Former Irish Life chief executive David Harney has been named as the next chief executive of the group’s Canadian parent, Great-West Lifeco, with effect from July.
The Roscommon native joined Irish Life straight from school almost four decades ago and ultimately served as its head for four years, before becoming president and chief operating officer for Europe for Great-West Lifeco in 2020.
Mr Harney will succeed Paul Mahon, who has been with Great-West Lifeco for 39 years, including 12 years as chief executive.
“David brings a depth of experience, and a proven ability to execute to his new role. He has consistently built strong teams that drive performance”, said Jeffrey Orr, chairman of the Canadian group. “Our board looks forward to working closely with David in his new role as we pursue Lifeco’s growth strategy, with a clear focus on creating value, and delivering long-term impact.”
“David is a strong and natural choice to build on our momentum. I’ve worked closely with him for over 12 years and seen his ability to drive positive results, time and again,” said Mr. Mahon.
“His leadership is shaped by his curiosity, focus on deeply understanding the changing needs of customers, and staying ahead of market dynamics to shape strategy. I look forward to supporting him through the transition.”
The Irish government bought Irish Life in 2011 from PTSB, then known as Irish Life & Permanent, for €1.3 billion in order to limit the taxpayer bailout bill for the mortgage-focused lender. It subsequently sold the business in 2013 for the same price to Great-West Lifeco.
Irish Life is led by chief executive Declan Bolger. The company has paid some €1.73 billion of dividends to its parent between when it was taken over and the end of 2023, according to figures in various annual reports.
Great-West Lifeco also backed the Irish unit as it invested significantly in growing its customer base by more than 50 per cent, helped by acquisitions.
