The EBS Building Society has headhunted Mr Ted McGovern, managing director of the Bank of Ireland-owned ICS Building Society, as its new chief executive.

Mr McGovern will take up duty as chief executive designate in September and will take over the top job early next year on the retirement of incumbent chief executive Mr Pat O'Reilly.

Mr McGovern has worked in financial services since 1982. He began with First National Bank of Chicago and in 1985 took over as head of ICS's marketing and business operations. Five years later, he moved to parent company Bank of Ireland as head of strategic marketing in its retail division. He became chief executive of ICS in 1995.