IRISH LIFE and Permanent (IL&P) has confirmed the appointment of Alan Cook, the former managing director of the UK Post Office, as the company’s new chairman. He will replace Gillian Bowler, a board member of the company since 1999 and chairwoman since 2004, with immediate effect.

Ms Bowler is the last of the chairpeople of the six government-guaranteed Irish financial institutions who were in situ since before the banking crisis to stand down. She said last December she would retire when her successor was appointed.

Mr Cook, whose pending appointment was reported by The Irish Timeslast month, has wide experience of the UK financial services market.

The UK Post Office is the financial services company owned by the Royal Mail, which has a joint venture deal with Bank of Ireland.

Mr Cook was previously chief operating officer of life assurer Prudential in the UK and Europe. He is a former chief executive of National Savings and Investments, the agency responsible for raising finance for the UK government through the retail savings market.

He is chairman of the UK Highways Agency and non-executive director of the UK Department of Transport. He is also chairman of the Office of Fair Trading and the Financial Ombudsman Service, but he has indicated he will stand down from these two roles to devote time in his role at IL&P.

“We’re entering a new and challenging phase for our group, and I believe that Alan will play a critical role in helping us to navigate through this period to better times ahead,” said Kevin Murphy, chief executive of the company.