Wednesday 22 May 2019

The Punt: John Corrigan moves to Davy

Former NTMA chief John Corrigan, who is joining Davy
Former NTMA chief John Corrigan, who is joining Davy

The former head of the State's debt management agency has found a new role in retirement.

John Corrigan, the ex-chief executive of the National Treasury Management Agency (NTMA) has been appointed as chairman of Davy. 'The Sunday Business Post' reported yesterday that Mr Corrigan had been appointed to the chairmanship of the Dublin stockbroking firm. The formal appointment is expected this week.

Former NCB stockbroker Conor O'Kelly took over from Mr Corrigan at the NTMA when the latter retired in January after a five-year term during which he oversaw the country's return to the international markets.

Mr Corrigan will replace Brian Davy on the board of the country's biggest brokerage business. In November, it was announced that Brian McKiernan had been appointed as Davy's new chief. He took over from Tony Garry who stepped down last month.

Mr McKiernan had been a member of the senior executive team at Davy and a board member of J&E Davy. He joined the firm in 1989 and was appointed Managing Director of Davy Private Clients in 2001. It was announced last month that Davy had bought outsourcing services firm Trusted Advisor, which provides outsourcing services to independent financial advisory firms in compliance, research, marketing, IT and business development.

McCann Fitz chairman

The former head of the State's debt management agency has found a new role in retirement.

Legal giants McCann FitzGerald has announced that as of the beginning of May, Barry Devereux will take on the chairmanship role, replacing John Cronin.

Mr Devereux currently leads the company's Corporate Finance Group, and McCann has hailed him as an expert in privatisations, mergers and acquisitions and corporate finance transactions.

He has extensive experience gained over 25 years working in Dublin, London and Singapore.

Mr Cronin has been chairman and has led the firm for the past seven years. He is returning to full-time client work.

It was reported in February that Allied Irish Banks (AIB) has appointed McCann FitzGerald to advise it on its proposed capital restructuring and other matters connected with the state's interest in the bank.

The Government has confirmed that it will not be selling more than 25pc of the State-owned bank initially. It is expected that a sale will take place either late this year or early in 2016. It is not yet clear whether the Government is planning a sale of the bank to a buyer or whether it will hold an IPO.

Irishman on the up at Diageo

Irishman John O'Keeffe is moving up the ranks of Diageo.

The drinks giant last week announced that Mr O'Keeffe, who is currently managing director of Guinness Nigeria, will be appointed president of Diageo Africa. He will join the Diageo executive from the start of July.

Mr O'Keeffe joined Diageo in 1994 and has held a number of leadership responsibilities, including brand manager, Diageo Ireland; marketing and innovation manager, Diageo Jamaica; general manager, Diageo Sweden and Finland and managing director Diageo Russia and CIS markets, based in Moscow.

In his new role he will be reporting to Nick Blazquez, president Diageo Africa & Asia. Diageo chief executive Ivan Menezes said Mr O'Keeffe will bring both marketing and general management experience to the Diageo executive.

"His experience in innovation will be key as we look to increase our mainstream spirits business in Africa," he said.

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