(1) The other members of the Regulatory Authority shall appoint a person as the Chief Executive of that Authority. Other than the appointment of the first Chief Executive (which is provided for by paragraph 4 of Schedule 3 to the Central Bank and Financial Services Authority of Ireland Act 2003), the appointment of a Chief Executive under this section shall only be made after the holding of a public open competition for that position.
(2) A person appointed as Chief Executive holds office for such period, not exceeding 5 years, as is specified in the document of appointment, unless the person previously ceases to hold that office as provided by this section.
(3) The other members of the Regulatory Authority may appoint a person holding office as the Chief Executive for a further period, not exceeding 5 years, to take effect at the end of the person's current period of appointment. This subsection applies whether the person was appointed under subsection (1) or this subsection.