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O'Mahony steps down as Origin CEO after 13 years

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Origin Enterprises CEO Tom O’Mahony

Origin Enterprises CEO Tom O’Mahony

Origin Enterprises CEO Tom O’Mahony

TOM O'MAHONY is to leave Origin Enterprises after 35 years at the agri-services company.

For the last 13 years, he has been at the helm as chief executive. He will be succeeded by Sean Coyle, Origin's chief financial officer, effective from the start of next month.

Rose Hynes, chair of Origin, yesterday thanked Mr O'Mahony for his "dedication, commitment and leadership" of Origin over the past 13 years.

"Tom joined the business in 1985 and has made an invaluable contribution during his 35 years with the group," she said, "He has been a driving force behind the growth and development of Origin to become an international agri-services business. We wish him well for the future."

Origin, which was spun off by IAWS in 2007, has operations in Ireland, the UK, Ukraine, Poland, Romania, Belgium and Brazil.

The company will now commence the search for a new CFO and announce a replacement "in due course."

Meanwhile, upon his appointment as CFO of Origin in 2018, Mr Coyle also joined the board of the firm.

The former group finance director and MD of the Supply Chain Division of UDG Healthcare has previously served as CFO and executive director at Aer Lingus and before that, held senior management positions at Ryanair.

Jason Molins, analyst at Goodbody Stockbrokers, said the change in leadership should result in minimal disruption for the company.

Mr Coyle is considered as "having strong credentials to take over the helm", he added.

Origin is due to report its third quarter update next Wednesday.

According to Mr Molins, the recent dry weather conditions are likely to put pressure on financial year 2020 forecasts, "where we currently anticipate an earnings per share outcome of 38.4c".

Earlier this year the company said it would pause its mergers and acquisitions activity amid "particularly challenging conditions". In its financial year to July 31, 2019, Origin spent €54.6m on M&A.

Irish Independent