Permanent TSB Group Holdings Plc COO Toby Clements will leave the bank, The Irish Times reported Jan. 18, citing the lender.

Clements is leaving as Permanent TSB prepares to reorganize its executive committee, including by creating new roles of director of operations and chief technology officer. It will also revamp its distribution function to take in branch, intermediary and digital sales, the report noted.

CEO Jeremy Masding said the reorganization is in line with the bank's desire to position itself as a "key challenger bank in the retail and small SME markets here in Ireland."