Friday 28 July 2017

Gorman is no stranger to bumper pay-offs

Fionnan Sheahan

Fionnan Sheahan

Sean Gorman is very well acquainted with retirement packages.

The secretary general of the Department of Jobs, Enterprise and Innovation negotiated the golden handshake departure terms of former FAS director general Rody Molloy.

When he resigned in September 2009, Mr Molloy got an additional sum of between €80,000 and €90,000 in his pension package, over and above what he was entitled to.

Under the deal, Molloy's length of service was raised by four-and-a-half nominal years. This increased his lump sum payment by approximately €50,000 and his annual pension by about €11,000 per year.

Mr Gorman told the Dail Public Accounts Committee that Mr Molloy said he would take legal action if he was not "treated reasonably".

Then Taoiseach Brian Cowen, however, said later that Mr Molloy was given the package without threatening legal action. Mr Gorman said he was responsible for signing off on the pension.

When he retires next month, it is understood he will be entitled to a package worth €634,000.

Two years ago, Mr Gorman was ranked 91st in a magazine's list of the 100 most influential people in the country. Enda Kenny came in at 90th.

Irish Independent

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