Tuesday 23 January 2018

Gathering influence of our powerful diaspora

THE diaspora's influence keeps on growing. Bill McDermott has been named sole chief executive of the accountancy software giant SAP three years after becoming joint chief executive with Jim Hagemann Snabe.

Mr Hagemann Snabe has been booted up to the German firm's advisory board, leaving Mr McDermott as the top dog.

The Punt could riff on the flaws of the dual-CEO model and how they nearly always end in failure, but that is for another day. Today, we are interested in Mr McDermott and his Irish roots.

The businessman, who sits on numerous boards outside of SAP, including the likes of sportswear giant Under Armour among others is a third-generation Irish-American.

Mr McDermott's ascendancy only serves to increase the influence of the Irish in the financial world.

Bank of America boss Brian Moynihan is a fourth generation Irish-American whose family emigrated to New York in the 1850s.

In the year of The Gathering, and given Ireland's economic plight, it pays to have powerful allies in the centre of capital distribution in the world.

Irish Independent

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