Jeremy Masding has been appointed chief executive of Permanent TSB, Irish Life and Permanent confirmed today.
Mr Masding (46) will replace current chief executive David Guinane who is to leave Irish Life and Permanent late next month.
IL&P plans to complete the separation of the life and banking businesses by the end of March. It set up a new holding company last year to facilitate the splitting of the businesses. The company is being split up and Irish Life sold after the Central Bank directed it to raise €4 billion to cover higher losses and the deleveraging of €15.7 billion in loans to return to self-sufficiency following stress tests in March 2011.
Mr Masding is currently chairman of the independent loan broker and lender the Richmond Group. Previous to this role he was group chief executive of Central Trust, where he led a major restructuring programme to adapt the business to cope with the recession, including capital raising.
Between 1984 and 2007 he worked with Barclays Bank in a variety of different roles including branch banking, international banking and in head office as a director of Strategy Development. In later years, he was a board director of Barclaycard responsible for UK Consumer Finance.
Between 1998 and 1999 he worked on secondment from Barclays with the Cabinet Office in the UK.
Mr Masding's appointment has been approved by the Financial Regulator.
Permanent TSB chairman Alan Cook described Mr Masding as "an outstanding candidate with significant international experience".
“The coming years will be critical to establishing the bank as a successful, profitable and competitive force in the Irish banking sector and we believe that Jeremy is very well suited to this challenge. We are very much looking forward to working with him over the coming years,” he said.
Mr Masding said that he was looking forward to taking up the new position and was conscious of the need to return the bank to strength and profitability as quickly as possible.
The State took over more than 99.5 per cent of IL&P by injecting €2.7 billion in July 2011.
