NTMA seeking chief to replace Corrigan

The National Treasury Management Agency has begun the search for a new chief executive to succeed John Corrigan, who is stepping down in December.

The NTMA has engaged executive search group Merc Partners to seek candidates in Ireland and abroad. It is understood that a five-year term is being offered, with the appointment to be made by Minister for Finance Michael Noonan.

It is not clear how much the new chief will be paid. Mr Corrigan received a salary of €490,000 in 2011 but gifted 15 per cent of that figure back to the State the following year, earning €416,500 in both 2012 and 2013.

‘Exceptional calibre’

The recruitment notice for the position states that it requires a “senior executive of exceptional calibre to lead an organisation that has delivered successfully across an increasingly complex portfolio of activities”.

Candidates must be “proven leaders capable of heading up a large, complex organisation”. Interested parties must also be “exceptional communicators and presenters with the ability to engage with all stakeholders”.

The NTMA is responsible for managing the State's national debt and oversees the activities of subsidiary agencies including the National Asset Management Agency and the National Pension Reserve Fund.

Speculation about a successor to Mr Corrigan is likely to include Brendan McDonagh, the chief executive of Nama.

After much criticism of its early operation, Mr McDonagh is credited with having done a good job with Nama in managing a large number of debtors in a structured manner and bringing the agency to the point where it could wind up its activities before the 2020 deadline set by the Government without the State having to pick up the tab for any residual liabilities.

Incoming board

The new chief will report to the incoming board of the NTMA, which will be headed by chairman

Willie Walsh

.

Mr Corrigan is retiring from the NTMA after 23 years with the agency. He took the reins in December 2009, succeeding Michael Somers, at a time when the economy had collapsed and the bank sector was in turmoil.

He was a central figure in the €64 billion recapitalisation of the Irish banks by the State from 2009 onwards and also played a key role in Ireland’s successful re-entry to international bond markets last year as the State prepared to exit the EU-IMF financial assistance programme.

Before joining the NTMA, Mr Corrigan was chief investment officer of AIB Investment Managers and had worked in the Department of Finance.