Permanent TSB Group Holdings PLC Chief Executive To Step Down During 2020 (0513R)
October 24 2019 - 9:00AM
UK Regulatory
TIDMIL0A TIDM73HR
RNS Number : 0513R
Permanent TSB Group Holdings PLC
24 October 2019
Statement By Permanent TSB Group Holdings plc
Permanent TSB plc (trading as Permanent TSB) is a wholly owned
subsidiary of Permanent TSB Group Holdings plc.
24/10/2019. The Chief Executive of Permanent TSB, Jeremy
Masding, will step down as Chief Executive Officer during 2020
after eight years in the role.
The effective date of Mr. Masding's departure has yet to be
determined. The Board has commenced a process to select a new Chief
Executive and will make a further announcement in due course. Mr.
Masding will also step down as a Director of the Bank at the date
of his departure.
The Chairman of Permanent TSB, Robert Elliott, paid tribute to
Mr. Masding; "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."
He continued; "This announcement allows the Board undertake an
orderly process to select a new Chief Executive Officer in line
with our established succession planning protocols. In the
meantime, we have an important agenda of work ahead of us for which
Jeremy and his Team will remain fully focussed."
Mr. Masding is the longest serving of any of Ireland's current
bank CEOs. He was appointed Chief Executive in early 2012 when the
Bank was in severe crisis following the banking crash. During his
term as Chief Executive Officer, Mr. Masding has overseen the
Bank's return to profitability from losses in excess of EUR1 bn,
the negotiation and implementation of an EU approved restructuring
plan, the first post-crisis capital-raise by any domestic Irish
bank (2015), the de-risking of the Bank's balance sheet, the
strengthening of the Bank's leadership team and, a reform of the
Bank's structures and systems. In terms of commercial performance,
from a low of circa 2% following the banking crash, the Bank now
accounts for circa 15% of the new mortgage market and has growing
market share in current accounts, personal lending and SME. In
addition, under Jeremy's leadership, the Bank has commenced a
significant programme of technology and digital transformation.
Speaking today, Mr. Masding said: "The last eight years have
been exceptionally challenging for our stakeholders and, in
particular, for our customers. However, we have succeeded in the
biggest challenge which was to rebuild the Bank while keeping
thousands of people with significant mortgage difficulties in their
homes. The Bank has, and continues to be, a force for competition
in a market which needs choice."
Mr. Masding thanked the Chairman and Board for their unwavering
support and paid tribute to his colleagues on the Bank's leadership
team, to staff across the Bank, to the Minister for Finance,
Paschal Donohoe TD, his predecessor Michael Noonan TD and their
respective teams for their support of him and the wider bank during
its transformation.
Mr. Masding said that the Bank was well positioned for
profitable growth; "I believe that Permanent TSB is well placed for
the future with a strong leadership team and Board. I believe that
policymakers, customers and others will support its continued role
as a key part of the competitive landscape. My focus remains on
Permanent TSB for the time being but, as I consider next steps, I
am excited at the prospect of taking on new challenges, be they
here in Ireland or internationally."
Ends
For further information, please contact:
Nicola O'Brien Leontia Fannin Conor Ryan
Head of External Head of Corporate Affairs Company Secretary
Reporting & Investor & Communications
Relations leontia.fannin@permanenttsb.ie conor.ryan@permanenttsb.ie
Nicola.OBrien@permanenttsb.ie +353 87 973 3143 +353 6695394
+353 87 1482275
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END
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