Quinn set to step down as chairman of AIB this month

Former Attorney General Mr Dermot Gleeson, SC, is to succeed Mr Lochlann Quinn as chairman of AIB with effect from the end of the bank's board meeting on October 14th.

Mr Quinn is to retire as a director of the bank on the same date, according to an AIB statement yesterday. Mr Quinn is retiring a few months earlier than expected.

An AIB spokeswoman said Mr Quinn had indicated last year that he would stay on for 2003 to oversee the introduction of changes arising from the Rusnak fraud crisis.

The last of these changes had been introduced during the summer and Mr Quinn decided now was the appropriate time to leave.

Mr Quinn, a major shareholder in the Glen Dimplex group, joined the AIB board in May 1995 and has served as chairman since January 1997.

He had been due to retire as chairman last December, as he would have served two terms as chairman by then. However, he stayed on because of the Rusnak affair.

Mr Gleeson joined the board in May 2000. He was appointed deputy chairman with effect from October 2002 and was nominated to succeed Mr Quinn as chairman.

Mr Quinn said it had been an honour being chairman of AIB, which had a strong board, a focused management and a committed workforce.

"AIB is well placed for continued growth at home and abroad," he said.

Mr Gleeson said Mr Quinn's "wide business experience and skills fostered the development of the group during his tenure as chairman, and he gave strong and decisive leadership at all times".

AIB's group chief executive, Mr Michael Buckley, said AIB had been very lucky to have had Mr Quinn as chairman.

"His intelligence, experience, acumen and resilience have served AIB's shareholders well," he said.