THE CHAIRMAN of the Co-operative Bank is to become the next chairman of state-owned Allied Irish Banks, ahead of a potential reprivatisation in 2015.
Richard Pym, a former chief financial officer and ICAEW member, will be appointed to the AIB board as chairman designate with effect from 13 October 2014. Current chairman, David Hodgkinson, will retire from the board during December 2014.
Pym, who had already said he would step down from his role at the Co-op Bank, is a former finance director at Alliance & Leicester, where he later served as chief executive until 2007.
He is also chairman of UK Asset Resolution (UKAR), the ‘bad bank’ that is winding down the loans of Northern Rock and Bradford & Bingley, and is the former chairman of BrightHouse Group, Halfords Group and a former non-executive director of British Land, Old Mutual and Selfridges.
Pym said: “I am delighted to accept the invitation to be the next chairman of AIB and I look forward to contributing to the progress that has already been made in re-building a strong bank. Irish taxpayers have made considerable sacrifices in supporting the banking system and I am very conscious of my responsibilities in that regard.”