Friday 23 March 2018

Bright sparks leave ESB with executive positions to plug

THE brain drain from the State's electricity utility continues apace. ESB group treasurer Brendan Murphy is the latest to leave Fitzwilliam Square.

Mr Murphy, a former president of the the Irish Association of Corporate Treasurers, has left to act as NAMA's finance director.

Mr Murphy's departure comes just two months after the ESB lost group finance director Bernard Byrne to Allied Irish Banks and lost ESB Energy International's Michael McNicholas to the private sector.

The NTMA-controlled National Pension Reserve Fund has, meanwhile, promoted former Irish Life Investment Managers man Eugene O'Callaghan as the fund's investment director. Mr O'Callaghan currently works as head of investment at the rapidly depleting NPRF.

Germans are coming

THIS column was amused but slightly concerned to see a copy of the heavyweight German news magazine 'Die Spiegel' displayed prominently in the foyer of the Department of Finance recently.

That most conservative of government departments is not known for providing interesting reading material at the best of times, so the sudden decision to provide something as meaty as 'Spiegel' can only leave one wondering whether the department has been entertaining any important German officials lately as we continue to grapple with the twin evils of unsustainable borrowing and spending.

Big Oil

THE rest of us may be struggling to maintain a semblance of interest in Britain's dreary election campaign, but Tullow Oil boss Aidan Heavey has no such problems.

The former Aer Lingus accountant, who earned £3.4m last year in salary, bonuses and long-term incentive shares, was one of the first businessmen in the UK to sign a Conservative Party-backed letter calling for the reversal of Labour's plans to raise national insurance costs for companies.

Don't try this at home

Having the odd drink at lunchtime is hardly unusual but it backfired for a Credit Suisse analyst who unfortunately returned back to his office in New York recently after a tipple and then proceeded to trash a colleague's work space (above).

The analyst has since been fired, according to reports in the London-based 'Times'. A subsequent note from the bank's human resources department called the incident "nothing short of embarrassing", the newspaper added. "We all work in a corporate environment -- not a college dorm -- (so) if you cannot behave in a professional and respectful manner, you should consider alternative employment," HR added.

Irish Independent

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