Sunday 25 September 2016

CRH confirms BOI executive Murphy as new finance chief

Published 08/09/2015 | 02:30

CRH's Senan Murphy
CRH's Senan Murphy

CRH has confirmed the appointment of Bank of Ireland chief operating officer Senan Murphy as its new group finance director. He'll take up the role in January.

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Mr Murphy succeeds Maeve Carton, who will be CRH's transformation director, integrating nearly €7.5bn worth of assets the building materials firm has bought this year.

Mr Murphy (46) is a chartered accountant and holds a commerce degree from UCD.

He was previously the chief operating officer and finance director at Ulster Bank, the chief financial officer at Airtricity, and held other roles with General Electric.

He joined Ulster Bank in 2007 from Airtricity and was seen as a potential candidate in 2010 to take over the chief executive role at Ulster Bank after the announcement that then boss Cormac McCarthy was to leave. But Mr Murphy's departure from Ulster was announced in January 2011.

He joined Bank of Ireland in 2012 as its head of group manufacturing.

Ms Carton has a mammoth task ahead as CRH integrates business it has bought from Lafarge and Holcim after the merger of the French and Swiss firms this year. CRH acquired €6.5bn worth of assets from them, while it has also been continuing a divestment programme aiming to offload assets that no longer fit with its strategy. It has so far sold €1bn worth of assets.

CRH said month that it has agreed to pay $1.3bn (€1.1bn) to buy US-based glazing supplies firm CR Laurence. However, CRH chief executive Albert Manifold said the company will now bed down acquisitions before targeting larger takeover deals again by 2017 or 2018.

CRH's revenue in the first half of 2015 rose 13pc to €9.4bn, with a 26pc rise in the Americas. Sales from continuing operations were 17pc higher, rising 3pc in Europe and 32pc in the Americas. Earnings before interest, tax, depreciation and amortisation rose 10pc to €555m, helped by beneficial currency exchange rates.

Irish Independent

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