Richard Hayes, the chief executive of financial services group, IFG Group plc, yesterday announced his resignation with immediate effect.
Pending the appointment of a new chief executive, Mark Bourke, the deputy chief executive, is to assume Mr Hayes' role and responsibilities.
Mr Hayes is due to appear to give evidence before the Mahon tribunal either today or tomorrow but he told The Irish Times the resignation announcement had "absolutely no connection" with his appearance before the tribunal.
IFG has a 35 per cent stake in lands at Lissenhall, Co Dublin, that form the focus of the current module of the tribunal's inquiries.
The tribunal has heard allegations that an IFG subsidiary, IFG Securities, gave Ir£27,625 (€40,000) to lobbyist Frank Dunlop to pay bribes to obtain a rezoning of the land.
Mr Hayes is one of a number of representatives from the group who are scheduled to give evidence.
The IFG chairman, Joe Moran, and his brother Colm, are to give evidence. Joe Moran is the other shareholder in the Lissenhall land.
In its statement to the stock exchange the group said: "Richard Hayes, group chief executive, who had previously indicated that he would be stepping down as chief executive this year, has today announced his resignation."
Asked when he had previously indicated his intention to step down, Mr Hayes said he had "indicated within the office" that he would be stepping down but had made no public or stock market statement to this effect.
Mr Hayes said he had planned to step down at the end of this year but had "now decided to go a bit earlier".
Mr Hayes founded the group in 1989. He is to remain on as a non-executive director.
He said the group has three strong divisions "in good shape, with three good guys running them. They should get on with it and I should do other things."
He said the world "is full of people who have stayed for too long."
A subcommittee of the IFG board is to be set up to deal with the appointment of a new chief executive.
The group's results for 2005 will be announced on April 12th, the group said yesterday.
The IFG share price closed up 3.5 per cent, at €2.09, last night.
