Ireland's last remaining bailout-era bank CEO is calling it quits

RICHIE BOUCHER, THE only CEO of a major Irish bank to survive the bailout era, has parted ways with Bank of Ireland.

Boucher was appointed chief executive of Bank of Ireland in 2009, just after the bank guarantee in 2008 and shortly before the Irish state’s bailout in 2010.

In a statement released today, Bank of Ireland said that Boucher “has informed the company that he intends to step down as group CEO and to resign as a director of the company later this year”.

“As part of the board’s ongoing succession planning, a selection process is underway to appoint a new CEO and Mr Boucher will continue in his role pending completion of this process,” the statement said.

“Accordingly, the effective date of Mr Boucher’s departure is not yet known and a further announcement will be made when the date has been agreed.”

Boucher said in a statement: “I have made this decision from the fortunate position of enjoying my job and being excited about the next stage in our group’s development.

“However, I will be 59 in August of this year and I feel it best for the group that someone else leads the group’s next stage of development.

“This has influenced my decision to retire from the group at this time, and to focus on the other things which I might like to do with my life.”

Transition

He added: “The board-directed succession process is now underway.  In support of that process, I will continue to lead the group as CEO, while facilitating the transition to my successor.

“In the meantime, I remain very focussed on my role in delivering on our group’s objectives and my responsibilities to our customers, my colleagues, our shareholders and our other stakeholders.”

Finance Minister Michael Noonan thanked Boucher for his “commitment, professionalism and drive”.

“Mr Boucher assumed his role as chief executive officer of Bank of Ireland at a time of severe stress for the Bank of Ireland group and indeed for the Irish banking sector in general,” he said.

“Under Mr Boucher’s stewardship, Bank of Ireland navigated its way successfully through these difficult times and, most notably, returned to profitability in 2014 and exited its EU-mandated restructuring plan in December 2016.”

End of an era

Boucher is the only current CEO to lead a major Irish bank whose tenure dates back to the bailout era.

He replaced former boss Brian Goggin, who announced his retirement in January 2009 – shortly before the bank received its first bailout loan of €3.5 million.

AIB, Permanent TSB and Ulster Bank have all seen new leadership as they have rebuilt since the crash, while former Anglo CEO David Drumm has been charged for his alleged role in the bank’s collapse.

In 2013, Reuters described Boucher as Irish banking’s ‘great survivor’.

The news agency also quoted a TD who described him as “a hard bastard with a hide like a rhino”.

Bank of Ireland was described by Boucher himself as Ireland’s “least-worst bank”. It received only a partial state bailout, which it has since repaid, and returned to profit in 2014.