Davy chief executive Tony Garry will step aside from the role next March to be replaced by Brian McKiernan, who currently heads the stockbroker's wealth and asset management business.

Mr Garry, who will be 64 in June, joined Davy’s bond desk in 1979 and has led the stockbroker for the past 20 years.

Speaking to The Irish Times earlier, Mr Garry said he will continue as a board member and shareholder in the business but otherwise has “nothing specific in mind” for the future.

“Twenty years is a long enough stretch for a CEO,” Mr Garry added. “The business is in really good shape now, which is down to the entire team. With the economy recovering there are more opportunities around and it’s time to hand it over to someone else to move it forward.”

In a prepared statement, Mr Garry said Mr McKiernan would “bring great energy and leadership qualities” to his new role as head of the country’s biggest stockbroker.

Mr McKiernan, who is 51, is a member of the senior executive team at Davy and a board member of J&E Davy, the controlling entity.

He joined Davy in 1989 and was appointed managing director of private clients in 2001. It is understood that a competitive process was run to select a new chief executive.

Commenting on the change in leadership, chairman Brian Davy said: "Davy has been transformed under Tony's steady hand. His most notable achievement has been to grow and enhance the business throughout the worst recession in living memory - adding staff, services, new offices (in London, Belfast Cork and Galway) as well as acquiring three complementary businesses and launching the Davy Select online pension and investment platform."

Mr Davy said he had “no doubt” that Mr McKiernan would be a “worthy successor” and that the leadership transition would be “seamless”.

Mr McKiernan said the stockbroker has “ exciting plans” to grow the business. “I am confident that Davy will continue to grow and prosper,” he added.