GOLDEN Vale hopes to have a new chief executive appointed by the end of the year, following the dismissal of Mr Jim O'Mahony in June this year. Consultants Coopers & Lybrand are currently sifting through applications before submitting a short list to the Golden Vale board.

"We will decide then on the final screening," said commercial manager Mr John Gleeson, but the final interviews will be conducted by a sub-committee of the Golden Vale board. Given the divisions on the board that emerged when Mr O'Mahony was dismissed on a 8-7 vote, some sources believe the board may find it difficult to even agree on the composition of such a sub-committee, never mind the appointment.

Acting managing director, Mr Liam Irvine is seen as a front runner. Another strong internal candidate is the manager of the milk and trading division, Mr Liam Woulfe.

Industry sources are sceptical about the chances of attracting a highly qualified outsider to a position which sources close to the company have described as a "poisoned chalice" and a "hospital pass".

Local co-op politics has created a board which sources believe will find it difficult to agree on any of the fundamental decisions that Golden Vale has to take over the next year if is to restore its reputation among the investment community.

The appointment of a highly regarded chief executive will be an important first step.