independent

Friday 18 April 2014

Annus horribilis for Lynch, but he may have the last laugh

PHILIP Lynch is something of a serial company director but he seems to be shedding directorships like other people shed hair these days.

Drinks company C&C became the latest company to wave goodbye to Mr Lynch earlier this week with a short announcement that he planned to leave the board next month as part of a succession planning programme.

That stock exchange statement was followed a few hours later by another statement saying Mr Lynch had in fact already left the company.

This departure hopefully marks an end to an annus horribilis for the Cork man who was ousted from the top job at One Fifty One six months ago.

He lost an expensive court case against AIB a mere 12 months ago, which concluded with a telling-off from the judge who said Mr Lynch and his family had only themselves to blame for the predicament in which they found themselves.

The WIT graduate has previously been something of a boardroom darling, holding positions with semi-states such as Coillte and An Post as well as listed companies including Heitons, Irish Life & Permanent and IAWS.

Despite all these jobs, he is perhaps best remembered for his role as chairman of the National Paediatric Hospital Development Board, which was tasked with finding a site for the new children's hospital.

Former Health Minister Mary Harney made him resign in 2010 when he rejected an inner-city site – a move that looks wise with hindsight. While it has been a difficult 12 months for Mr Lynch, he may well reflect following the children's hospital debacle that he who laughs last, laughs longest.

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