Ex-Golden Vale man goes to IWP

IWP will appoint former Golden Vale group managing director Mr Jim Murphy to the role of chief executive early next week.

The move, which comes immediately after the collapse of management buyout talks at the personal care and household products group, will see current chief executive Mr Joe Moran move into the position of chairman.

Mr Moran, who is in his late 60s, said this week that he planned to be with the company for a long time to come "in one role or another". He has led IWP for more than 20 years.

It is unclear how the management changes will affect IWP deputy chief executive and finance director Mr Bernard Byrne, who led the failed IWP bid.

Mr Byrne is credited with the implementation of a wide-ranging restructuring at the struggling company since he was appointed last year.

His MBO offer of 44 cents per share was rejected by a committee including Mr Moran on the basis that it did not reflect the "inherent value of the group".

Mr Murphy, who left his position at Golden Vale early last year, will be charged with unlocking the value that Mr Moran believes is contained within IWP's numerous brands.

It is thought his appointment owes much to his experience of marketing to the retail sector while at the helm of the Golden Vale co-operative before it was taken over by Kerry Group in 2001.

Mr Murphy, a Dubliner who is some 10 years younger than Mr Moran, joined Golden Vale in 1997.

He had previously spent 20 years in the British dairy industry, working in organisations such as Express Foods and The Cheese Company.

Shares in IWP rebounded yesterday, closing two cents higher at 33 cents.