Cairn Homes has appointed Bernard Byrne as its successor to chairman and fellow former banker John Reynolds who is set to retire next year.
Mr Byrne has been appointed as a non-executive director and chair designate, effective from January 1st. A chartered accountant, Mr Byrne stepped down as chief executive of Davy at the end of June.
Mr Byrne had joined Davy in May 2019 from AIB, where he had served as chief executive.
He stepped up to take charge of the stockbroking and wealth management firm in March 2021 and to oversee its sale to Bank of Ireland in the wake of a Central Bank fine that stemmed from a controversial 2014 bond deal.
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Before heading up AIB, he was group finance and commercial director at ESB.
“Bernard brings an impressive track record of leading very large private and public Irish companies,” said chief executive Michael Stanley. “John Reynolds’s contribution as chairman since IPO has been invaluable to Cairn and I look forward to working with both him and Bernard during the upcoming handover period.”
Mr Reynolds, a former chief executive of the now defunct KBC Bank Ireland, has served as chairman since the homebuilding group was founded in 2015.
“It has been a privilege to serve as chair of Cairn over the past decade and to be a part of the company’s exciting journey,” he said. “I look forward to playing my role in ensuring a smooth transition to Bernard’s board leadership when he joins us in early 2025. Bernard brings exceptional business acumen and expertise to Cairn, and I am confident in the prospects for the business under his and Michael’s leadership.”
Cairn said in a trading statement in July that it had closed 894 unit sales in the first half of the year, generating revenue of €365 million, marking a 66 per cent year-on-year increase.
Its closed and forward order book has increased to about 3,100 new homes with a net sales value of nearly €1.2 billion.
The company also reaffirmed its full-year guidance for 2,200 units, an operating profit of €145 million, and a return on equity of 15 per cent. It will publish its first-half results next week.
“With the group having already published the key top-line financials metrics for the first half, the focus will be on the profit out-turn in the period and more importantly, if there any changes to the group’s full-year guidance,” said Goodbody Stockbrokers analyst Shane Carberry.
“Cairn Homes’ consistent track record of delivery, closed and forward order book of over €1 billion, coupled with macro data, which points to continued robust market conditions, gives us confidence.”
Shares in Cairn rose 1.3 per cent on Thursday to €1.94. They have advanced 46.4 per cent so far this year, making the company the top performer on the Iseq All-Share index so far this year.
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