Bernard Byrne, the former chief executive of Davy Group and AIB, is to become chairman of Greencoat Renewables next year.
Rónán Murphy, who has served as chairman and non-executive director since the company floated on the stock exchange in 2017, has informed the group of his intention to retire at the conclusion of its annual general meeting in May.
In a note to investors on Thursday, Greencoat said Mr Byrne had been appointed as chairman designate following a “comprehensive selection process”. He is currently a director of the group and also serves as chairman of listed house builder Cairn Homes.
“Bernard brings a wealth of finance and commercial experience, with a successful track record of managing high-growth public, private and semi-state organisations,” Greencoat said.
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“Most recently, Bernard served as CEO of Davy, Ireland’s largest provider of wealth management and investment banking services.
“Before joining Davy, Bernard served as CEO of AIB Group, leading the successful IPO of the bank in 2017 and having previously served as director of personal, business and corporate banking and chief financial officer.
“Prior to this, Bernard was group finance and commercial director at ESB, deputy CEO and finance director of IWP International, and commercial director of ESB International.”
Mr Byrne said: “Together with what is a proven and experienced team at Greencoat, I am confident in our ability to continue to capitalise on the opportunity to support the greening of Europe’s power generation and deliver value for shareholders.”
Mr Murphy said it has been “an honour” to serve as chairman of the group since the company’s IPO in 2017.
“I am immensely proud of what the board and management team have achieved since then, in building one of Europe’s leading renewable energy infrastructure companies,” he said.
“As we go through a transition period, I want to thank my fellow directors and our investment manager, Schroders Greencoat, for their support and wish them every success as they continue to play a leading role in enabling energy transition.
“I am also delighted that Bernard will become my successor. Since joining the board, he has contributed immensely to our strategic analysis and direction, and I am confident he will provide decisive leadership as Greencoat continues to grow and deliver value for shareholders, notwithstanding the current challenging marketplace.”
