AIB financial chief Donal Galvin steps down, hunt for successor begins

AIB Group PLC on Wednesday said its chief financial officer Donal Galvin is stepping down in pursuit of other opportunities.

The Dublin-based lender noted that Galvin had stepped down from the executive board as of Tuesday, but will remain with the company ‘to ensure a smooth handover’, including the release of half-year results on July 30.

In April, the bank had affirmed its annual guidance, but reported a 3.2% decline in first quarter net interest income to €920 million from €950 million.

The process of appointing a new CFO will start immediately, AIB added on Wednesday. Galvin joined the company as treasurer in 2013, taking on the role of CFO in 2019 and executive director in 2021.

Chief Executive Colin Hunt commented: ‘Donal has made a significant contribution to the group during his 13 years with AIB...He has greatly advanced the financial resilience and capital strength of the group.’

Hunt noted the outgoing CFO’s ‘key role’ in returning AIB to private ownership, as it repaid €21 billion to the Irish government.

Back in June, the Irish state sold its last shares in AIB, which it had bailed out in the wake of the 2008 financial crisis.

Galvin added: ‘The time is right for me personally to pursue other career opportunities, and I am pleased to leave AIB in such a strong financial position.’

AIB shares rose 0.2% to 882.00 pence on Wednesday morning in London.

Earlier this month, the bank appointed James Emmett as an independent non-executive director. Emmett was formerly the chief executive of HSBC Bank PLC and HSBC Europe, in addition to serving as chief operating officer at the National Wealth Fund, a UK government-owned policy bank.

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