Wednesday 21 March 2018

Coulson steps in as Ardagh CEO quits

Ardagh founder Paul Coulson
Ardagh founder Paul Coulson
Donal O'Donovan

Donal O'Donovan

Billionaire Paul Coulson will take over direct management of Ardagh Group, the global packaging giant he funded, at the end of the year.

It follows the surprise departure of CEO Ian Curley after just over a year in the job and having overseen a successful stock market listing in New York in March.

In a statement yesterday Ardagh Group said that former Smurfit executive Ian Curley had informed the board that he is resigning to pursue other business opportunities and will leave the group at the end of the year.

Shares were down almost 4pc in New York in the wake of the news.

Ardagh's founder and biggest shareholder, Paul Coulson, currently executive chairman, will become chairman and chief executive.

As part of a wider management reshuffle, Ardagh has appointed Johan Gorter as CEO of its glass business, becoming in effect the opposite number to David Wall, who is CEO of its metal packaging business.

They, and chief financial officer David Matthews, will report to Paul Coulson under the new structure.

Ian Curly succeeded Niall Wall at Ardagh last year. Before that he had been chief financial officer of Jefferson Smurfit, later Smurfit Kappa.

The Ardagh board thanked Mr Curley for his contribution and support during his time with the business, in a statement released yesterday.

The global packaging business operates 109 facilities in 22 countries, with sales of approximately €7.7bn.

This year's stock market listing floated a small fraction of the company, but with an eye to further fund-raising.

It was successfully concluded following a number of earlier false starts and delays.

Irish Independent

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