the group’s pretax profit more than doubled last year to €112.5 million and it proposed a dividend of €1 per share for investors.

"The board continues to make progress towards its appointment of a permanent CEO," said chairman Liam Herlihy on Tuesday, announcing that Mr D'Alton would step into the role on a temporary basis.

Mr D'Alton, a former chief financial officer of Bank of Ireland and Waterford Wedgwood, stepped in briefly as FBD's interim chief financial officer in 2015 as the group was dealing with massive losses.

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“I would like to extend the warmest gratitude to Fiona for her hard work and effective contribution to FBD over the last five years,” said Mr Herlihy. “She has been instrumental in the transformation and development that has taken place in FBD. Her relentless focus on the business and its customers has been remarkable. Shareholders and the community alike have benefitted from her tireless efforts. We wish her the very best for the future.”

Mr Herlihy said that Mr D’Alton “is highly regarded in the investment community and as a former FBD colleague, he knows our business well”.