Wednesday 20 November 2019

The Punt: O'Caoimh's family business

Lorna Byrne - Paddy Power's 5,000th employee
Lorna Byrne - Paddy Power's 5,000th employee

Bray firm Trinity Biotech had a rough patch a number of years ago but earlier this month announced solid results for 2014.

Co-founded by current chairman and chief executive Ronan O'Caoimh, Trinity develops medical diagnostic kits.

The company's new annual report shows that O'Caoimh, who became heavily involved in property development during the last decade, was paid a total of $949,000 (€864,000) last year. His pay included a $176,000 bonus.

The report reveals that $696,000 (€634,000) of O'Caoimh's remuneration last year was paid to an Irish company called Darnick. Darnick is wholly-owned by O'Caoimh's four children.

Trinity Biotech notes that in 2011, the service agreement with Ronan O'Caoimh as chief executive was terminated and replaced by an agreement with Darnick, which now provides Trinity Biotech with the services of O'Caoimh as chief executive.

The four children also control a stake in the company that operates Dublin's Killiney Castle Hotel, it was reported last year.

Kenny goes Power crazy

She wouldn't have known the odds when going for the job, but Lorna O'Byrne was probably a little surprised to hear that she was Paddy Power's 5,000th employee.

The 26-year-old from Dublin looked pretty chuffed as she stood among her peers yesterday, singled out in a yellow t-shirt, grinning from ear-to-ear.

Taoiseach Enda Kenny even gave her a mention. The bookmakers yesterday hosted an event to mark the employment milestone.

Paddy Power now employs 2,570 people in Ireland, more than half at Power Tower, its corporate headquarters in Dublin, 207 at the group's telephone business in Tallaght and the remainder at 243 retail units throughout the country.

Mr Kenny dubbed the company an Irish success story.

Ms O'Byrne, who has an engineering degree from University College Dublin, joined the company recently to work as part of the customer intelligence team in the online marketing group.

Care to take a punt on whether there'll be a 6,000th employee?

Kelly rewarded at Teleflex

You mightn't have heard of Pennsylvania-based Teleflex, a medical devices company that generated $1.7bn (€1.6bn) in revenue in 2013.

The company has an operation in Athlone, and last October announced plans to create an additional 100 jobs at the site over the next three years.

It currently employs 160 people there, and around 180 at another facility in Limerick.

Teleflex has had a presence in Ireland since 2007.

Last year, Teleflex promoted Irishman Liam Kelly to executive vice president, and president of the Americas.

He had previously been responsible for Teleflex's EMEA and Asia units.

Teleflex has revealed that Kelly's salary rose to $473,678 from $438,412 on foot of his promotion.

Last year, Kelly was paid a total of $2.2m (€2m) by Teleflex, which included chunks of shares and options.

When he moved to the US from Ireland last year, Teleflex gave him $48,000 in relocation benefits, $51,000 in housing benefits, paid him $105,000 in tuition costs for his children and also stumped up for other expenses such as tax consultation services.

Irish Independent

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