Arnotts, the iconic Irish department store, have confirmed US restructuring specialist Mark Schwartz as the new chairman. Ulster Bank and the Anglo Irish Bank formally took control of the retailer earlier this week.

Former chairman, Richard Nesbitt, whose family owned 55 percent of the company, has been given a non-executive role at the firm. Nesbitt oversaw the department store from 2002, when its debt reached €300 million.

Schwartz, who is also chief executive of Palladin Capital Group, has revealed his intention to engage in a full review of senior management at Arnotts. He explained that changes are being considered and would "reflect the renewed focus on Arnotts' trading operations".

Schwartz also said that there was "no need" for concern about Arnotts' future, adding: "I and my colleagues are here to grow this business, not shrink it."

Schwartz, a former banker at Merrill Lynch, said: "Having the banks and the shareholders all finally rolled into one is a tremendous advantage. There are no longer alternate agendas or objectives. Most of what is needed is already here and just needs focused support and attention. We have a strong team and financial support."