Noonan pays tribute after Boucher steps down from BoI

FINANCE Minister Michael Noonan paid tribute yesterday to Richie Boucher as he announced his plans to step down as Chief Executive at Bank of Ireland.

Mr Boucher’s resignation comes three years after a successful battle with cancer. The banking boss underwent surgery in August 2014 to remove cancerous tissue from his colon and bowel after the disease was detected in a routine check-up.

Mr Boucher returned to his desk at Bank of Ireland one month after the operation.

The banker, who has led BoI since 2009, said he was stepping down ‘to focus on other things I might like to do with my life’.

Mr Noonan praised him for steering the troubled bank through the hard times of the financial crisis and back to profitability.

He said: ‘Mr Boucher assumed his role as CEO of Bank of Ireland at a time of severe stress for the Bank of Ireland Group and indeed for the Irish banking sector in general.

‘Under Mr Boucher’s stewardship, Bank of Ireland navigated its way successfully through these difficult times and, most notably, returned to profitability in 2014 and exited its EU-mandated Restructuring Plan in December 2016.’

He added that the Government was also able to sell a large chunk of its stake to private investors thanks to Mr Boucher’s steady management.

The bank chief announced his plans to step down yesterday morning, and said his age was a major factor in his decision.

He said: ‘I have made this decision from the fortunate position of enjoying my job and being excited about the next stage in our group’s development.

‘However, I will be 59 in August... and I feel it best for the group that someone else leads the group’s next stage of development. This has influenced my decision to retire from the group at this time, and to focus on the other things I might like to do with my life.’