The Irish Times reported today that former Bank of Ireland chief treasurer Miles O’Grady will return as the bank’s next chief executive officer.

The news comes months after O’Grady left the bank to seek a role as chief financial officer of retail group Musgrave. He resigned from his new role at Musgrave two weeks ago after serving his four months.

He first joined the Bank of Ireland in 2019 as Treasury Director for Ireland and was appointed Chief Financial Officer in October 2019.

Current Chief Executive Officer Francesca McDonagh will step down from her position in October after serving five years to join Credit Suisse. McDonagh was named chief operating officer of the troubled Sith Bank earlier this month.

McDonagh spoke out last September following news that O’Grady was planning to retire from the Bank of Ireland, blaming salary caps for Irish bank executives for his decision.

“Myles’ decision to leave the Irish banking sector highlights the challenges presented by compensation limits in attracting and retaining talent for Irish banks,” she said in a statement at the time.

A spokeswoman for the Bank of Ireland declined to comment on the appointment, according to reports.

The appointment is currently subject to review by officials from both the European Central Bank and the Central Bank of Ireland.

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