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Thursday 22 November 2018

Muldoon is given all-clear at FBD after an internal investigation

FBD chief Fiona Muldoon
FBD chief Fiona Muldoon
Fiona Muldoon
Dearbhail McDonald

Dearbhail McDonald

FBD boss Fiona Muldoon will remain as chief executive of the insurer after internal allegations against her were not upheld.

Ms Muldoon, who also sits on the board of Bank of Ireland, is one of the country's most prominent businesswomen.

Last June, FBD confirmed it had launched an internal investigation into allegations levelled at Ms Muldoon.

In a statement to the stock exchange at that time, the company described the inquiry as "ongoing" and Ms Muldoon remained in her role as CEO. Yesterday, the company issued a further statement to the stock market, stating that the allegations had not been upheld.

"Further to its announcement of June 29, the board of FBD Holdings plc today announces the conclusion of an independent investigation into internal allegations made against the chief executive," said the company.

"The allegations have not been upheld. The chief executive, Fiona Muldoon, and her management team will continue to develop the business of FBD for the benefit of customers, shareholders and staff with the full confidence and support of the chairman and the board."

The insurance firm did not comment any further beyond the stock market announcement.

FBD shares closed up just under 3pc yesterday, having pared larger gains from earlier in the day.

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At FBD, Ms Muldoon is credited with turning the insurer's fortunes around after it had careered deep into the red in the aftermath of the crash, necessitating a €70m lifeline from Canadian multinational Fairfax Financial Holdings.

That debt is convertible into equity at a strike price of €8.50 per share from September onwards.

Financial giant Fairfax, founded by billionaire Prem Watsa, pumped in the cash in 2015 after FBD racked up a €96.4m loss in just six months. Fairfax is on course to make a €40m return from the investment as the insurer's fortunes have recovered.

Richie Boucher, the former chief executive of Bank of Ireland, took up a consultative role with Mr Watsa late last year and, as the bond conversion date looms, speculation is mounting about Fairfax's intentions.

Irish Independent

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