Mr O’Grady is a former chief financial officer of Bank of Ireland, whose chief executive, Francesca McDonagh, is departing.

“Myles joined Musgrave to be part of a leadership team with an ambition to grow a world class food and beverage business,” said Noel Keeley, Musgrave Group CEO, in a statement confirming that Mr O’Grady had tendered his resignation to take up a senior role in a non-competing sector.

“However, we appreciate this is a unique opportunity for him. While Myles was with us for a short period, he made a valuable contribution to the business during that time.”

Mr O’Grady said in the statement: “I joined Musgrave to support the business on the next stage of its corporate development and growth and have been thoroughly enjoying the opportunity to contribute to the delivery of its current successful strategy.

“However, the leadership opportunity I am intending on taking up is unique and offers me the ability to achieve great outcomes for various stakeholders and broader society too.”

“While my time with Musgrave has been short, it has been a privilege to be a part of one of Europe’s most successful family-owned businesses. I have every faith that Musgrave will thrive into the future as it continues to impressively build on its 146-year heritage in food and brand innovation.”

Mr O’Grady joined Bank of Ireland in June 2019 as Finance Director Ireland and was appointed CFO in October 2019 and a member of the Board in January 2020.

In September last year the Bank of Ireland announced that he was leaving it to join Musgrave, and he took up that position in April.