The National Asset Management Agency (NAMA) has announced that Mr John Mulcahy, Board Member and Head of Asset Management, is to retire from both positions with effect from the end of February 2014.

Mr Mulcahy joined the Agency on its establishment in December 2009 as Head of Portfolio Management. He was appointed to the Board of NAMA by the Minister for Finance in March 2012 and was appointed NAMA's Head of Asset Management in April 2012. He is a chartered surveyor and has worked in all aspects of the property industry for more than 40 years, most recently concentrating on property investment and asset management.

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Mr Mulcahy will be succeeded as Head of Asset Management by Ms Mary Birmingham who is currently a Senior Asset Manager in the Agency and who has extensive experience of the property industry.

Mr Frank Daly, Chairman of NAMA, said: "John has made an enormous contribution to the development of NAMA over the past four years. On behalf of the Board, I wish to thank him for his contribution and for the insight, expertise and sound judgement that he brought to his work. We will very much miss him, both personally and professionally.

"I welcome Ms Mary Birmingham as the newly-appointed Head of Asset Management and wish her every success in what is a key role."

(CD/JP)