Monday 26 September 2016

Molony on board as Davy slims down

Published 17/05/2015 | 02:30

The country's largest stockbrokers, Davy, have undergone a substantial reorganisation
The country's largest stockbrokers, Davy, have undergone a substantial reorganisation

Former McCann Fitzgerald chairman Ronan Molony has joined the board of Davy amid a substantial reorganisation at the country's biggest stockbrokers.

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Companies Registration Office (CRO) filings show ten members of the board resigned on Friday May 8th. One was Brian Davy, who's been replaced as chairman by former NTMA boss John Corrigan.

The others are Ronan Godfrey, head of corporate broking Paul Burke, Robbie Kelleher, Eamonn Doyle, Thomas Berrigan, David Goddard. Barry Dixon, Donal O'Mahony and head of regional offices Stephen Felle.

These men are all active members of the senior management team. They'll remain on at the company, which wanted to use the arrival of Corrigan as a chance to make the board more efficient, I understand.

The resignations came on the same day that news emerged of the defection of four well-regarded Davy staff to the firm's rival Goodbody.

CRO documents also list Molony, who's still with McCann Fitzgerald as a partner, as a director of Unicredit Bank Ireland, which was fined €315,000 by the Central Bank last year for breaching exposure requirements.

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