Wednesday 22 November 2017

Burrows adds cigarettes to his rat poison, debt and booze portfolio

Nick Webb

Nick Webb

FORMER Bank of Ireland governor Richard Burrows has spent almost €225,000 buying shares in his new employer, the FTSE-listed cigarette giant British American Tobacco.

His personal fortune now comprises earnings from drinks firm Pernod Ricard, rat killer Rentokil, zombie bank Bank of Ireland and British American Tobacco.

Mr Burrows bought 10,000 shares for stg£19.49 each at Christmas. Unlike his BoI shares, which collapsed in value, Mr Burrows' cigarette shares have risen 10 per cent in recent weeks.

Mr Burrows resigned as Bank of Ireland governor last July, after apologising for billions of euros of losses and a 95 per cent drop in BoI's share price.

He became chairman of British American Tobacco last October. The job pays just over €600,000 per year for two days per week. Mr Burrows is also a director of Rentokil.

The turnaround in Mr Burrows' fortunes, months after leaving Bank of Ireland gasping for life with massive debt and a shattered shareholder base, is mirrored by his former opposite number at the equally bespattered AIB.

Dermot Gleeson, the ex-chairman of AIB, has become the chairman of travel reservations firm Travelport. The company is limbering up for a €2.1bn flotation on the London stock market. It is not yet clear how much Mr Gleeson will earn from this number.

Officialdom is also motoring along. Kevin Cardiff, who headed up the Department of Finance's Banking, Finance and Pensions Division during the lunatic lending boom years is about to take over as €255,000-a-year Secretary-General of the department.

Sunday Independent

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