Hernan to take helm at Arnotts
IN business circles, it's common to hear people state that they're ready for a new opportunity and would relish a challenge.
Well it's quite the challenge that faces the new man at the top of Dublin department store Arnotts.
Ray Hernan (below) has taken over at the helm of the famous retail giant, of which the former Anglo Irish Bank held a near 50pc stake, as it aims to restructure its €368.6m of debt racked up after it went on a property buying spree.
The company continues to suffer multi-million euro losses, although the start of 2013 seems to have been promising.
Arnotts said Hernan had a wealth of senior management experience, including three years as chief operating officer at the company.
Before that, he held top positions at Brown Thomas, Selfridges and Ryanair.
Originally from Galway, Mr Hernan qualified as a chartered accountant with KPMG in 1990. Arnotts chairman Nigel Blow wished Mr Hernan well in what he described as both a challenging and exciting time for the company.
"I have had the pleasure of working alongside Ray for the past three years, where a lot has been accomplished," Mr Blow said.
"I look forward to continuing that close and effective working relationship in the years ahead, as do his colleagues."