Former Ulster Bank CEO Cormac McCarthy dies aged 58

Cormac McCarthy, the former chief executive of Ulster Bank, has died suddenly aged 58.

Mr McCarthy also worked as the finance chief of bookmaker Paddy Power.

An accountant by training, Mr McCarthy started his career at Stokes Kennedy Crowley, now KPMG, in 1983, The Irish Times reports.

He was hired by First Active in a senior finance role at the time of the lender’s stock market flotation in 1998.

He went on to become the chief executive of the company and presided over its sale to Ulster Bank in 2003.

After the deal was completed, he was named Ulster Bank CEO.

Commenting on Mr McCarthy’s death Jane Howard, chief executive of Ulster Bank, said: “I know many colleagues, including myself, worked with Cormac personally, during his time in First Active, Ulster Bank and RBS, and knew him very well. Cormac led the Bank during a period of significant change both in the Bank and in Ireland in general, and he always brought great energy to the table.

“He was held in high regard and we will remember his drive, determination and leadership,” she said.

Mr McCarthy served as chief financial officer of bookmaker Paddy Power between 2011 and its merger with Betfair in 2016.

Mr McCarthy is survived by his wife, Laura, and four adult children.