$11 billion Dublin, Ireland-based Allied Irish Banks has appointed Mary Phibbs as interim chief risk officer for a six-month period, starting Oct. 26. Phibbs, who has more than 30 years experience in banking, was retained from professional services firm Alvarez and Marsal.

The bank decided to hire Phibbs after being unable to permanently fill the role that has been vacant since May 2009, when Nick Treble was appointed head of AIB’s division in Britain and Northern Ireland. Some have suggested that the new government cap on executive pay has made it significantly harder for the bank to fill the position, The Irish Times has reported.

The new appointment also comes at a time when major changes in control are set to take place at the bank. For one, AIB is set to fall into majority state ownership as part of a large capital-raising exercise, while CEO Colm Doherty is stepping down from his role, The Irish Times reports.

In addition, executive chairman Dan O’Connor recently left the bank, following the appointment of two new non-executive directors: Jim O’Hara, the former general manager of Intel Ireland, and former JP Morgan executive Catherine Woods. The bank is expected to announce the appointment of a new non-executive chairman over the coming weeks.