CEO and Director will leave the role later this year and take on a new role in the private sector
Coillte has announced that CEO and Director Fergal Leamy is to step down from the role after four years. Coillte said that it will commence a process to find a new Chief Executive in the coming weeks and that Chief Operations Officer and Chief Financial Officer Gerry Britchfield will assume the role of acting Chief Executive in April 2019.
Coillte Board Member Roisin Brennan said about the news,
Fergal has done an outstanding job over the past 4 years as Coillte has been transformed both operationally and financially under his leadership. The business is now generating significant and sustainable operating cash flows, is more customer focussed and is increasing its return to the State as shareholder.
CEO Fergal Leamy said,
The transformation and growth of Coillte has been driven by the motivation, commitment and dedication of our people and I want to thank the team for their hard work and support. We have just completed another very successful year in 2018 which has seen a step change in earnings (EBITDA) from €85m to €115m, the result of our intense organisational restructuring and investment.
Fergal Leamy has recently overseen the selling of Coillte’s wind farm assets to Greencoat Renewables plc for an Enterprise Value of €281 million, or an equity price of €136.1m, above its original target price of €125m and the announcement of the refurbishment of Avondale House and Forest Park.