The new chairman of First Active is Mr John Callaghan, who takes over from Prof Michael MacCormac.

Mr Callaghan is vice- chairman of First Active and takes on his new role following the company's annual general meeting on April 26th. He is a former managing partner of KPMG, a former president of the Institute of Directors in Ireland and a non-executive director of several other companies. These include Glanbia plc and Esat Telecom Group.

Mr Callaghan has been a non-executive board member of First Active since 1993. He was appointed vice-chairman in 1997 and is also chairman of the audit committee.

Prof MacCormac, who yesterday advised the First Active board of his intention to retire, was appointed to the board in 1987 and appointed chairman in 1990. The highlight of his chairmanship was the conversion and flotation of First Active last year.

Group managing director Mr John Smyth said Prof MacCormac had led the board during a most important phase of the organisation's history. "His contribution to the development of First National Building Society and to the successful conversion and flotation of First Active was immense," he said.