independent

Wednesday 16 April 2014

Hiding Sullivan's full story

HE is one of the great survivors of Irish business but yesterday Ned Sullivan, pictured, moved a step closer to retirement when he formally stepped down as chairman of Greencore.

Mr Sullivan is the classic insider. A former managing director of Glanbia, he held a number of posts with Grand Metropolitan and had been chairman of Greencore for the last 10 years.

He was also the first chairman of Bord Bia and remains chair of Eircom, although he has indicated he will step down from that post at the next annual general meeting.

All these posts are mentioned on his CV, which appears in Greencore's annual report. Curiously though, his time as a board member with Anglo Irish Bank and the defunct builder McInerney have been omitted.

Mr Sullivan sat on the Anglo board from 2007 until it was nationalised in January 2009. He came in for strong criticism because of his apparently close relationship with Sean FitzPatrick, and was once again condemned by a shareholder for it yesterday.

McInerney Holdings meanwhile is almost a forgotten failure at this stage. The construction firm was wound down 18 months ago.

Famously, Mr Sullivan told shareholders that the company had "no meaningful assets of worth and no bank facilities".

Like any career, Mr Sullivan has had his highs and lows, The Punt hopes he doesn't try to hide the lows while promoting his many highs.

Irish Independent

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