AIB's McDonagh withdraws candidacy for chairman position – The Irish Times

Brendan McDonagh, deputy chairman of AIB Group PLC, has withdrawn his candidacy for the position of chairman, citing "strong personal reasons," The Irish Times reported, citing sources.

The lender was said to be preparing to name McDonagh its chairman of the board to succeed Richard Pym. McDonagh has been acting as interim chairman since Pym left the post, the Jan. 21 report noted.

McDonagh is understood to have signaled to the Dublin, Ireland-based banking group of his intention in 2020, but the bank has not yet identified a replacement. A process for the position of chairman is underway, and an announcement will be made in due course, a spokesman reportedly said.

He is still said to have unanimous support among his colleagues to continue his nine-year term on the board that runs to 2025, according to the report.