AIB selects utilities veteran as new CFO

Posted by Jon Wilcox in IT & The CFO, Industry Sectors, Career Ladder on Tue, 09/02/2010 - 12:36
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 Anglo Irish Bank unveils new chief financial office; ESB finance and commercial director to take up new post in May.

Bernard Byrne, the financial and commercial director at Irish utility company, Electricity Supply Board (ESB), has been unveiled at the new chief financial offer at Anglo Irish Bank (AIB). Byrne will take up the post in May, when he’ll also become a member of the AIB Group Executive Committee. 

“Bernard brings with him a wide range of experience in the financial management of both domestic and internationally focussed organisations. His experience includes the financial management of operations in Ireland, the UK, Poland and the US – all of which are also significant AIB locations,” said Colm Doherty AIB Group managing director.
 
“His familiarity with our areas of operation coupled with the external perspective he brings to the role will be a major asset to the Group as we position ourselves for the future.”
 
News of the appointment came on the day AIB acknowledged it had over-charged 40,000 customers a total of €4 million, and that it would take 14 months until repayments are completed. It’s the latest in a list of over-charging errors at the bank, which received a share of €7 billion of bail-out money from the Irish government in 2009.
 
 
 

The Bottom Line:If Mr Cable has his way...

"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more

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