Monday 16th January 2012. The Chairman of Irish Life & Permanent Group holdings plc has announced the appointment of Mr. Jeremy Masding as Chief Executive of the Group’s banking business, Irish Life & Permanent plc, which trades as permanent tsb bank. This is a new position which is being created as part of the previously announced separation of the life and pensions businesses of Irish Life & Permanent Group Holdings plc. That separation is due to become effective from late March/early April next.
The appointment has been approved by the Financial Regulator. Mr. Masding will join the bank on the 20th February next.
As a result of this appointment, David Guinane, Chief Executive permanent tsb, will leave the Company on the 20th February. We would like to thank David for the significant contribution he has made to the Bank during his career and wish him every success for the future.
Between 1984 and 2007 Mr. Masding  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. For a year [1998/99] he worked on secondment from Barclays with the Cabinet Office in the UK. More recently Mr. Masding has been Chairman of the Richmond Group [2010 - ] an independent loan broker and lender – and Group CEO of Central Trust plc [2007 - 2009] where he led a major restructuring programme to adapt the business to cope with the recession, including capital raising.
Speaking on the appointment the Chairman of Irish Life & Permanent Group Holdings plc, Alan Cook, said that Mr. Masding was an outstanding candidate with significant international experience; “The position of CEO of Irish Life & Permanent plc is a new position which reflects the fact that Irish Life & Permanent plc will shortly become a standalone business rather than a business unit of a much larger company. 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.”
Mr. Masding said that he was looking forward to taking up the position; “I believe permanent tsb has a very important role to play as a force for competition in what is a much reduced Irish banking sector. But I am also conscious of the wider responsibility of the bank to the Government and the taxpayers who have supported it through incredibly difficult times. We owe it to them to return the bank to strength and profitability as quickly as possible.”
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