(Alliance News) - Permanent TSB Group Holdings PLC on Thursday said Jeremy Masding will step down as chief executive during 2020 after eight years in the role.
The Irish lender said the effective date of Masding's departure is yet to be determined and that he will also step down from the board at the date of his departure.
Chair Robert Elliott said: "Jeremy and his team oversaw a very complex and challenging turnaround which has restored Permanent TSB to a position of significance in the Irish banking market. Jeremy leaves the bank in an immeasurably stronger position than when he took up the role. On behalf of the board, I want to express our deep appreciation for his huge commitment over the past eight years."
"This announcement allows the board to undertake an orderly process to select a new chief executive officer in line with our established succession planning protocols," Elliot continued.
Masding was appointed chief executive in early 2012 when the bank was in severe crisis following the banking crash. During his term as chief executive, Masding oversaw the bank's return to profitability from losses in excess of EUR1 billion. He also oversaw the implementation of an EU approved restructuring plan, the first post-financial crisis capital raise in 2015, the de-risking of the bank's balance sheet and reforming of the bank's structures and systems.
Permanent TSB has commenced a process to select a new chief executive.
Shares in Permanent TSB were down 0.5% at EUR1.23 in London on Thursday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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