Monday 18 November 2019

FBD headhunts new leader as Muldoon names exit date

FBD boss Fiona Muldoon. Photo: Conor McCabe Photography
FBD boss Fiona Muldoon. Photo: Conor McCabe Photography
Donal O'Donovan

Donal O'Donovan

FBD Insurance CEO Fiona Muldoon will stand down next year, the company announced yesterday.

The former Central Bank regulator has been CEO at stock market listed FBD since 2015, having initially joined as chief financial officer. She is one of the country's highest paid finance executives - with a pay package last year of €933,000.

She will stand down as CEO and as an executive director in October next year, a timescale that will allow for a lengthy succession process.

Chairman of FBD, Liam Herlihy, said Ms Muldoon had transformed the commercial fortunes of the insurer.

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That included action in 2015 to shore up the firm's regulatory capital - selling its 50pc stake in hotel chain FBD Property and Leisure to the linked Farmer Business Developments for €48.5m, and raising €70m from Canadian backer Fairfax through a convertible bond paying 7pc a year.

Under Ms Muldoon's watch, FBD swung from an €85m loss in 2015 to what is anticipated to be a €50m profit in 2020. Mr Herlihy said: "Her relentless focus on the business and its customers has been remarkable. The shareholders and the community we serve have benefited from her tireless efforts. Succession planning is an important board function and an executive search will commence."

Her term was marred when it emerged an internal bullying claim had been made against her, though she was cleared following an external investigation by law firm William Fry that reported back in August 2018.

Irish Independent

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