Sunday 26 February 2017

Glanbia set for new chairman

Nick Webb

Nick Webb

Siobhan Talbot's Glanbia is on the hunt for a new chairman after Liam Herlihy stepped down following last week's shareholder meeting.
Siobhan Talbot's Glanbia is on the hunt for a new chairman after Liam Herlihy stepped down following last week's shareholder meeting.

Siobhan Talbot's Glanbia is on the hunt for a new chairman after Liam Herlihy stepped down following last week's shareholder meeting.

Herlihy presided over an unprecedented period of growth at the dairy and food ingredients company.

Traditionally the Glanbia Co-op is the kingmaker when new chairmen are chosen. Vice-presidents Martin Keane and Henry Corbally are likely to be front runners for the role, according to insiders.

Some institutional investors are understood to have expressed reservations about the role of the Co-op in deciding the new Glanbia chairman, with a notable shareholder vote against the re-election of some directors at last week's AGM. The Co-op is set to lose the automatic right to nominate a new chairman in 2018 as part of the restructuring of the arrangement between the listed company and the dairy farmers' group.

Last week farmers voted to distribute around €238m between members of the Glanbia Co-operative Society through the spin-out of 10 million Plc shares and a €68m members' support fund. The 15,500 Co-op shareholders will receive an average of €15,300 each from the spin-out of the Glanbia Plc shares.

Sunday Indo Business

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