O’Grady will take on the role from 17 November, and Kelly will step down from the group board at the same time.
O’Grady served as group chief financial offer (CFO) between 2020 and March 2022, with the lender at the time attributing his departure to the pay cap imposed on banking executives in Ireland.
Until October of this year, O’Grady served as CFO of the Musgrave Group.
He initially joined at Bank of Ireland in 2019 as director of commercial partnering and as group non-executive director for Bank of Ireland and New Ireland Assurance.
Prior to Bank of Ireland, O’Grady was director of finance and investor relations at AIB Group and held senior roles at Citibank and Dresdner Kleinwort Benson.
‘Exceptional leader with a strong track record’
Bank of Ireland’s chairman, Patrick Kennedy, said: “I am delighted to welcome Myles back to Bank of Ireland as group chief executive officer. Myles is an exceptional leader with a strong track record of delivery.
“The focus of the board remains on the execution and delivery of the significant opportunities available to the group. Myles’ appointment underlines the board’s commitment to the ongoing successful execution of its existing strategy.”
He added: “I would also like to thank Gavin Kelly for stepping into the Interim chief executive officer position over the last number of months. Gavin showed huge commitment and leadership during this period.
“Gavin will work closely with Myles to support a smooth transition into the role of group CEO, and will remain a key member of the group executive committee.”
