Monday 22 January 2018

Former Dairygold chief says company faced financial problems when he took control

Dearbhail McDonald, Legal Editor

FORMER Dairygold Chief Executive Jerry Henchy has told the High Court that the company was facing difficult financial realities when he took up the post.

The 48-year - old father of three is suing his former employer over the manner of the termination of his contract in 2009 as well as for defamation arising from the same.

Mr Henchy told the High Court that an independent analysis of the company by Ernst and Young in 2003 showed that the company was due to lose €20m to €25 million the following year.

However he said he was surprised when he raised these issues at the first AGM after he had joined the company when instead of dealing with the problems, a no confidence vote was taken against the Board.

"That was an interesting board meeting," said Mr Henchy.

When people came back they were looking at a chief executive who had brought about their demise."

The case continues today.

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