FAMILY OWNED Irish book retailer Eason Son Ltd has beefed up its board of directors by appointing three outsiders to non-executive positions, The Irish Timeshas learned.
James Osborne, a former managing partner of A&L Goodbody Solicitors, has taken over as Eason’s non-executive chairman. He replaces John Cudlipp who was executive chairman of Eason.
Mr Osborne is a non-executive director of Ryanair and James Hardie Industries.
The retailer has also appointed Padraig Liston – a former senior executive with Musgrave and Heineken – and Clive Kilmurray, previously of IBI Corporate Finance, as non-executive board members.
They replace two former managing directors of Eason – Gordon Bolton and Basil McAllister – who retired from the board recently.
Speaking to The Irish Timesyesterday, Conor Whelan, Eason's managing director, said: "The board has recognised the value of bringing in independent and outside expertise to steer the business through these very challenging, recessionary times and to help the management team develop a strategy for the business over the next three to five years."
Eason is majority controlled by five families who trace their roots back to the founder Charles Eason.
It has about 200 shareholders in total, including some current and former employees.
Mr Whelan said sales this year are up, but this increase was attributable to outlets at Dublin and Cork airports, which formerly traded as Hughes & Hughes, and three new shops on the high street.
Eason had turnover of €193 million in the year to the end of January 2010.
“Our new business has been good and therefore we would be trading with a double-digit increase in turnover on last year,” Mr Whelan explained.
“But like for like, it’s a different picture. We’re still showing a low single-digit decline, which for the retail sector isn’t bad.”
Book sales in Ireland are down about 7 per cent year to date and Mr Whelan said Eason has outperformed this figure.
He said Eason’s operating profit would rise this year – last year it posted an operating surplus of €2.3 million.
“We are in line to outperform our operating profit targets for the current year,” he said.
Mr Whelan said the Christmas shopping period – which accounts for 40 per cent of turnover – will be crucial.
“Sentiment is still pretty poor, but hopefully it will pick up in the next month or two.”
