Permanent TSB : Chief Executive To Step Down During 2020

Permanent TSB plc (trading as Permanent TSB) is a wholly owned subsidiary of Permanent TSB Group Holdings plc.

24/10/2019. The Chief Executive of Permanent TSB, Jeremy Masding, will step down as Chief Executive Officer during 2020 after eight years in the role.

The effective date of Mr. Masding's departure has yet to be determined. The Board has commenced a process to select a new Chief Executive and will make a further announcement in due course. Mr. Masding will also step down as a Director of the Bank at the date of his departure.

The Chairman of Permanent TSB, Robert Elliott, paid tribute to Mr. Masding; 'Jeremy and his Team oversaw a very complex and challenging turnaround which has restored Permanent TSB to a position of significance in the Irish banking market. Jeremy leaves the Bank in an immeasurably stronger position than when he took up the role. On behalf of the Board, I want to express our deep appreciation for his huge commitment over the past eight years.'

He continued; 'This announcement allows the Board undertake an orderly process to select a new Chief Executive Officer in line with our established succession planning protocols. In the meantime, we have an important agenda of work ahead of us for which Jeremy and his Team will remain fully focussed.'

Mr. Masding is the longest serving of any of Ireland's current bank CEOs. He was appointed Chief Executive in early 2012 when the Bank was in severe crisis following the banking crash. During his term as Chief Executive Officer, Mr. Masding has overseen the Bank's return to profitability from losses in excess of €1 bn, the negotiation and implementation of an EU approved restructuring plan, the first post-crisis capital-raise by any domestic Irish bank (2015), the de-risking of the Bank's balance sheet, the strengthening of the Bank's leadership team and, a reform of the Bank's structures and systems. In terms of commercial performance, from a low of circa 2% following the banking crash, the Bank now accounts for circa 15% of the new mortgage market and has growing market share in current accounts, personal lending and SME. In addition, under Jeremy's leadership, the Bank has commenced a significant programme of technology and digital transformation.

Speaking today, Mr. Masding said: 'The last eight years have been exceptionally challenging for our stakeholders and, in particular, for our customers. However, we have succeeded in the biggest challenge which was to rebuild the Bank while keeping thousands of people with significant mortgage difficulties in their homes. The Bank has, and continues to be, a force for competition in a market which needs choice.'

Mr. Masding thanked the Chairman and Board for their unwavering support and paid tribute to his colleagues on the Bank's leadership team, to staff across the Bank, to the Minister for Finance, Paschal Donohoe TD, his predecessor Michael Noonan TD and their respective teams for their support of him and the wider bank during its transformation.

Mr. Masding said that the Bank was well positioned for profitable growth; 'I believe that Permanent TSB is well placed for the future with a strong leadership team and Board. I believe that policymakers, customers and others will support its continued role as a key part of the competitive landscape. My focus remains on Permanent TSB for the time being but, as I consider next steps, I am excited at the prospect of taking on new challenges, be they here in Ireland or internationally.'

Ends