Central Bank announces Chief Operations Officer and Director of Finance & Business Performance appointments

12 January 2023 Press Release

Central Bank of Ireland

  • Marcella Flood appointed Chief Operations Officer
  • Breege Timoney appointed Director of Finance and Business Performance
The Central Bank of Ireland has appointed Marcella Flood as Chief Operations Officer (COO) and Breege Timoney as Director of Finance and Business Performance.  Ms Flood will take up her new role in late March and Ms Timoney in late January 2023.

Marcella Flood – Chief Operations Officer

As Chief Operations Officer (COO), Marcella will be a member of the Central Bank of Ireland’s Executive Leadership Team and will be a principal contributor to the delivery of the Bank’s Strategy to enable it to fulfil its mission to “serve the public interest by maintaining monetary and financial stability while ensuring that the financial system operates in the best interests of consumers and the wider economy” and to deliver the Bank’s Vision.  Leading across the key Operational areas of Human Resources, Information Management and Technology, Finance and Business Performance, Workplace Services and Facilities Management, Currency Management and Security, Marcella will ensure the delivery of strategic and operational programmes of work.  

Marcella brings to the COO role extensive experience, having most recently held the roles of Transformation Program Manager for Allianz SE and previously Regional COO, North, Central and Eastern Europe for Allianz Partners.  She has considerable Executive experience having held a number of C-suite roles and has deep technical expertise in Operations, Technology, Change and Transformation gained in Allianz, Microsoft, Bank of Ireland as well as start-ups and consultancies.  Marcella is a Chartered Director and has also held a number of Board positions.

Breege Timoney - Director of Finance and Business Performance 

As Director of Finance and Business Performance, Breege will be a member of the Central Bank’s Senior Leadership team and will be responsible for the Central Bank's financial management & reporting, procurement and project management office.  Breege will also be responsible for the Central Banks performance management objectives which inform strategically important decision-making requirements.  

Breege brings a wealth of Executive and Senior Finance and Procurement experience, she previously held senior roles as Product Assurance Director, Director of Mortgage Review, Head of Finance, Head of Financial Planning & Analysis while working with PTSB, Bank of Ireland, Ulster Bank, the Automobile Association and Eagle Star Group.  Breege also brings public procurement expertise to the role from her time as Public Private Partnership Transaction Manager with the Railway Procurement Agency.  Breege is a Certified Bank Director and was previously Board Director for the Immigrant Council of Ireland and the Young Social Innovators Ireland Ltd and is a Fellow of the Association of Chartered Certified Accountants (ACCA).

Announcing the appointments, Governor Gabriel Makhlouf said: “I am delighted to announce the appointment of two senior leaders today - Marcella Flood as Chief Operations Officer and Breege Timoney as Director of Finance and Business Performance.  These appointments continue to strengthen our leadership team, bringing new talent, functional and technical expertise into these strategically important roles. We have an ambitious Strategy, which represents a renewal and repositioning for the Central Bank. Our Strategy aims to ensure that in delivering our mandate, our direction and ambitions are responsive and forward looking. I am delighted to have appointed Marcella and Breege to take on these important roles and I look forward to working with them both and the rest of the senior team to continue the delivery of Our Strategy in 2023.”