Fingleton to step down as Irish Nationwide CEO

Michael Fingleton is to step down as chief executive of Irish Nationwide by the end of this month, the lender said in a statement today.

Board member Danny Kitchen has been appointed interim chief executive while the lender looks for a new chief executive. Mr Kitchen has also been appointed non-executive chairman.

Mr Fingleton will step down on April 30th.

Mr Kitchen had been lined up to replace Mr Fingleton earlier this year before declining the position after the salary for the post was capped at €360,000 by the Government-appointed bank remuneration committee.

Irish Nationwide’s board said it is to change its rules to increase the number of directors from 8 to 10.

In a statement Irish Nationwide said it was aware that Mr Fingleton was seeking to retire “and had intended to do so on February 28th 2009 on completion of his extended contract”.

“He had deferred his retirement to the end of this month to facilitate the society following the resignation of Dr Michael Walsh as chairman on February 17th, 2009.”

The announcement comes ahead of an expected meeting between the board of Irish Nationwide and Minister for Finance Brian Lenihan to discuss management and boardroom changes.

Last week he agreed to repay his €1 million bonus for 2008.

The statement thanked Mr Fingleton for the "enormous and unique contribution he has made to the society over the past 37 years“.