Irish Life & Permanent plc announces appointment of Kevin Murphy as Group Chief Executive

Wednesday 17th June 2009. The Board of Irish Life & Permanent plc has announced the appointment of Kevin Murphy as Group Chief Executive.

Murphy [57] has worked with Irish Life – the Group's life assurance business - since 1972. He was appointed to the Board of the Group in 1999 and since 2005 has been responsible for the operation of the Group's life & pensions businesses [Irish Life Retail, Irish Life Corporate Business and Irish Life Investment Managers]. He served as Chief Executive of the Group's fund management business [Irish Life Investment Managers] between 1993 and 2005. Since February of this year he has managed the day-to-day operation of the Group alongside Chairman Gillian Bowler pending the conclusion of this selection process.

Murphy is an actuary by profession. Earlier this week he was appointed as President of the Society of Actuaries of Ireland. He is also a Director of the Irish Stock Exchange. He is a former Chairman of the Irish Association of Investment Managers and a past President of the Irish Insurance Federation.

Announcing the appointment today, Chairman Gillian Bowler said; "Kevin is one of the outstanding strategic thinkers in the financial services industry in Ireland. He knows this Group intimately and has played a critical role in managing it over the past 5 months. Like all financial services businesses at present, we face challenges in the months and years ahead and Kevin has the right blend of experience and skills to build on the progress we've already achieved and to lead us through this period."

Bowler also indicated that the Group would be looking to recruit new non-Executive Directors and will continue the process of strengthening the management teams at the Group's Treasury and Banking businesses; "we will make sure that each of our businesses have all the resources they require to deal with current challenges and that at Board level we have the right combination of experience and freshness."

Kevin Murphy said that he was honoured to be appointed to the role; "Our Group has some considerable advantages in dealing with the current situation – the strength of our life, banking & pensions businesses, the low risk nature of our operations and the fact that we didn't engage in any significant development lending to speak of in recent years. Our focus over the coming months will be on working with Government, Shareholders, Staff and Customers alike to manage the challenges in the business and the wider economy. I look forward with great confidence and I have no doubt that we will be successful."

Further Information:
Ray Gordon
Gordon MRM
Ph: 01 6650452
Ph: 087 2417373