Farm Ireland

Friday 22 September 2017

FBD to appoint new boss within weeks

Fiona Muldoon, the interim CEO at FBD insurers
Fiona Muldoon, the interim CEO at FBD insurers
Louise Hogan

Louise Hogan

A new head of troubled insurer FBD is expected to be appointed within weeks after the company confirmed it has received €70m in backing from Canada's Fairfax Financial.

Interim chief executive, Fiona Muldoon said the capital investment was an important "vote of confidence" in the business.

Speaking at last week's Ploughing, Ms Muldoon said she believed institutional shareholders would back the €48.5m deal to sell its hotels and leisure business to its parent and largest shareholder Farmer Business Developments.

"I'm confident our shareholders will approve it - Farmer Business Developments will have to speak for themselves," she said, adding that a vote is due to take place at an EGM next month.

Padraig Walshe, chair of the Farmer Business Developments division, said it was an unanimous board decision to buy the hotels business but it will be put to the shareholders in a vote.

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