23.— (1) There shall be a chief executive officer of IFI who shall be known, and is referred to in this Act, as the “chief executive”.

(2) Subject to subsection (4), the chief executive shall be appointed by IFI with the consent of the Minister and shall be recruited in accordance with the Public Service Management (Recruitment and Appointments) Act 2004.

(3) The chief executive may be removed or suspended from office by IFI for stated reasons.

(4) (a) Where a competition to appoint a chief executive is held prior to the establishment day, the successful candidate may be appointed by the Minister to act as chief executive designate of IFI.

(b) The person, who immediately before the establishment day, holds the position of chief executive designate of IFI shall, on the establishment day, become the chief executive and shall hold such office until such time as IFI appoints a chief executive under subsection (2).

(5) The chief executive shall hold office upon and subject to such terms and conditions (including terms and conditions relating to remuneration and allowances for expenses) as may be determined by IFI with the consent of the Minister and the Minister for Finance.

(6) The remuneration and allowances determined under subsection (5) are payable to the chief executive by IFI out of funds at its disposal.

(7) The chief executive shall for so long as he or she holds that office serve as an ex officio member of IFI.

(8) Where and for so long as the chief executive is suspended from office, the chief executive shall stand suspended from membership of IFI.

(9) The chief executive shall not hold any other office or position or carry on any business, trade or profession without the consent of IFI.