Business Irish

Sunday 9 December 2018

Somers steps down as Stock Exchange CEO

‘I have decided to begin the next chapter of my business career,’ said Deirdre Somers, the first woman to head up the exchange
‘I have decided to begin the next chapter of my business career,’ said Deirdre Somers, the first woman to head up the exchange
Daryl Byrne will replace CEO
Ellie Donnelly

Ellie Donnelly

Deirdre Somers has resigned as chief executive of the Irish Stock Exchange (ISE) and will be replaced by insider Daryl Byrne.

The changes are the biggest since Paris-based Euronext took over the ISE in a deal valued at €137m earlier this year.

It is understood that a redundancy programme is also under way that will see a relatively small number of jobs go in Dublin, something that had been flagged at the time of the takeover.

Deirdre Somers's departure, after 10 years in the role, is not linked to the redundancies.

Ms Somers, the first woman to head up the exchange, has been a significant figure in Irish business over the past 10 years in her role.

Commenting on her decision, Ms Somers said she was very proud of what the ISE had accomplished since she joined in 1995.

"I have decided to begin the next chapter of my business career. I am leaving, confident that the integration of the Irish Stock Exchange within Euronext offers the best opportunities for all our clients and stakeholders."

Danny McCoy, CEO of business lobby group Ibec, was among those that yesterday paid tribute to Ms Somers.

He described her as "both a superb leader of the Stock Exchange throughout its evolution, as well an excellent ambassador for the wider Irish business model".

Daryl Byrne will replace Ms Somers as CEO of Euronext Dublin, subject to approvals.

He joined the ISE in 2000, and will also serve as head of debt and funds listings, and exchange traded funds for the wider Euronext and will become a member of the board of Euronext, retaining a seat held by Deirdre Somers since the merger.

Since 2011, Mr Byrne has served as chief regulatory officer at the ISE, with responsibility for regulation and operations relating to the listing of financial instruments on Euronext Dublin's markets, across multiple asset classes including equity, debt and funds.

Euronext also said that Mr Byrne has been instrumental in the development of Euronext Dublin's global markets for securities.

Although relatively obscure, compared to share trading, there are more than 36,700 individual securities from 90 countries listed in Ireland making it of European, even global relevance, while the stock exchange itself is heavily weighted to the domestic market. Mr Byrne will gradually take over from Ms Somers over the summer.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business