FBD appoints recently retired O’Caoimh as finance director

Irish insurer FBD has appointed its former finance director Cathal O'Caoimh as its interim finance chief, just five months after he left his full-time role with the company.

Mr O'Caoimh will fill a position that was occupied by his successor Fiona Muldoon until she stepped up to the role of interim chief executive at the end of July following the departure of Andrew Langford.

In January of this year, FBD announced Mr O’Caoimh had “expressed a wish to retire” and would be formally replaced by Ms Muldoon once the company’s full-year results were published in March.

It is understood the Central Bank pressed for the position of finance director to be filled on a temporary basis until FBD appoints a chief executive, probably in the next couple of months.

Ms Muldoon is expected to be among the candidates considered by FBD for the role of chief executive.

Ties

Mr O’Caoimh never cut his ties with FBD, as he remained on the board and led a number of strategic projects, including the implementation of a new policy administration system in the company’s underwriting subsidiary.

At the time of Ms Muldoon's appointment to succeed Mr O'Caoimh, FBD's chairman Michael Berkery said: "Since joining FBD in October 2008, Cathal O'Caoimh has served the group with distinction and has been a central contributor to its strategic and operational success.

“He has agreed to postpone his retirement to facilitate a seamless transition of responsibility to his successor and to complete a number of strategic projects.”

On Monday, FBD posted losses of €96 million for the first six months of the year. It announced plans to reduce its costs by €7 million, to include voluntary redundancies, and said it would simplify its structure by returning to its roots and focusing on agri and small-business customers.

It also announced the sale of its property and leisure joint venture for €48.5 million, the closure of its defined-benefit pension scheme, and the axing of its Nononsense.ie subsidiary.

In addition, FBD said it would not pay a dividend to shareholders this year. It expects to return to profit in late 2016.