FINEOS appoints Tom Mulcahy as Chairman of the Board

August 17, 2001 - Dublin - FINEOS, Ireland's leading global provider of enterprise solutions for banking and insurance, has just appointed the former Chief Executive of AIB Group, Tom Mulcahy, as Chairman of its Board of Directors.

Mulcahy has well over 30 years experience in the financial services industry with AIB. During his seven-year tenure as Chief Executive, Mulcahy brought the performance of AIB to new levels, as Group profits increased by a multiple of four, while the Group's market capitalisation increased fivefold.

Prior to his appointment as CEO in 1994, Mulcahy headed up the Group's Investment Bank in Britain, the Capital Markets Division and the Corporate and International Finance Divisions for Europe. At present, Mulcahy still sits on the boards of AIB subsidiary banks in the USA and Poland and also enjoys several other commercial interests.

"Tom brings an unparalleled pedigree in financial services to FINEOS, which is clear from the success he enjoyed as Chief Executive of AIB Group," said Michael Kelly, CEO of FINEOS. "As Chairman of the Board, Tom will provide guidance and direction to the business, and his extensive industry knowledge and experience of corporate governance will be invaluable as we look to further enhance and grow the FINEOS business."

Commenting on the appointment, Tom Mulcahy said, "I am delighted to accept this position as Chairman of the Board for FINEOS. With the rapid growth that FINEOS has already enjoyed to date, while still returning profits year-on-year, the company is excellently positioned to realise its expansion plans and become a leader in its space. I look forward to working with the FINEOS management team and to the continued success of the company."

This appointment follows the recent FINEOS announcement that international financier James McNaught-Davis has been appointed as a non-executive director. Mulcahy succeeds the present incumbent Michael Kelly, CEO of FINEOS, as Chairman of the Board.